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The GREEN Act, short for “Growing Renewable Energy and Efficiency Now Act of 2021” was introduced by Representative Mike Thompson on February 4, 2021 and this bill could provide tax credits for new and even used EV purchases in some cases, and there’s some things you should know if you are looking at purchasing an EV in the near future, especially from Tesla and GM.
So I’ll talk about what is being proposed, where they are currently in the legislative process, as well as my thoughts on if you should wait to buy an EV for when these tax credits may be available.
This bill is all focused on amending the existing Tax Code to extend it to more vehicles.
The GREEN Act would reinstate this a bit, but with a few changes.
First, it would add a “transition period” which reduces the credit by $500 after a manufacturer sells 200,000 vehicles, and before they sell 600,000 vehicles.
Once the 600,000th vehicle from a manufacturer is sold, they enter that phaseout period, just like before, and the tax credit is reduced the same way;
(A) 50 percent for the first 2 calendar quarters of the phaseout period,
(B) 25 percent for the 3rd and 4th calendar quarters of the phaseout period, and
(C) 0 percent for each calendar quarter thereafter.
This means for any manufacturer that has hit the 200k vehicles sold mark, customers are eligible for a $7000 credit until that manufacturer hits 600,000 vehicles produced and sold.
The bill was also written to include an “exclusion period”, which excludes any vehicles after the 200k mark and up to the enactment of the GREEN Act, so any vehicles sold in that time frame are not counted towards the 600,000 vehicles, when the manufacturer enters the phaseout period.
This transition period really only affects Tesla and GM, as they are the only ones who have hit that 200k mark, so it looks like if this bill passes both Tesla and GM buyers will get a tax credit for another 400,000 vehicles.
The GREEN Act also amends the tax code to include a tax credit for USED vehicle purchases, but there are a few more stipulations here.
The credit for used vehicles would be $1250, and if the battery capacity exceeds 4kWh, an additional $1250 and $208.50 for each additional kWh over 4. With a limit of 30% of the sale price of the vehicle. But there are some limits on that:
The credit is then reduced by $250 for each $1000 your taxable gross income exceeds $30,000, or twice for joint tax returns.
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