Congress could grant Tesla buyers an additional 400,000 tax credits of $ 7,000

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Once upon a time, federal tax credits for the car buyers buying electric cars – going up to $ 7,500 for a single car – helped make You’re here (NASDAQ: TSLA) the success story it has become.

However, since these credits gradually disappear as an automaker nears 200,000 units sold – and because Tesla has been so successful in selling electric cars – it’s been over a year since a Tesla customer has sold. reserved a tax credit on a Model S, Model 3, Model X or Model Y.

Image source: Tesla.

But that may soon change.

As an electric car enthusiast Electrek today reports that Democrats in Congress have just introduced Growing Renewable Energy and Efficiency Now (GREEN) for review. If passed, the bill would replenish electric car company tax credits for an additional 400,000 units. Even a company like Tesla, or General Motors (NYSE: GM), which has also already sold too many cars for its customers to benefit from the old credits, would become eligible for a new batch of tax credits on purchases of electric cars.

How much money are we talking about here? Seven thousand dollars per car for cars sold between 200,000 and 600,000.

Data GoodCarBadCar.net show that Tesla has sold 781,078 cars in the United States over the past five years. In order not to penalize the company for its success, the new law would therefore not take into account sales made by Tesla before the enactment of the new law. In other words, if the law is passed, the buyers of the next 400,000 Tesla sold will have access to the $ 7,000 credit.

This is probably cold comfort to buyers who have purchased Teslas numbered 200,001 to 781,078.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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