That’s the one. I didn’t know it proceeded. Stopped hearing about it.
EV Tax credit is in the Build Back Better Bill which they are saying will pass later supposedly by Nov 15 in house and then go to Senate then who knows what will happen??
Indeed, as currently written, after tax conversions would be eliminated. It is pre-tax conversions that are still in the bill.
Wisconsin got snookered on the deal. Big promises by both Foxconn and the leaders of the state (at the time). As has previously been the case, Foxconn did not stick to the deal. They downsized and downsized, failed to make many of the research focused investments and contributions they had promised, and now have a much smaller venture in Wisconsin than promised. At least, after Foxconn failed to fully deliver, the state was able to rescind some of the huge incentives that were promised saving the taxpayers of the state some of the money that would have been thrown away. https://urbanmilwaukee.com/2021/10/27/murphys-law-why-foxconn-jilted-wisconsin/
There's an important point that you're missing here: what does "made" mean. While it's absolutely true that manufacturing jobs here in the US are far more expensive, that focuses too much on one aspect. We need engineering, design, management, and support jobs as well. Keeping the profits in the US economy is also a huge benefit. So while products are assembled overseas from parts stamped overseas because they are cheaper is a reality, at least having all of those other benefits here is far better than all of it being sent offshore. So my Android Pixel 5 cellphone is actually not fully Chinese - although if we aren't careful that will change very soon too. For that reason I buy products with at least some of the chain here in the US, because as a society if we don't support each other as much as possible our progeny will not be as fortunate.
Don't get too excited. The Bill has to pass in the House, pass in the Senate then back to the House.Just posted a few minutes ago on CNBC.
https://www.cnbc.com/2021/11/03/dem...tax-breaks-for-evs-that-cost-up-to-80000.html
The newly revised plan from the House of Representatives Ways and Means Committee RULES COMMITTEE PRINT 117–18 TEXT OF H.R. 5376, BUILD BACK BETTER ACT
$4000 base amount
$3500 amount for vehicles with greater than 40kwh battery capacity and less than 2.5 gallons gas tank
$4500 for final domestic assembly (vehicle made in US by Union representative workers)
$500 for domestic content assembly (battery produced in US)
Vehicle cost not to exceed $80,000 for Van's, SUVs, Pickup trucks. $55,000 for other vehicles.
Income thresholds of $500k married filing joint, $375k head of household, or $250k filing single.
Not more than 1 credit allowed per tax year.
Credit can be automatically assigned to the seller (must be registered) towards purchase of vehicle.
Date of effect: December 31, 2021 or when the Bill takes effect. (Whichever happens last)
Verbiage of credits for Used Evs also included in bill, 2 & 3 wheeled vehicles, charging station credits, commercial usage, etc.
The Proposed bill extends the EV credit system for another 10 years and eliminates the 200,000 vehicle restriction.
The full bill is available here. Pg 1480-1540
https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-117HR5376RH-RCP117-18.pdf
We have ordered the same car. Our build date is 1/10/22. We may miss the 7,500K credit all together.
Sad but there are dozen smaller failures like this across the country that don’t get wide press. Florida and Port St. Lucie were hoodwinked by biotech and Digital Domain for upwards of $220 million as they tried to build a new economy.
Why? If the bill doesn’t pass the current law still stands which mean you still get a $7500 tax credit.
By after tax conversions do you refer to the back-door conversions of non-deductible IRA's that only the rich use?
