Are Georgia Legislators missing a $900 Million opportunity by maintaining an EV Tax Credit?
An independent economic analysis undertaken by the Atlanta Electric Vehicle Development Coalition shows that adding 30,000 new EVs (BEV and PHEV) to Georgia roads versus only 12,750 if the $5,000 tax credit is eliminated over the 2016-2018 Fiscal Years the would benefit the Georgia state economy by $914.3 million as follows:
1). $845 million in incremental sales revenues: Using a constant $47,000 EV selling price generates $1.5 Billion in sales revenues for 30,000 new EVs vs. only $600 million if just 12,750 new EVs are sold with the elimination of the $5000 ZEV tax credit. Deduct another $75 million for the $2,500 EV tax credit/10,000 per year/3 year tax incentive lifeand the net is $845 million in higher auto dealer sales for EVs with a $2,500 capped EV tax credit.
2).$63 million in incremental Ad Valorem tax collection: the EV higher sales price and higher EV sales (30,000 vs 12,750)…
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