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☆ ‘Loophole’ may get you a $7,500 tax credit for leasing an EV, auto analysts say
▼ + stars: | 2024-07-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Maskot | Maskot | Getty ImagesBuying a new electric vehicle isn't the only way consumers can access a $7,500 federal EV tax credit. Perhaps the best known of them — the "new clean vehicle" tax credit — is a $7,500 tax break for consumers who buy a new EV. But many auto dealers are also passing along a $7,500 tax break to lessees, via a different (and, experts say, lesser-known) mechanism called the "qualified commercial clean vehicles" tax credit. This EV tax credit "leasing loophole" has likely been a key driver of increased leasing uptake in 2024, Barclays auto analysts said in an equity research note published in June. The $7,500 tax credit enables dealers to charge low monthly payments for leases, thereby helping "stoke demand" for EVs, Barclays wrote.

Persons: Joe Biden, —, Dealers aren't, Ingrid Malmgren, Hyundai Kia, Brian Moody, Autotrader, Moody, Malmgren Organizations: Maskot, Barclays, U.S . Treasury Department, Plug, stoke, EVs, Foreign, Toyota, Hyundai, EV, Consumers Locations: U.S, Asian, North America

☆ 90% of qualifying electric vehicle buyers opt for $7,500 'new clean vehicle' tax credit as upfront payment, Treasury says
▼ + stars: | 2024-04-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The bulk of Americans buying qualifying new electric vehicles are opting to receive an associated tax credit upfront from the car dealer instead of waiting until tax season, according to new Treasury Department data. About 90% of consumers who qualify for a "new clean vehicle" tax credit — worth up to $7,500 — have requested their tax break be issued as an advance payment, according to a Treasury Department official speaking on background. They allow dealers to give an upfront discount to qualifying buyers, delivered as a partial EV payment, down payment or cash payment to consumers. Not everyone will necessarily qualify for the full $7,500, depending on factors like the type of car that's purchased. Previously, all EV buyers had to wait until tax season the year following their purchase to claim tax credits related to that purchase, meaning they may wait several months or longer for their tax break.

Persons: Ingrid Malmgren, Biden, that's Organizations: Treasury Department, EV, IRS

☆ Prepping for America's Collapse: Inside an Off-the-Grid Utah Homestead
▼ + stars: | 2024-01-18 | by ( Evan Malmgren | ) www.businessinsider.com time to read: +17 min

The folks at Riverbed Ranch have answered these questions decisively, embracing a radical turn toward self-reliance and small-scale sustainability. He founded Riverbed Ranch after losing power during a winter storm. Gleason's wife, Colleen, said of Riverbed residents in a 2021 TV interview : "Most of them tend to be prepper types." AdvertisementGleason envisions Riverbed Ranch as a safe environment for families: "This is about the kids." "The American idea that we're going to go on forever is naive at best," Fisher told me.

Persons: Jesse Fisher's, Fisher, Philip Gleason, they'd, Gleason, Jesse Fisher, of Jesus Christ, Elon, Blonquist Gleason, " Gleason, Colleen, bristled, Priscilla Hart, Hart, you've, Sarah Vezzani, —, Vezzani, Lance Pope, Brittany Organizations: Apple Watch, of Jesus, dodgers, Fox News, Pew Research, Rockies Locations: Utah, Ukraine, Gaza, Idaho, Ogden , Utah, Ogden, Nebraska, America, Arizona, Santaquin , Utah

☆ Why the $7,500 electric vehicle tax credit may be easier — and harder — to get in 2024
▼ + stars: | 2023-12-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Praetorianphoto | E+ | Getty ImagesThe $7,500 tax credit for new electric vehicles will be easier for many consumers to claim in 2024, but it may be more difficult for others. These opposing dynamics are due to federal policies taking effect at the same time. Under the new mechanism, consumers would essentially "transfer" their federal tax credit to the car dealer. watch nowFurther, consumers would be eligible for the tax break regardless of their tax burden, which isn't the case now. Why claiming a $7,500 EV tax credit may be tougherThere are some caveats

Persons: Ingrid Malmgren Organizations: Plug

☆ Treasury Department aims to make it easier to get $7,500 EV tax credit in 2024
▼ + stars: | 2023-10-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Its proposed rules, issued Friday, would let car dealers offer the EV tax break to consumers at the point of sale — regardless of their federal tax liability — starting Jan. 1, 2024. If the Treasury proposal is codified, it would expand the pool of consumers — especially lower earners, who generally have smaller tax liabilities — eligible for the full value of the EV tax credit. Consumers will get that point-of-sale discount by transferring their tax credit — the new clean vehicle credit ($7,500) or the used clean vehicle credit ($4,000) — to a car dealer. For one, the Treasury proposal is subject to a 60-day public comment period and may change in its final version, though experts don't expect any substantial revisions. It's also important to note that car dealers won't analyze consumers' income to determine if they qualify for an EV credit, according to the Treasury proposal.

Persons: Jamie Wickett, Hogan, Ingrid Malmgren, Wickett, Buyers, It's Organizations: Maskot, U.S . Department of, Treasury, —, Finance, Consumers, IRS, Dealers, IRS Energy Locations: Israel

☆ In MMOs Like Old School RuneScape Scammers Use ChatGPT to Fuel Bots
▼ + stars: | 2023-06-20 | by ( Evan Malmgren | ) www.businessinsider.com time to read: +11 min

But the bots using ChatGPT began to rapidly improve, and SirPugger realized the automated players would soon become almost indistinguishable from human players. In some cases, these AI-powered bots seemed to commiserate with real players, even complaining about the overabundance of bots. At the same time, bot scripts could eventually enhance rather than detract from the social aspects of online games. Online shooters like "PUBG" and "Fortnite" already populate their multiplayer lobbies with AI bots, but the social emphasis of MMOs means that they are uniquely well positioned to reap the prospective benefits of chatbot integration. Worlds would appear to become more populous, and though "real" players might still be cheated out of leaderboard slots, they wouldn't necessarily know it.

Persons: Jagex, SirPugger, Joe, Bots, countermoves, OpenAI, botters, Ted Chiang, Mark Zuckerberg's, Kylan Gibbs, Gibbs, Evan Malmgren Organizations: Studios, Inworld, AI Locations: British, botters, MMOs

☆ Are gas-powered or electric vehicles a better deal? EVs may win out in long run, experts say
▼ + stars: | 2023-04-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +10 min

They would pay about $84,000 total, versus $87,000 for the gas car, Woody said. Thirty-five percent of Americans say reducing their personal impact on climate change is a major reason they would buy an electric car — the No. Ingrid Malmgren policy director of Plug In AmericaSince they don't burn fossil fuels, fully electric cars don't emit planet-warming greenhouse gases from their tailpipes. "Electric vehicles are the key technology to decarbonize road transport," the International Energy Agency said. Such a vehicle costs consumers 45.3 cents per mile over a 15-year ownership period, beaten out only by hybrid electric vehicles, according to Argonne.

☆ Fewer cars qualify for $7,500 EV tax credit. Here are 2 alternatives
▼ + stars: | 2023-04-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

A $4,000 tax credit for used EVswatch nowThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect this year, is worth $4,000 or 30% of the sale price, whichever is less. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me? A tax break for leased EVsAlternatively, consumers also appear poised to get a tax break worth up to $7,500 for leasing new electric passenger vehicles.

☆ That $7,500 electric vehicle tax credit may soon be harder to get. Here are 2 workarounds
▼ + stars: | 2023-04-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Why the new EVs credit may be harder to claim$4,000 credit for used EVs has fewer conditionsKrisztian Bocsi/Bloomberg via Getty ImagesThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect in 2023, is worth $4,000 or 30% of the sale price, whichever is less. watch nowThe used vehicle credit applies to a broad selection of cars, she said. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, however, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me?

☆ Brain Chips Like Elon Musk's Neuralink Can Change Your Personality
▼ + stars: | 2023-02-15 | by ( Evan Malmgren | ) www.businessinsider.com time to read: +13 min

Musk's neurotech startup, Neuralink, has been working toward implanting its skull-embedded brain chip in a human since it was founded in 2016. Other researchers have been looking into using BCIs to restore lost senses and control prosthetic limbs, among other applications. Intervening in the delicate operation of a human brain is a sticky business, and the effects are not always desirable or intended. If a brain chip can change key parts of your personality, companies should not be rushing to put them in people's heads. Wexler told me that while most people in the industry aren't that open to using BCIs as a consumer product, they still think it's likely to happen.

☆ Why the $7,500 EV tax credit may be tougher to get starting in March
▼ + stars: | 2023-01-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

The Inflation Reduction Act, a historic climate law President Biden signed in August, tweaked rules for an existing tax credit associated with the purchase of "clean" vehicles. The law, which extended the tax break through 2031, changed some requirements to get the full $7,500 value of the "clean vehicle credit." Some rules are on hold until the IRS issues guidanceSome of the tax credit rules took effect on Jan. 1. How the $7,500 clean vehicle tax credit worksWestend61 | Westend61 | Getty ImagesThe clean vehicle credit is a "nonrefundable" tax credit. The pending rules will tie the $7,500 credit amount to whether a new clean vehicle's battery meets a critical mineral and a battery component requirement.

☆ Here's why a new $40,000 electric vehicle tax credit for business owners may be relatively easy to get
▼ + stars: | 2022-10-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

"I think it's going to be a lot more straightforward and easy to take advantage of than the light-duty-vehicle tax credit," Ingrid Malmgren, policy director at Plug In America, said of the tax credit for commercial EVs. "It's really a great opportunity for business owners to reduce emissions in a cost-effective way." Business owners can get the tax credit for new vehicles purchased on or after Jan. 1, 2023. Because the financial benefit is structured as a tax credit, business owners must have a tax liability to benefit. A tax credit isn't available to single individuals with modified adjusted gross income of $150,000 and above.

☆ How one pioneering platform is working to detoxify social media
▼ + stars: | 2022-10-13 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

But some platforms are trying to detoxify social media. Twitter; Mastodon; Vicky Leta/Insider1. One pioneering platform is working to detoxify social media. Once championed as heralds of a more interconnected world, social media has instead contributed to loneliness, low self-esteem, and the proliferation of harmful disinformation, Evan Malmgren writes. With 4.4 million users, Mastodon looks like Twitter, but rather than a single website, it's an open-source software platform that allows users to run self-hosted, "federated" social networks.

☆ Sick of toxic social media? Meet the tech revolutionaries who are working to create a healthier online experience that puts you in charge.
▼ + stars: | 2022-10-10 | by ( Evan Malmgren | ) www.businessinsider.com time to read: +12 min

Critics on both sides of the political divide say that social-media platforms have too much power over public discourse and use this power irresponsibly. In fact, a fresh wave of decentralized social networks is forming. What even is a decentralized platform? Still, decentralized and descaled social-media platforms pose a promising, if incremental, framework to address many ills of modern mass communication. "I compare it to the growth of organic, sustainably grown food," Bill Ottman, the founder and CEO of the partially decentralized social-media platform Minds, told me.

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