tax credit
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PSA: The cheapest Tesla car won't qualify for full federal tax credit starting January 1
Federal tax credit for the cheapest Tesla car, the Model 3 Rear-Wheel Drive, will reduce to $3,750 as of January 1st, 2024.
Even the cheapest Tesla Model 3 now qualifies for the full $7,500 tax credit
If you're buying a Tesla Model 3 in the US, you can now get the maximum possible federal tax credit of $7,500 no matter what make you're getting.
Starting tomorrow, only six EVs will still qualify for a $7,500 federal tax credit
The IRS released a list of electric vehicles that still qualify for the full $7,500 federal tax credit after strict new guidelines, announced back in March, officially go into effect on April 18th. Six EVs now qualify under the new terms, including the Cadillac Lyriq, Chevy Bolt and some Tesla Model 3 versions.
Senator Manchin aims to close battery loophole around the $7,500 EV tax credit
Senator Joe Manchin, chairman of the Senate Energy and Natural Resources Committee, has introduced a new bill that squashes a small loophole around the Inflation Reduction Act's (IRA) $7,500 EV tax credit.
Toyota runs out of federal EV tax credits, pushing prices higher
The automaker joins Tesla and GM in losing access to the subsidy after hitting a sales cap.
Senate committee moves to raise EV tax credit to as much as $12,500
The Senate has advanced a bill that would offer EV tax credits as large as $12,500, but only for cars made in the US through unions.
Maryland is already out of EV tax credits for 2019
Maryland's electric vehicle (EV) tax credits are so popular, they're already gone. According to the state's Motor Vehicle Administration, the $6 million fund meant to cover the tax credits was depleted before the fiscal year began on July 1st. The state offers a $100 credit per kilowatt-hour of battery capacity for EVs and plug-in hybrids (with a maximum $3,000 rebate), but so many drivers have applied for the credit, there's a waiting list with more than 700 applicants.
Trump's 2020 budget proposal cuts the EV tax credit
The Trump administration announced its budget proposal for 2020 and tax credits for electric vehicles is on the chopping block, according to Reuters. The White House is proposing eliminating the subsidy, which provides up to $7,500 on the purchase of a new EV, claiming that it will save the government about $2.5 billion over the next decade.
Louisiana enhancing its tax incentives for game developers
Since 2005, Louisiana has offered game developers and other software producers one of the most attractive deals in the US: the Digital Media Tax Credit, which affords applicable tech companies a 25 percent tax credit and 35 percent payroll tax credit. That deal is getting even sweeter in the coming months, as Governor Bobby Jindal has signed a bill which allows developers to take that credit in cold, hard cash, provided it's not all soaked up by their tax liability. Not many developers are taking advantage of the boot-shape state's hospitality, though EA's facility on the LSU campus is sure to benefit from the expansion, as will Gameloft's soon-to-be-opened New Orleans studio.
Sony loses $3.2B, spends $170M in response to hacker attacks
Sony's bad year is getting a smidge worse. The company, which had previously predicted a healthy profit for the past fiscal year, is now expecting a loss of $3.2 billion for the period of April 2010 through March 2011. The reverse in fortunes is mostly due to writing off a $4.4 billion tax credit, although the company has been struggling with both the recent earthquake and hacker attack that disrupted operations of both its physical operations and online services. Sony CFO Masaru Kato doesn't beat around the bush: "In the first quarter, we saw quite a major impact on our manufacturing activities." Sony also has spent over $170 million in response to the hacking intrusion last month. These funds went to rebuilding the network, providing identity protection coverage, investigating the attacks, free game time, and customer support. This is the second straight year that Sony has operated at a loss, although last year's $439 million wasn't nearly as severe as this promises to be.
CE-Oh no he didn't!: BMW exec says electric vehicles 'won't work,' but would love to sell you one anyway
Jim O'Donnell, CEO and chairman of BMW North America, recently sat down with the Detroit News to discuss the ActiveE -- an electric version of BMW's 1 Series coupe, available for lease in the US this fall. Most CEOs would've probably used the opportunity to wax PR poetic about their company's bold, forward-looking ethos, because that's what CEOs do. O'Donnell, however, used the occasion to let us in on a dirty little secret: EVs don't actually work. According to O'Donnell's undoubtedly robust calculations, EVs won't work for "at least 90-percent" of the human population, at current battery ranges. The situation is so dire, in fact, that the US government shouldn't even bother wasting its $7,500 tax credits on frivolous things like innovation, national security and clean air. "I believe in a free economy. I think we should abolish all tax credits. What they are doing is putting a bet on technology, which is not appropriate. As a taxpayer, I am not sure this is the right way to go." O'Donnell went on to say he's "far more optimistic" about diesel's chances of increasing BMW's US market share -- because, you know, it's not like the oil industry gets any tax breaks, or anything. And it's not like diverting some money away from oil subsidies and putting it toward EV technology would create the "level playing field" that O'Donnell and his company so desperately need. No siree, the US energy market is just as pure and fair as it's always been -- and it certainly doesn't deserve to be corrupted by an EV tax credit pestilence. That said, O'Donnell would still really appreciate it if we buy the battery-powered i3 when it launches in 2013. Who knows? He may even throw in a free bridge, too.
Tiga calls UK tax support 'incoherent,' seeks national solution
We're starting to notice that Tiga, the UK's trade association for the video game industry, is sort of like the tragic figure of Cassandra of Greek mythology (and ABBA's 1981 song) -- no matter how dire the prophecy, the powers that be won't listen. The latest warning from Tiga urges the English government to stop its "incoherent" funding system, which the organization deems a "post code lottery," for game companies in the region. It's a fancy way of saying that Tiga wants tax incentives and support through a national "Games Tax Relief" program, rather than the current system, which favors certain locales over others. Tiga believes the national relief tax will create 1,400 jobs over five years and increase investment in a sector that'll likely continue its downward slide if nothing is done to support British game companies. [Image Credit]
