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Senate Finance Committee Approves $12,500 EV Tax Credit Bill

The Truth About Cars

On Wednesday, the Senate Finance Committee advanced the Clean Energy for America Act making a few tweaks from earlier proposals. Changes include raising the federal EV tax rebate ceiling to $12,500 and opening the door for automakers who already exhausted their production quotas.

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Proposed Changes to Federal EV Tax Credit – Part 2: End of the Manufacturer Sales Phaseout

EV Adoption

Arguably the biggest flaw in the Plug-In Electric Drive Vehicle Credit ( IRC 30D ) regulations is the triggering of a phaseout schedule of the tax credit when a manufacturer sells 200,000 total EVs (BEV and PHEV).

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Impact of Proposed Changes to the Federal EV Tax Credit – Part 1: Summary Chart

EV Adoption

A key component of the CEAA is nine proposed changes to the Plug-In Electric Drive Vehicle Credit ( IRC 30D ) — more commonly known as the “federal EV tax credit.”. It is unclear how Tesla and GM will address this retroactive credit availability for leased EVs.

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Proposed Changes to Federal EV Tax Credit – Part 5: Making the Credit Refundable

EV Adoption

One of the biggest complaints about the federal electric vehicle (EV) tax credit (IRC 30D) is that its structure of using a non-refundable tax credit is clearly more beneficial to higher-income households. How the Current Tax Credit Works For EV Buyers.

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Electric car US tax credit proposed to $12,500, less for Tesla vehicles

Electrek

A new bill to reform the federal electric car tax incentive in the US has passed the US Senate Finance Committee. It includes increasing the electric vehicle tax credit to up to $12,500, but it was expertly crafted to give less to Tesla vehicle buyers.

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Fisker Ocean electric SUV starts at $37,499, pre-tax credit; leases for $379/mo

Green Car Congress

After the US federal tax credit is applied, the cost of the Fisker Ocean drops to a starting price of US$29,999 (US). Fisker will also offer a “$0 drive off” option through a fully financed $2,999 down payment for credit-approved customers.

2020 227
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Biofuel and Ag organizations call for accountable life cycle analysis for SAF tax credits, DOE to lead

Green Car Congress

Growth Energy, American Farm Bureau Federation, National Biodiesel Board, National Corn Growers Association, National Farmers Union, and the Renewable Fuels Association sent a letter to the US Senate Committee on Finance and the US House of Representatives Committee on Ways and Means outlining its recommendations for a sound and effective sustainable aviation fuel (SAF) tax credit.

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Tesla stock outlook soars to $1,300 per share, driven by Biden’s $10k EV tax credit

Teslarati

Wedbush sources indicate that the previously thought $7,000 credit could be increased to $10,000, further incentivizing car buyers to purchase electric powertrains instead of gas-powered ones. Finance Live.

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U.S. Senate Panel looks to boost EV Tax Credit to $12,500: What we know so far

Teslarati

The United States Senate Finance Committee is looking to boost the possible Electric Vehicle Tax Credit to $12,500 for manufacturers that have assembled union workers within the U.S. will still qualify for tax credits but will not receive the full amount.

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Your Guide to Electric-Vehicle Charging-Station Tax Credits

EV Connect

And thanks to a variety of tax credits and incentive programs, the barrier to entry may be lower than you think. On the federal, state and local levels, there are a plethora of tax credits for installing electric-vehicle charging stations.

Connect 52
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Opinion: A More Level Playing Field for Advanced Biofuels

Clean Fleet Report

First, we must give credit where it is due. Also included are tax credits for sustainable aviation fuel (SAF) producers, many of whom have already supported landmark flights powered by renewable, low-carbon advanced biofuels. Analysis of the Inflation Reduction Act.

Fleet 71
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Biofuel Companies and Trade Associations Push for Extension to Investment Tax Credits for Cellulosic Biofuels and The Inclusion of Algae Biofuels

Green Car Congress

A group of 35 biotechnology and biofuel companies and trade associations are urging the leaders of the House Ways and Means Committee to extend tax credits for cellulosic biofuels for four years, to allow algae biofuels to qualify for those tax credits, and to create an option for monetizing the tax credits as tax refunds.

2010 185
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The redesigned federal EV tax credit and other EV-related measures

Charged

The recent passage of the Inflation Reduction Act—a sweeping package of tax, health care and climate measures—was like the happy ending to one of those heartwarming “Save Christmas” stories. Credit where credit is due. Unpacking the Inflation Reduction Act.

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Australia PM Gillard announces carbon pricing plan; transport fuels exempt, but lowered fuel tax credits to bring carbon price to some businesses

Green Car Congress

However, where applicable, an equivalent carbon price will be applied through changes in fuel tax credits or excise. More than 50% of the funds raised from the carbon price will be used to fund tax cuts, pension increases and higher family payments. Some of the collected tax money will fund investments in clean technologies such as solar, wind and geothermal—an estimated A$100-billion worth of investment in renewable over the next 40 years, Gillard said.

2011 179
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The Further Adventures of The Solangelist

Creative Greenius

Even with the extension of the solar tax credit which came as an unexpected bonus along with the $700 billion bailout and the big increase in how much you can claim, I still think dipping into my cash reserve to the tune of $29 grand for the up front cost of my solar system would be loony tunes at the moment - and with the economy putting us into this Not So Great Depression I’m not really interested in adding that much in debt in order to pay for my panels.

2008 150
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Tesla’s EVs still have great financing deals compared to rivals, even with recent price increases

Teslarati

Tesla’s electric vehicles are premium-priced, but their financing deals make them quite compelling against their rivals in the EV market. In a way, Tesla’s financing deals involve interest rates that could end up undercutting the costs of rival EVs by a notable degree.

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Tesla introduces financing product for Model S customers; lease-sale hybrid

Green Car Congress

Tesla Motors, in partnership with Wells Fargo and US Bank, has created an automotive financing product that combines elements of ownership and leasing for Model S customers. Essentially, said Tesla CEO Elon Musk in a conference call describing the product, the new approach allows one to buy a new Model S for no money down net of the tax credit and as low as about $500 net out of pocket cost per month, depending upon the model, specific state incentives, and personal parameters (e.g.,

2013 185
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Sen. Baucus draft for energy tax reform focuses on clean production of electricity and fuels; repeals plug-in vehicle credits

Green Car Congress

Senate Finance Committee Chairman Max Baucus (D-Mont.) introduced the latest in a series of discussion drafts to overhaul the US tax code. This new staff discussion draft focuses energy tax policy on stimulating domestic, clean production of electricity and transportation fuels, which account for 68% of energy consumed in the US. It also would repeal a number of current tax incentives, including those for plug-in electric vehicles and fuel cell vehicles.

2013 234
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EV Life is awarded CalSEED grant from the California Energy Commission to make financing electric cars cheaper than gas vehicles.

EV Life

The average California driver qualifies for over $10,000 in EV rebates and tax credits, but incentives can take 12 to 18 months to recoup post-purchase. The company’s first product is a web platform that makes it easier to find and finance an electric car.

2020 83
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ICCT suggests minor changes to Fed tax policy to cut higher investment risk of 2nd-gen biofuels and advance the industry

Green Car Congress

Minor changes to an existing Federal tax incentive for second-generation biofuels (i.e., Some of the ICCT recommendations are mirrored in the recently released Baucus draft proposal for tax reform ( earlier post ), notes Dr. Chris Malins of the ICCT, one of the study’s co-authors. The study identified four specific changes to the US tax code that could help accelerate the commercialization of second-generation biofuels.

2013 221
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Report from the REFF-Wall Street; Themes in Renewable Energy Finance

Green Car Congress

Green Car Congress attended the Renewable Energy Finance Forum - Wall Street (REFF-Wall Street) conference (23-24 June) sponsored by Euromoney Energy Events and the American Council on Renewable Energy (ACORE). Renewables account for approximately 10-15% of the global energy infrastructure investment and according to New Energy Finance renewables have been hit hard by the global recession with a 47% in Q1 2009 vs. Q1 2008 ($13.3 Is tax equity dead? by Bill Cooke.

Financing 150
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LAND begins production of E Moto; user-selectable e-bicycle, e-moped, e-motorcycle modes

Green Car Congress

The District is on sale now, starting at $7020 after a 10% EV tax credit, with financing available. LAND , a startup electric vehicle manufacturer headquartered in Cleveland, began US production on 120 units of the District E Moto this month.

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Firefly & Hyundai Motor America create pilot program to offer rideshare fleets & drivers new vehicles with bonus income up to $3,600/year

Green Car Congress

With opportunities for drivers to earn additional income upon purchasing a new vehicle by having Firefly’s smart display screen technology integrated onto and inside each vehicle, Hyundai Drive by Firefly could help cover monthly car lease/financing costs for qualified drivers and fleets for the duration of the program. While US consumers can earn some tax credits by directly purchasing EVs, these subsidies only cover a small fraction of the car cost and apply to just some cars.

America 161
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5 Tips on Switching to an EV in Rural Areas

Clean Fleet Report

Tax Incentives. The tax incentives being offered by the government are helping a lot in boosting the sale of EVs. With a federal income tax credit of up to $7,500 available for some EV buyers, one might stop to consider this huge financial incentive.

Clean 73
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Feature: Bridging the EV Affordability Gap

Clean Fleet Report

Rebates & Tax Credits Don’t Help Most Americans. Even though there are generous EV tax credits, rebates from states and utilities, and other incentives that can save drivers $10,000 or more per EV, most people aren’t aware these programs even exist.

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FREYR Battery to site US gigafactory in Georgia; initial investment $1.7B, growing to $2.6B through 2029

Green Car Congress

In accordance with FREYR’s ambitions to accelerate development of Giga America in parallel with the ongoing construction of Giga Arctic in Mo i Rana, Norway, the company is intensifying and broadening its financing efforts. The total package of financial incentives for Giga America includes robust assistance collectively provided by The State of Georgia and Coweta County in addition to the expected production tax credits associated with the recently passed Inflation Reduction Act.

Georgia 150
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Electric Car: Lease Or Buy?

Green Car Reports

Each financing option has its pros and cons, so we''ve outlined the reasons you might opt for each alternative. LEASING The Federal income-tax credit of $2,500 to $7,500 is You''re considering a plug-in electric car. Should you lease or buy? It''s a question that all new-car shoppers face--but for electric cars, there are some special considerations.

2013 108
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California to receive more than $236M to support transit agencies’ transition to zero-emission buses

Green Car Congress

The recently passed Inflation Reduction Act would also provide $1 billion for clean heavy-duty vehicles, including transit and school buses, and a new tax credit of up to $40,000 for commercial vehicles, for which transit agencies and school districts are eligible. US Senators Dianne Feinstein and Alex Padilla (both D-Calif.)

Fresno 239
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2018 Honda Clarity Electric hits dealerships in California and Oregon with $199 lease deal

Green Car Reports

That figure reflects the $7,500 federal tax credit, which Honda finance will keep as part of the capitalized cost reduction of the lease. The 2018 Honda Clarity Electric car rolled into California and Oregon dealerships this week, but nobody can buy it. It's only available for lease for $199 a month for 36 months with $1,499 due at signing. CHECK. California lease price new cars Oregon

2018 76
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Electrify Your Fleet Faster With Incentives and Rebates

EV Connect

Federal Incentives for Electric Fleets There are a variety of federal tax credits and incentives for purchasing electric vehicles, as well as for expanding America’s charging network and EV infrastructure. This credit covers 30% of the cost of the station up to $30,000.

Connect 77
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US Departments of Treasury, Energy Announce More Than $3B in Recovery Act Funds for Direct Payments for Renewable Energy Projects

Green Car Congress

Funded through the American Recovery and Reinvestment Act (Recovery Act), the program will provide direct payments in lieu of tax credits in support of an estimated 5,000 biomass, solar, wind, and other types of renewable energy production facilities. In previous years, the tax credit has been widely used—in 2006, approximately $550 million in tax credits were provided to 450 businesses.

2009 150
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Lease A Green Vehicle, Get Rebate Yourself--In CO, Anyway

Green Car Reports

A bill signed in Colorado will now allow lessees to claim any tax credits for hybrid cars and electric vehicles, rather than the lessor. Previously, the state had allowed banks or finance companies to choose whether claim the credits themselves on lease vehicles, or to pass the credits on to the lessee.

2012 90
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Tesla supplier sheds light on graphite supply challenge for EV battery manufacturers [Editorial]

Teslarati

The recently passed Inflation Reduction Act included EV tax credits that could go as high as $7,500 for automakers that adhere to a few specific requirements. One of the requirements to qualify for the EV tax credit is related to batteries and the minerals used to make them.

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BNEF forecasts global energy storage market to grow 15-fold by 2030 to 411 GW/1194 GWh

Green Car Congress

However, while the new tax credit policy supports more growth based on BNEF’s long-term forecast, supply chain constraints cloud deployment expectations until 2024. Meanwhile, projects face long lead times to finance, develop and commission.

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US Senators Introduce Bill to Expand Incentives for Natural Gas Vehicles

Green Car Congress

US Senator Robert Menendez (D-NJ) last week introduced new legislation, co-sponsored by Senate Majority Leader Harry Reid (D-NV) and Senator Orrin Hatch (R-UT) that extends and increases tax credits for natural gas vehicle purchasing, refueling and manufacturing. 1408 ), the purchase tax credit cap for a light-duty natural gas vehicle would be increased to $12,500, up from the current $5,000.

2009 163
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President Biden’s $174 billion EV package broken down dollar by dollar

Teslarati

Previous limits axed the EV tax credit after manufacturers sold 200,000 electric cars. The reintroduction of the $7,500 tax credit would undoubtedly convince some car buyers to consider all-electric options, bringing down their car’s cost by a significant amount in some cases.

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REGI secures up to $20M for biodiesel plant capacity expansion

Green Car Congress

has secured financing of up to $20 million from First Midwest Bank for the $24-million capacity-expansion project at the company’s Ralston, Iowa biodiesel refinery. Terry Branstad at REG’s Newton biorefinery, extends the existing 2 cents per gallon biodiesel production tax credit for seven years beginning 1 Januar 2018. First Midwest Bank has also been involved in financing for REG Newton. Renewable Energy Group, Inc.

2017 150
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EV Life Product Updates – August 2020

EV Life

EV Life makes it easier to find and finance your electric car. Then you can save up to $200/mo on financing when you apply for our EV Life Climate Loan. Savings on financing are based on the EV incentives you qualify for.).

2020 82
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Researchers call for major change in US policies supporting plug-ins; failure of “mainstream consumer bias”

Green Car Congress

Vehicle tax credits or rebates. Examining the tax credits for PEVs, the authors note that the Congressional Budget Office (CBO) concluded that the PEV tax credit is too small to stimulate a significant amount of new consumer demand, and that most taxpayers do not have a tax liability great enough to even use the credit. Making loans and financing more accessible for PEV buyers.

2014 229
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Velocys, Southwest Airlines in 15-year off-take agreement for 219M gallons of negative-carbon-intensity SAF; 575M gallons of net-zero blend

Green Car Congress

Each gallon of SAF generated by the project is expected to generate tradable greenhouse gas credits for which Southwest guarantees a minimum price payable to the project (included in the fuel fixed price), de-risking a significant proportion of the revenue stream to the project. The project may additionally benefit from the value of greenhouse gas credits if sold above the minimum price by Southwest.

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A123 Systems 8K filing says substantial doubt about its ability to continue as a going concern; status of grants and incentives

Green Car Congress

On 11 May, A123 amended its revolving credit facility with its lead bank, eliminating the borrowing facility and providing for up to $15.0 million as security for letters of credit. All outstanding letters of credit are required to be cash collateralized at 105% of their face amount. A123 Systems has been the recipient of a number of state and federal grants and tax incentives. The tax credit is not to exceed $25.0

2012 249
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Alaska Governor proposes $355M financial package for LNG plant on North Slope

Green Car Congress

Governor Parnell’s $355 million financial package includes $30 million in existing gas storage tax credits. AIDEA, in collaboration with the Alaska Energy Authority (AEA), is seeking interested parties to participate in the financing, development and operation of a liquefied natural gas production facility.

2012 225
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LG Chem to Build $ 303M Li-ion Plant in Holland, MI

Green Car Congress

Scheduled for groundbreaking this summer, the 650,000 square-foot facility will be financed in part from a $151.4 Granholm said an incentive package from the state—which included a $100 million advanced battery cell tax credit, a 15-year job-creation tax credit worth $25.2 LG Chem Ltd. will build its new $303 million lithium-ion battery manufacturing facility in Holland, Michigan.

2010 179