More information on the future of EV Tax Credits in the US…

Aptera Community Aptera Discussions More information on the future of EV Tax Credits in the US…

Aptera Community Aptera Discussions More information on the future of EV Tax Credits in the US…

  • More information on the future of EV Tax Credits in the US…

     Eric Rucker updated 1 month ago 9 Members · 10 Posts
  • Kenneth Bolinsky

    Member
    August 11, 2021 at 8:52 pm
  • Raj Giandeep

    Member
    August 11, 2021 at 9:11 pm

    In regards to the Aptera, I wonder if only applies to the base price. The 600 range Aptera could go over $40K with add-ons just barely.

    • John Malcom

      Member
      August 11, 2021 at 10:38 pm

      It is based on the sales price (MSRP) of the base vehicle plus the price of accessories and options. The whole price of the vehicle. But since the Aptera is not a car (Auto cycle or motorcycle depending on the state) it is not applicable to us anyway, at least at present

  • BRUCE MENGLER

    Member
    August 12, 2021 at 6:30 pm

    It not law yet but below is what I just found & may not apply to Aptera.

    As investors had expected, the budget reconciliation bill removed the 200,000-vehicle cap in what looked like a win for the industry. But it was too soon to celebrate. On Wednesday, the Senate passed an amendment that grants the $7,500 credit only for EVs that cost less than $40,000, and only if the buyer earns less than $100,000 a year.

    • Fanfare 100

      Member
      August 12, 2021 at 7:02 pm

      Thanks. So, if the earner earns 100,001 they won’t be eligible for the $7,500?

    • Ozman

      Member
      August 12, 2021 at 8:29 pm

      Went and found the text of the amendment. Need a good lawyer to get the true meaning, but several things in the wording. “The Chairman of the Committee on the Budget of the Senate may revise the allocations” (Key word “May”) and “which may include limiting eligibility of individuals with an adjusted gross income of greater than $100,000 or setting maximum car values allowed for eligible purchases at $40,000″(Key words “May and Or”) So not fully set in stone. Additionally the AGI is named for individuals, so I would assume that likely married/joint filers would get a $200,000 limit.

  • Pistonboy

    Member
    August 12, 2021 at 9:33 pm

    Some are purchasing Apteras over the $40,000 limit. It would be nice if they can purchase a more stripped down version keeping the cost below $40,000 , then extra batteries and features are added later. But I don’t think any of this is relevant. The Aptera is a motorcycle, and I strongly suspect this only applies to automobiles, not motorcycles.

  • Steven G. Bueche

    Member
    August 13, 2021 at 2:46 pm

    Just like the last rounds of ‘Credit’ will they be Liability Credits or Point of Sale? What good is it if you don’t owe money to the government when you file your taxes? If you’re due a refund or break even it’s almost as if you’re being punished for being a good planner.

    Point Of Sale is the only way they should give these credits.

    • Ozman

      Member
      August 13, 2021 at 5:13 pm

      I think you may misunderstand, This type of credit is against your total tax bill for the year, not for what you owe or get at filing time, so it would increase your refund to offset for taxes paid. This type is classified as “Non-refundable” as opposed to “Refundable” the difference being that with a “Non-refundable” the credit cannot exceed your taxes owed for the year. (IE a $7500 credit can reduce your $10,000 tax liability for the year down to $2500, but if your total Fed Tax liability was only $7000 the excess $500 goes away and ceases to exist, if it were a “Refundable” credit you would get back the $7000 you paid in taxes plus $500 bonus dollars at filing time.

  • Eric Rucker

    Member
    August 13, 2021 at 7:41 pm

    There’s a key here:

    Thankfully, Sen. Fischer’s amendment is non-binding and is unlikely to be greeted warmly by the House of Representatives.

    So, I’m not too worried about that.

    Besides, being a 3-wheel vehicle, Aptera would be under a proposed renewal of the 2 and 3 wheel EV tax credits instead, which is 10% of the purchase price, up to a maximum credit of $2500. As all models of Aptera are advertised over $25,000, they’d get the maximum $2500 credit.

Viewing 1 - 6 of 6 replies

or to reply.

Original Post
0 of 0 posts June 2018
Now