Did the "big bill" just end EV Tax Credits for Slates?

[cadblu]

For those of us considering financing instead of paying cash for your new Slate, here is another incentive currently included in the big, beautiful bill...

"Provide deduction of up to $10,000 for loan interest on new vehicles that undergo final assembly in the U.S. For tax years 2025-2028."

So, if the bill passes and you take delivery in 2027, appears you can write off the interest on the loan for 2 years. That's not bad considering the first two years of an auto loan are heavily biased towards interest and very little is applied to the principal.

Assuming the ev credit no longer applies (a safe bet) and you finance the entire amount with tax ($30K) @ 7% the interest paid in the first 24 months is $3,280 that can be written off your taxes. Not too shabby.

 

[1yeliab_sufur1]

For those of us considering financing instead of paying cash for your new Slate, here is another incentive currently included in the big, beautiful bill...

"Provide deduction of up to $10,000 for loan interest on new vehicles that undergo final assembly in the U.S. For tax years 2025-2028."

So, if the bill passes and you take delivery in 2027, appears you can write off the interest on the loan for 2 years. That's not bad considering the first two years of an auto loan are heavily biased towards interest and very little is applied to the principal.

Assuming the ev credit no longer applies (a safe bet) and you finance the entire amount with tax ($30K) the interest paid in the first 24 months is $3,280 that can be written off your taxes. Not too shabby.

true but is that for ev,ice, or both be I’ve seen many some other things that favor the ice vs ev

 

[sodamo]

Correct me if wrong, but I don’t recall going from incandescent to LED. I believe there was a step in between, CFL. I just installed some new LED fixtures and they sure aren’t was what available when incandescents were banned.
There was also a secondary benefit to incandescents, but likely not appreciated in some climates.

 

[SLATEchad]

If your talking about the mass mor-ev rebate that is almost certainly going away as well. Too much talk in the state house about eliminating it if the fed does away with there's. I would imagine other states would follow suit even if they don't agree with it.

No, I live in Colorado. Fairly blue state and leader in adapting EV’s. I doubt it’ll go away anytime soon.

 

[SLATEchad]

Any industry that exists solely based upon government support... IE: Ethanol... is not a viable, sustainable industry. We all knew that government tax credits for EVs was going to go away one day. If this is the final nail in the coffin for you regarding SLATE... don't let the door hit you on the way out.

I agree to an extent. We did have a phase before the IRA where many EV’s on the market were not incentivized anymore because there were more than 200k units sold - in fact we bought our Tesla Model Y during that time and were jealous when the tax credit came back a few months later. The EV industry is not going to die with the loss of incentives and I hope Slate can adapt and make this happen without them. Hopefully it’ll force a price adjustment and refocus on making more affordable EV’s in general. It does still bug me the hypocrisy of those that are angry about the EV tax incentive and yet are cheering for this bill that will increase government incentives and subsidies to the fossil fuel industry to the tune of billions of dollars. What would happen if that crutch was pulled out from under that industry? I think they’d survive as well, but the fuel prices may drive a lot more people to consider EV’s. 🤷🏻‍♂️

 

[1yeliab_sufur1]

Correct me if wrong, but I don’t recall going from incandescent to LED. I believe there was a step in between, CFL. I just installed some new LED fixtures and they sure aren’t was what available when incandescents were banned.
There was also a secondary benefit to incandescents, but likely not appreciated in some climates.

lol oh yah the ones that if you broke you had to call hazmat right

 

[Benjamin Nead]

"lol oh really I’ve lived in az all my life XD and seen the rise of the led XD"


I'm think specifically of Frank Antinori, who seemed to be particularly unleashed and unhinged during Governor Jan Brewer's reign of Tea Party Terror.

Think for a moment, though, that back in 2010, LED bulbs were still very expensive - maybe $40 a piece or more - and we had the interim technology of compact florescent lightbulbs (CFLs) that cost around $6 or $7 a pop. It was Obama who legislated that incandescent bulbs be phased out of production over time, knowing that LEDs would invariably drop in price drastically (which they did.) But, yeah, that a Kenyan was perpetuating this on us was simply too much for them . . .

The whole thing was parsed as the big ugly federal guv'mint violating our states rights, forcing all that limp-wristed clean tech on us, because electrical efficiency is socialistic mind control over our right to waste electricity, global warming is a lie, and so on and so forth.

Solar PV was still hideously expensive and commercially-available EVs hadn't really been invented yet. But you could already see where all of this was going to be headed in the coming years.

 

[Benjamin Nead]

lol oh yah the ones that if you broke you had to call hazmat right

Yes. Mercury inside the bulb. Note that long tube florescents have had the same issues since the 1950s or thereabouts.

 

[1yeliab_sufur1]

Hmmm yah it’s kinda interesting how we can pick apart political movements by years maybe in a year the whole story will change or well maybe 2 more likely it’s just what is goberment focusing on right now it seems

 

[SimplyElement]

From what I understand the bill can be killed in the House of Representatives. If that happens, they will start all over again.

 

[1yeliab_sufur1]

From what I understand the bill can be killed in the House of Representatives. If that happens, they will start all over again.

true