What Happens If The EV Tax Credit Bill Gets Signed Before The Year End
Today on GM Electric Vehicle Owners on Facebook I read this interesting discussion where current and potential EV owners were discussing the EV tax credit bill. In fact, it appears that the EV tax credit bill doesn't bother the electric car makers much. For example, Nissan is undaunted by bid to stop electric vehicle tax credits and Tesla is even seen benefiting with EV tax credit still in play.
In fact, Torque News reporter John Goreham asking if EV Subsidies make sense writes this: "If the goal is to increase sales and make EVs affordable to the average consumer the answer appears to be No."
Adam White writes in the GM EV owners group on Facebook. - I keep seeing posts that if you're planning to buy an EV do it before the end of the year so that you get your tax credit. But has anyone here talked to a tax adviser at all(or is a tax adviser)? Because my question would be what happens if the bill gets signed before year end? Trump has been pushing Congress to get him a bill by Christmas so that he can say that he gave the American people a Christmas present. If that happens does that mean the tax credit is repealed effective the day the bill is signed and thus anyone who bought a car in 2017 is SOL?
The Senate bill currently states that the EV tax credit repeal applies to tax years starting after 12/31/2017. Some people say they are hoping that the legislators will not touch this year's tax situation and show concern that legal precedent is that they can, up to midnight Dec 31.
Others, like a group member Daniel Hamilton write that until the bill passes in both Houses and the President signs it, it is impossible to know for certain what will happen. However, the current House bill specifically states that the EV Tax Credit will end at the end of this year (meaning it will still apply to purchases made in 2017 regardless of when it passes or when it is signed). The current Senate bill does not repeal the credit at all. It is unknown how yet how the House and Senate will resolve the differences between their bills. They can still make any adjustments they like.
EV Tax Bill Ending Sooner Not God For Midterms
We are thinking It will not affect 2017 tax year and there are no plans to touch 2017, as it wouldn't be good for midterm elections.
What do you think? Does this bill make you to buy an electric car before the end of the year? Please share your opinions below in the comments section for discussion. If you liked this article and think it may help your friends, consider sharing or tweeting it to your followers.