In the last few months, it has become clear how much of an effect the federal plug-in vehicle tax credit has on sales of electric cars.
The tax credit on Teslas was cut in half in January, from $7,500 to $3,750, and its sales dropped from more than 90,000 cars to 63,000 after the tax credit was cut.
Dec. 31, 2018 was the last day the full credit was available for all electric cars.
READ THIS: EV tax credit extension gets bipartisan juice in Senate
In its investor calls, Tesla has pointed out a number of complicating factors around those numbers, including Model 3 production and deliveries focused on Europe and China in the first quarter, and delivery problems in those regions.
Still, it’s clear that the lower tax credit is having an effect.
At the same time, many electric-car buyers have reported that recent tax changes left them with larger tax bills than expected this April 15. Some who were expecting a big refund based on the EV tax credit were disappointed when that didn’t materialize, based on changes in the tax law. (Converting the credit to a rebate at time of purchase, as most states have done, and as some bills in Congress have proposed, would also alleviate this problem.)
CONSIDER THIS: In an ideal world, this is how electric-car tax credits should work
With tax day not far in the rearview mirror, we would love to hear how much our readers realized from the federal plug-in vehicle tax credit if they got a refund at all.
If you bought an EV last year, how much did it affect your tax bill?
— Green Car Reports (@GreenCarReports) April 29, 2019
Our Twitter poll this week asks: “If you bought an EV last year, how much did it affect your tax bill?”
Options include: the full $7,500; between $7,500 and $5,000; between $5,000 and $3,750, or less than $3,750.
So click on over to the Twitter poll and let us know. And remember, wherever you stand politically on taxes, or the 2017 Trump administration tax bill, Green Car Reports’ Twitter polls are unscientific, because of low sample size and because our respondents are self-selected.
View original article at: “https://www.greencarreports.com//news/1122835_if-you-bought-an-ev-last-year-how-did-it-affect-your-tax-bill-take-our-twitter-poll”
