• 2 minutes Oil prices going down
  • 11 minutes China & India in talks to form anti-OPEC
  • 16 minutes When will oil demand start declining due to EVs?
  • 13 mins Oil prices going down
  • 2 hours We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 2 hours Another WTH? Example of Cheap Renewables
  • 2 days Bullish and bearish outlook for oil
  • 2 days Rolls Royce shedding 4,600 jobs
  • 23 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 1 day When will oil demand start declining due to EVs?
  • 1 day Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks
  • 38 mins What If Canada Had Wind and Not Oilsands?
  • 2 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 6 hours China & India in talks to form anti-OPEC
  • 2 days U.S. Cars Will No Longer Need 55mpg Fuel Efficiency By 2025.
  • 44 mins The Permian Mystery
  • 2 days Epic Fail as Solar Crashes and Wind Refuses to Blow
  • 20 hours Gazprom Exports to EU Hit Record
  • 2 days OPEC soap opera daily update
Venezuela Won’t Have Enough Oil To Export By 2019

Venezuela Won’t Have Enough Oil To Export By 2019

GlobalData recently projected that Venezuela’s…

Global Energy Advisory - June 15th 2018

Global Energy Advisory - June 15th 2018

Oil markets are on edge…

U.S. Tax Bill Keeps EV Incentives

EV

The compromise Republican tax bill retains the $7,500 electric vehicle tax credit, dropping a previous proposal by Republicans in the U.S. House of Representatives to eliminate the incentives.

The compromise tax bill, released late on Friday, follows the Senate version of the bill and doesn’t eliminate the tax credits on EVs—a move that would have hurt carmakers such as Tesla, Nissan, GM, or Volkswagen.

Under current tax legislation, buyers of plug-in electric vehicles are eligible for a $7,500 tax credit to defray the cost of those vehicles.

The federal Internal Revenue Service (IRS) tax credit is for $2,500 to $7,500 per new EV purchased for use in the U.S. The size of the tax credit depends on the size of the vehicle and its battery capacity. This tax credit will be available until 200,000 qualified EVs have been sold in the United States by each manufacturer, at which point the credit begins to phase out for said manufacturer.

“We are extremely pleased that members of the conference left in place the consumer credit for plug-in electric vehicles with the agreement for H.R. 1,” the Electric Drive Transportation Association (EDTA) said in a statement after the compromise tax bill was released.

Related: IEA Dashes Bullish Sentiment In Oil

“This credit supports innovation and job creation while helping drivers access advanced vehicle technology. Keeping the plug-in vehicle credit in place is the right policy for consumers and for the nation. We appreciate the conferees’ support and will continue to work with Congress to advance U.S. competitiveness through electric mobility,” EDTA said.

Prominent Republican lawmakers said on Sunday that they were confident that the bill would become law by the end of this week, with a Senate vote expected as early as on Tuesday, and U.S. President Donald Trump signing the bill into law by the end of the week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Joe on December 19 2017 said:
    I hope everyone understands it’s not $7500 of free money. You instead get a tax break such that you don’t pay Federal income tax on the $7500 you use to help purchase the car.

    Joe

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News