Federal tax credits on plug-in vehicles begin to phase out after the 200,000th sale of qualifying cars since 2010. California electric-car maker Tesla hit the mark in July. That means the tax credit — which could lop a significant $7,500 off the price of a Model S, Model X and Model 3 — will phase out over the next 17 months. Related: Video: We Take a Deep Dive Into the Tesla Model 3 If you're shopping for one, questions abound. Here's what you need to know: How does the tax credit work? Federal tax credits on plug-in vehicles range from $2,500 to $7,500, based on battery capacity. The IRS provides a full list of current models eligible for the credit, and all three current Tesla models are eligible for the maximum $7,500. Remember, a tax credit is different from a tax deduction, which merely reduces your total taxable income. A credit reduces the taxes you owe, so a $7,500 credit is the same as $7,500 going in your wallet come tax day, provided you owe … [Read more...] about Tesla Tax Credit Is Expiring: Here’s Everything Shoppers Need to Know
Us tax year end
They're some of the priciest condos in the city, but they're taxed like empty lots.At the Ritz-Carlton Residences along Baltimore's Inner Harbor — where a recent sale topped $1.5 million — the tax bill for most of the condos was $1,309 apiece this year. At Silo Point, an industrial conversion with gourmet kitchens, hardwood floors and sweeping views of the city, the bill for many of the units is $238 each.Even though they were built years ago, and city inspectors declared them ready to live in, they are still valued for tax purposes as though construction never got off the ground.All 200 are owned by the developers who built the properties. Some elected officials think it makes sense for the tax bill to be modest until the homes sell, but that's not how the state's property tax law works. The artificially low assessments have reduced the city's tax revenue by more than $10 million in the past few years, according to an analysis by The Baltimore Sun.Developers who aren't … [Read more...] about At pricey condos, developers pay just hundreds in tax
Volkswagen has come out ahead of Toyota in global sales, following the Japanese automaker’s four-year lead from 2012 to 2015, when it overtook General Motors as the world’s largest car brand. Prior to that, Toyota took over from GM’s 77-year lead, which the Japanese company relinquished in 2011 due to production disruptions in Japan and Thailand, according to Automotive News Europe. The Volkswagen Group recorded global sales of 10.3 million vehicles across its passenger car, truck and bus brands in 2016, representing a 3.8% gain. Toyota’s performance fell short of the VW Group’s, despite a 0.2% growth to a global sales figure of 10.2 million vehicles, which included its Lexus, Daihatsu and Hino brands. On the other hand, Toyota’s profits outperformed the VW Group’s by more than double in the six months through December, according to data compiled by Bloomberg. Neither company has reported earnings for the period ending December 31. … [Read more...] about Volkswagen overtakes Toyota’s four-year global sales lead
Indicators of what shape global auto sales could be in by the end of the year suggest that the outlook for 2018 could be brighter than initially thought. Figures published by Moody’s Investors Service in March suggest that vehicle sales should hit 1.5% growth in 2018, with the revision leading to the bond credit business revising its outlook from negative to stable over the next 12 to 18 months. It predicts this growth to slow slightly, with global auto markets expected to grow by 1.3% in 2019. The report is not a rating action, rather an update to markets from the rating agency. US sales to be better than expected As part of the predictions, Moody’s noted that the predicted contraction in US vehicle sales should be less impactful than was previously thought. In the report, published March 14, it revises total light vehicle sales for the calendar year 2018 up to about 16.9 million in total. Its previous prediction, back in December, indicated that sales would total 16.8 … [Read more...] about Positive outlook on global auto sales for 2018 as US contraction to be narrower than previously expected
Subaru of America is fresh off its best U.S. sales year.Its lineup is anchored by three all-wheel-drive crossovers that remain in strong demand, and the brand has achieved 74 consecutive months of year-over-year sales increases.This year, with a flowing pipeline of fresh products headed to retailers, including its largest model ever, the three-row Ascent, Subaru anticipates it will chalk up still another record sales year in the United States.That hasn't always been the narrative for Subaru, a car brand created by the Japanese industrial conglomerate formerly known as Fuji Heavy Industries.This month, as the automaker marks its 50th anniversary of selling vehicles in the U.S., Subaru of America officials and people who shaped today's business over the last few decades remark that success has been a long, and occasionally bumpy, road.Since its start here in 1968 as an importer of a quirky microcar called the 360, Subaru has fought — and usually won — a slew of uphill battles … [Read more...] about Underdog Subaru celebrates 50 years in the U.S.