Did the "big bill" just end EV Tax Credits for Slates? [WARNING: NO POLITICS]

[sodamo]

Well, perhaps because whether directly or indirectly, fossil fuels subsidies affect everyone, acknowledged or not, even you.

 

[Karl Childers]

I just saw this part of the bill, buying a U.S. made vehicle. Might take away some of the sting if EV credits go away.

 

[Letas]

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.

Deduction, not credit.
More like a $900 savings.

$7500>$900