EVLN: Final GOP Tax Bill Retains Tax Credits for Wind Energy, Electric Cars

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EVLN: Final GOP Tax Bill Retains Tax Credits for Wind Energy, Electric Cars

Electric Vehicle Discussion List mailing list


http://reason.com/blog/2017/12/18/tax-credits-for-electric-cars-wind-energ
Final GOP Tax Bill Retains Tax Credits for Wind Energy, Electric Cars
Dec. 18, 2017  Christian Britschgi

Some subsidies never die.

Electric CarsTyphoonski/DreamstimeIt's hard as hell to get rid of a
government handout once it's been established. The beneficiaries,
concentrated and organized, will fight tooth and nail to keep any program
that lines their pockets. The mass of taxpayers, by contrast, have little
incentive to go to war over a few dollars off their paycheck.

Consider the congressional Republicans' tax bill. The final version of the
legislation retains tax credit programs for electric car buyers and
renewable energy producers.

This is a dramatic change from the first version of the law—the House's Tax
Cuts and Jobs Act, introduced in early November. That would have zeroed out
both the Plug-In Electric Vehicle Tax Credit and a tax credit program for
renewable energy production that is used mostly by wind farm owners.

Unsurprisingly, interest groups are cheering the preservation of the
programs. "This credit supports innovation and job creation while helping
drivers access advanced vehicle technology," announced the Electric Drive
Transportation Association. "Keeping the plug-in vehicle credit in place is
the right policy for consumers and for the nation."

The tax credit is a good deal—for makers and consumers of electric cars.
First established in 2010, the electric vehicle program awards a maximum
$7,500 tax credit to the purchasers of full electric cars; buyers of hybrid
cars get a smaller credit. The benefits of the subsidy accrue to a
vanishingly small number of predominately wealthy consumers.

Only 563,710 electric vehicles have been sold in the United States as of
2016, according to a report from the International Energy Agency (IEA). Of
these, slightly less than 300,000 are truly electric, the rest being plug-in
hybrids. California, which hands out a $2,500 tax credit for electric car
purchases in addition to the federal subsidy, has seen 83 percent of its
electric car tax credits go to people with annual incomes over $100,000,
according to a 2016 Berkeley study. The House estimated that repeal of the
tax credit, in conjunction with the repeal of several other tax credit
programs, would see federal revenues increase by $200 million by 2027.

The wind energy credit, meanwhile, costs some $3.4 billion a year. The
program was initially set to expire in 1999, but it has been perpetuated and
expanded since. The House had initially planned to shrink this tax subsidy
and speed up its phaseout, saving about $12.4 billion by 2027.

The Senate's tax bill retained both credits, and in conference it apparently
was easier to keep the money flowing than to scale it back. By concentrating
benefits and distributing costs, these programs have ensured that they'll
live on.
[© 2018 Reason Foundation]



https://cleantechnica.com/2017/12/10/thanks-popular-pressure-senate-left-electric-car-tax-credit-alone-now/
Thanks To Popular Pressure, The Senate Left The Electric Car Tax ...
December 10th, 2017  Senate Leaves Electric Car Tax Credit Alone 2017 has
been an interesting year for electric vehicles (EV). We've seen more EVs on
the road and at auto shows internationally, but affordability hasn't changed
that much. Worse yet, in the US, the new administration has been on a
rampage returning to the good old polluting ...
https://c1cleantechnicacom-wpengine.netdna-ssl.com/files/2017/12/Senate-Leaves-Electric-Car-Tax-Credit-Alone.png
...
https://www.wsj.com/articles/killing-the-electric-car-credit-1512943468
Killing the Electric Car Credit
December 10th, 2017  The House and Senate are scrambling to reconcile their
tax bills, and one issue is how many loopholes to kill. Here's one that
should be easy: Eliminating the tax credit for electric vehicles. The House
bill nixes the credit for plug-in vehicles, which can run up to $7,500 a
car, while the Senate bill preserves the status quo.
...
https://www.bizjournals.com/denver/news/2017/12/14/viewpoint-retain-the-electric-vehicle-tax-credit.html
Viewpoint: Retain the electric vehicle tax credit
2017/12/14  The most prominent example of innovation the EV credit has
inspired is the rapidly expanding number of electric cars, trucks and SUVs
that automakers have produced since it took effect in 2009. From just two
models in 2010, American consumers today can choose from among more than 30
plug-in, battery-powered
...
https://www.reuters.com/article/us-usa-tax-autos/republican-tax-bill-retains-u-s-electric-vehicle-tax-credit-idUSKBN1EA00H
Republican tax bill retains US electric vehicle tax credit
2017/12/15  WASHINGTON (Reuters) - A compromise Republican tax bill released
late Friday does not eliminate a $7,500 electric vehicle tax credit as
Republicans in the U.S. House of Representatives had previously proposed
…FILE PHOTO - An ... (EV) fast charging station is seen in the parking lot
of a Whole Foods Market in Austin, Texas, U.S., December 14, 2016.
https://s4.reutersmedia.net/resources/r/?m=02&d=20171216&t=2&i=1214847249&r=LYNXMPEDBF00W&w=1280
...
https://finance.yahoo.com/news/electric-vehicle-tax-credit-safe-004352594.html
Electric Vehicle Tax Credit Is Safe In Republican Tax Bill
2017/12/16  Consumers under current law are eligible for a $7,500 tax credit
to defray the cost of plug-in electric vehicles. The electric vehicle tax
credit starts to phase out after a manufacturer sells 200,000 plug-in
vehicles. After an automaker hits that point, the $7,500 tax credit is still
available for at least three more months before ...
...
https://www.theverge.com/2017/12/15/16783298/senate-federal-tax-credit-bill-subsidy-electric-vehicle-lease
Senate looks to pass tax bill that preserves electric car credit
Dec 15, 2017  A bill passed in the House of Representatives last month would
have killed the electric vehicle tax credit that ranges between $2,500 and
$7,500 depending on the size of the vehicle and its battery capacity. A
Senate bill passed later in November kept the credit, along with numerous
other items cut in the House version.
http://cdn.vox-cdn.com/uploads/chorus_image/image/58002899/jgolson_160909_1219_0054.0.0.0.jpg




For EVLN EV-newswire posts use:
 http://evdl.org/archive/


{brucedp.neocities.org}


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Re: EVLN: Final GOP Tax Bill Retains Tax Credits for Wind Energy, Electric Cars

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I tend to side with Elon on this issue. Tax credits are bad for everyone. They create a false market that collapses when the incentive is removed. Free market system works better on its own.

Sent from my iPhone

> On Jan 8, 2018, at 11:14 AM, brucedp5 via EV <[hidden email]> wrote:
>
>
>
> http://reason.com/blog/2017/12/18/tax-credits-for-electric-cars-wind-energ
> Final GOP Tax Bill Retains Tax Credits for Wind Energy, Electric Cars
> Dec. 18, 2017  Christian Britschgi
>
> Some subsidies never die.
>
> Electric CarsTyphoonski/DreamstimeIt's hard as hell to get rid of a
> government handout once it's been established. The beneficiaries,
> concentrated and organized, will fight tooth and nail to keep any program
> that lines their pockets. The mass of taxpayers, by contrast, have little
> incentive to go to war over a few dollars off their paycheck.
>
> Consider the congressional Republicans' tax bill. The final version of the
> legislation retains tax credit programs for electric car buyers and
> renewable energy producers.
>
> This is a dramatic change from the first version of the law—the House's Tax
> Cuts and Jobs Act, introduced in early November. That would have zeroed out
> both the Plug-In Electric Vehicle Tax Credit and a tax credit program for
> renewable energy production that is used mostly by wind farm owners.
>
> Unsurprisingly, interest groups are cheering the preservation of the
> programs. "This credit supports innovation and job creation while helping
> drivers access advanced vehicle technology," announced the Electric Drive
> Transportation Association. "Keeping the plug-in vehicle credit in place is
> the right policy for consumers and for the nation."
>
> The tax credit is a good deal—for makers and consumers of electric cars.
> First established in 2010, the electric vehicle program awards a maximum
> $7,500 tax credit to the purchasers of full electric cars; buyers of hybrid
> cars get a smaller credit. The benefits of the subsidy accrue to a
> vanishingly small number of predominately wealthy consumers.
>
> Only 563,710 electric vehicles have been sold in the United States as of
> 2016, according to a report from the International Energy Agency (IEA). Of
> these, slightly less than 300,000 are truly electric, the rest being plug-in
> hybrids. California, which hands out a $2,500 tax credit for electric car
> purchases in addition to the federal subsidy, has seen 83 percent of its
> electric car tax credits go to people with annual incomes over $100,000,
> according to a 2016 Berkeley study. The House estimated that repeal of the
> tax credit, in conjunction with the repeal of several other tax credit
> programs, would see federal revenues increase by $200 million by 2027.
>
> The wind energy credit, meanwhile, costs some $3.4 billion a year. The
> program was initially set to expire in 1999, but it has been perpetuated and
> expanded since. The House had initially planned to shrink this tax subsidy
> and speed up its phaseout, saving about $12.4 billion by 2027.
>
> The Senate's tax bill retained both credits, and in conference it apparently
> was easier to keep the money flowing than to scale it back. By concentrating
> benefits and distributing costs, these programs have ensured that they'll
> live on.
> [© 2018 Reason Foundation]
>
>
>
> https://cleantechnica.com/2017/12/10/thanks-popular-pressure-senate-left-electric-car-tax-credit-alone-now/
> Thanks To Popular Pressure, The Senate Left The Electric Car Tax ...
> December 10th, 2017  Senate Leaves Electric Car Tax Credit Alone 2017 has
> been an interesting year for electric vehicles (EV). We've seen more EVs on
> the road and at auto shows internationally, but affordability hasn't changed
> that much. Worse yet, in the US, the new administration has been on a
> rampage returning to the good old polluting ...
> https://c1cleantechnicacom-wpengine.netdna-ssl.com/files/2017/12/Senate-Leaves-Electric-Car-Tax-Credit-Alone.png
> ...
> https://www.wsj.com/articles/killing-the-electric-car-credit-1512943468
> Killing the Electric Car Credit
> December 10th, 2017  The House and Senate are scrambling to reconcile their
> tax bills, and one issue is how many loopholes to kill. Here's one that
> should be easy: Eliminating the tax credit for electric vehicles. The House
> bill nixes the credit for plug-in vehicles, which can run up to $7,500 a
> car, while the Senate bill preserves the status quo.
> ...
> https://www.bizjournals.com/denver/news/2017/12/14/viewpoint-retain-the-electric-vehicle-tax-credit.html
> Viewpoint: Retain the electric vehicle tax credit
> 2017/12/14  The most prominent example of innovation the EV credit has
> inspired is the rapidly expanding number of electric cars, trucks and SUVs
> that automakers have produced since it took effect in 2009. From just two
> models in 2010, American consumers today can choose from among more than 30
> plug-in, battery-powered
> ...
> https://www.reuters.com/article/us-usa-tax-autos/republican-tax-bill-retains-u-s-electric-vehicle-tax-credit-idUSKBN1EA00H
> Republican tax bill retains US electric vehicle tax credit
> 2017/12/15  WASHINGTON (Reuters) - A compromise Republican tax bill released
> late Friday does not eliminate a $7,500 electric vehicle tax credit as
> Republicans in the U.S. House of Representatives had previously proposed
> …FILE PHOTO - An ... (EV) fast charging station is seen in the parking lot
> of a Whole Foods Market in Austin, Texas, U.S., December 14, 2016.
> https://s4.reutersmedia.net/resources/r/?m=02&d=20171216&t=2&i=1214847249&r=LYNXMPEDBF00W&w=1280
> ...
> https://finance.yahoo.com/news/electric-vehicle-tax-credit-safe-004352594.html
> Electric Vehicle Tax Credit Is Safe In Republican Tax Bill
> 2017/12/16  Consumers under current law are eligible for a $7,500 tax credit
> to defray the cost of plug-in electric vehicles. The electric vehicle tax
> credit starts to phase out after a manufacturer sells 200,000 plug-in
> vehicles. After an automaker hits that point, the $7,500 tax credit is still
> available for at least three more months before ...
> ...
> https://www.theverge.com/2017/12/15/16783298/senate-federal-tax-credit-bill-subsidy-electric-vehicle-lease
> Senate looks to pass tax bill that preserves electric car credit
> Dec 15, 2017  A bill passed in the House of Representatives last month would
> have killed the electric vehicle tax credit that ranges between $2,500 and
> $7,500 depending on the size of the vehicle and its battery capacity. A
> Senate bill passed later in November kept the credit, along with numerous
> other items cut in the House version.
> http://cdn.vox-cdn.com/uploads/chorus_image/image/58002899/jgolson_160909_1219_0054.0.0.0.jpg
>
>
>
>
> For EVLN EV-newswire posts use:
> http://evdl.org/archive/
>
>
> {brucedp.neocities.org}
>
>
> --
> Sent from: http://electric-vehicle-discussion-list.413529.n4.nabble.com/
> _______________________________________________
> UNSUBSCRIBE: http://www.evdl.org/help/index.html#usub
> http://lists.evdl.org/listinfo.cgi/ev-evdl.org
> Please discuss EV drag racing at NEDRA (http://groups.yahoo.com/group/NEDRA)
>

_______________________________________________
UNSUBSCRIBE: http://www.evdl.org/help/index.html#usub
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Please discuss EV drag racing at NEDRA (http://groups.yahoo.com/group/NEDRA)