Could tax reform be end to EV incentives The Truth About Cars

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Could tax reform be end to EV incentives

By Barnett on February 28, 2014

this week Representative Camp (R-MI), Chairman of the Committee on Ways and Means, the Tax Reform Act of 2014. This would make sweeping to a very long and complex tax code. Included in the proposal was a to repeal the tax credit for new qualified electric drive motor known as Internal Revenue Section 30D or IRC 30D. Or as most of us it the $7,500 EV credit.

Sec. Repeal of credit for new qualified electric drive motor

Current law: Under law, a taxpayer may claim a for each qualified plug-in motor vehicle placed in A qualified plug-in electric-drive vehicle is a motor vehicle has at least four wheels, is for use on public roads, meets emissions standards (except for heavy vehicles), draws using a traction battery at least four kilowatt of capacity, and is capable of being from an external source of

For plug-in electric drive acquired after 2009, the credit is capped at $7,500 of vehicle weight. In addition, that date, no credit is for low speed plug-in vehicles or for vehicles weighing 14,000 or more.

After 2009, the total plug-in vehicle are replaced with a 200,000 vehicles per manufacturer limitation. the new limitation, the credit phases out four calendar quarters in the second calendar quarter the quarter in which the manufacturer is reached.

Provision: Under the the credit for new qualified plug-in vehicles would be repealed. The would be effective for vehicles after 2014.

JCT estimate: to JCT, the provision would revenues by $5.0 billion 2014-2023.

Cost Savings (in billions):

This isn’t the time the House attempted to IRC 30D.

Just last January Pompeo, a Kansas Republican, HR 259, a bill that have also repealed energy tax incentives to include IRC But unlike HR 259, which garner much support, the Tax Act of 2014 is a larger package and one passage will likely be during campaign events this fall.


While the proposal will change as it its way through the committees in the House, be interesting to see if the repeal of 30D sticks. I it ll stick, but enactment would many stars lining up right.

Camp is from

First, the Chairman of the Committee, and of this proposal, is from Here members of Congress are to fall on their sword for that is ‘good’ for automotive. that message didn’t far enough North to reach Camp’s office.

Your tax subsidize rich people s

Should this single spiral into its own public in the House, I could see members of walking onto the House holding poster boards the cost of EVs like the Tesla S, asking the American people why is subsidizing luxury cars for the

If the provisions make it through the they still face opposition in the Senate.

Last Senator Max Baucus, while Chairman of Senate Finance released an energy tax reform that included a repeal of, you it, IRC 30D. While Senator is no longer in the Senate (he’s now to China), the committee released a statement thanking Representative for his work on the Tax Reform Act and that looked forward to working the House on this effort.

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means it’s likely tax of some sort could both chambers.  Even so doesn’t mean IRC 30D will be

The Senate is filled with supporters of green energy namely Senators from Oregon and Michigan. But support for IRC 30D cross party lines Take Senator Bob Corker of

When he isn’t warring the UAW, he speaks highly of the Leaf, a car built in his state and one benefits from IRC 30D. I any automaker that benefits these tax incentives will be vocal on this issue. again there are larger corporate tax benefits that outweigh a fight over a item like a plug-in

That is something to consider as

The wild card for me is the White In his first term President set a goal of one million electric That seems to have set aside as the Administration is including for natural gas vehicles and other of vehicle vaporware/technology (coughing cells).

I’m undecided if the White will take a backseat on any repeal of green energy assuming there are greater to be had in a larger tax reform package.

It’s also important to in mind that earlier week President Obama a “vision” of a 4-year transportation with a price tag of $302B, of which would come a one-time revenue transfer ‘pro-growth’ tax reform. The Camp in the House would allocate to the Highway Trust Fund. the President’s vision lacks Camp’s proposal makes me that the Republican-lead House may not be on the exact sheet of music, at least playing a similar

Many questions remain – as it relates to timing of the highway which expires in September. To all of this play out in harmony would have to move a tax package that is sure to every association registered in through both chambers also moving a 4-year reauthorization.

Back to my original – will the plug-in credit be Yes. No. Maybe. It really on the larger package being

As you can see there are many moving not to mention a Congress that likely go into lame campaign mode in the fall.

option, and one that I didn’t go here, is rather than to IRC 30D amend it to something a bit less and maybe even a smaller amount (i.e. $2,500 w/ cap, etc.)

Great Wall C20R EV
Great Wall C20R EV
Great Wall C20R EV
Great Wall C20R EV
Great Wall C20R EV

Interesting

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