By Free Republic | Created at 2024-11-20 16:45:54 | Updated at 2024-11-27 04:17:44
6 days ago
Act now for $7,500 EV tax credit: There’s ‘real risk’ Trump will axe funding in 2025, lawyer says
CNBC ^ | Wed, Nov 20 2024 | Greg Iacurci
Posted on 11/20/2024 7:49:13 AM PST by MinorityRepublican
Prospective car buyers considering an electric vehicle may need to act fast to get a Biden-era EV tax credit worth up to $7,500, due to the likelihood that President-elect Donald Trump and Republicans on Capitol Hill will axe those savings in tax negotiations next year, according to auto and legal experts.
“There’s no question there’s real risk in the EV credit going away” in 2025, said Jamie Wickett, a partner at law firm Hogan Lovells who specializes in federal tax policy, energy and the environment.
“If you’re a consumer in the market for an EV, I would without a doubt push that into 2024, if at all possible — whether an outright purchase or a lease — just to reduce the risk of the credit going away,” Wickett said.
The Inflation Reduction Act offered federal EV tax breaks through 2032 for consumers who buy or lease new or used EVs, including all-electric and plug-in hybrid electric vehicles.
The credit is worth up to $7,500 for new cars and $4,000 for used ones.
The IRA, which President Joe Biden signed in 2022, also made it easier for consumers to access the savings by allowing dealers to pay the funds upfront at purchase instead of waiting until tax season.
(Excerpt) Read more at cnbc.com ...
TOPICS: Business/Economy
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To: MinorityRepublican
To: MinorityRepublican
Why should taxpayers help EVs compete in the market
3 posted on 11/20/2024 7:54:35 AM PST by butlerweave
To: MinorityRepublican
Has Trump told Elon about this?
4 posted on 11/20/2024 7:58:51 AM PST by mad_as_he$$
To: MinorityRepublican
$7500 tax credit for EV? Dang, I am now only $127,500 away from the Cyber Truck (Beast Model) that I really want!
I wish my driving profile were better suited to electric. I drive back and forth FL/NY several times a year. If only I could afford to keep one in each location...
5 posted on 11/20/2024 8:00:19 AM PST by Damifino (The true measure of a man is found in what he would do if he knew no one would ever find out.)
To: MinorityRepublican
They could make it a 70K incentive & I still would not waste my money on an EV.
To: Robert DeLong
They could make it a 70K incentive & I still would not waste my money on an EV.
That would make the initial cost of the EV balloon by $70K. I, an EV owner, hate the EV tax credit because I hate the gubment deciding what we drive, and I hate tax credits and such artificially inflating the costs that consumers pay.
The EV tax credit is like gubment "help" in college and health care and everything else. The industries that are "helped" the most by gubment are the industries with the highest costs to consumers.
7 posted on 11/20/2024 8:05:58 AM PST by Tell It Right (1 Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
To: MinorityRepublican
If the subsidy ends, watch for the price of electric cars to come down in pretty much the same amount.
8 posted on 11/20/2024 8:07:18 AM PST by PUGACHEV
To: MinorityRepublican
There is no reason why every taxpayer should be forced to kick in some money to help pay for someone’s EV.
9 posted on 11/20/2024 8:15:48 AM PST by I want the USA back (Voltaire: To learn who rules over you, simply find out who you are not allowed to criticize.)
To: MinorityRepublican
Who the hell wants an EV?
Give me a 5.7L V8, Four wheel drive any day.
To: I want the USA back
same goes for placing solar panels on rooftops.
11 posted on 11/20/2024 8:21:14 AM PST by C210N (Mundus vult decipi, ergo decipiatur.)
To: mad_as_he$$
The latest I know of....Musk promised a $25,000 EV...but has now said...forget about it...I think he has better things to do than EVs. That’s his Lemonade Stand in his world.
12 posted on 11/20/2024 8:22:55 AM PST by Sacajaweau
To: MinorityRepublican
It might be a comparatively better idea to subsidize solar workplace charging facility construction.
That way the PRC and EU need not get upset over US made car subsidies.
EV sales are stalling because California, New York and a few other states want to make electricity very expensive.
If you believe in Al Gore’s CO2 religion, battery electric cars charged by daytime solar electricity are the way to go.
To: MinorityRepublican
Guess I’ll hurry down and get me an EV hummer. NOT!
14 posted on 11/20/2024 8:30:26 AM PST by rktman (Destroy America from within ? Check! WTH? Enlisted USN 1967 to end up with this💩? 🚫💉! 🇮🇱👍!)
To: MinorityRepublican
To: Brian Griffin
If you believe in Al Gore’s CO2 religion, battery electric cars charged by daytime solar electricity are the way to go.
You should be able to recharge your car while you're at work.
To: MinorityRepublican
“There’s no question there’s real risk in the EV credit going away”
Good. You want an electric vehicle? Fine, but PAY for it yourself!
17 posted on 11/20/2024 8:42:15 AM PST by libertylover (Our biggest problem, by far, is that almost all of big media is AGENDA-DRIVEN, not-truth driven.)
To: MinorityRepublican
Hertz is dumping all their used EVs.
Ones I looked at were Chevys 2022, $14,000, 287 mi available on battery info
Looked real clean inside and out, even without $4K reduced tax credit still worth looking into, I have other trucks, cars, but for a around the town runner, ok
18 posted on 11/20/2024 8:42:19 AM PST by baclava
To: MinorityRepublican
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