Financial adviser discusses what GOP tax plan could mean for electric vehicle, solar panel sales
Financial adviser discusses what GOP tax plan could mean for electric vehicle, solar panel sales
House Republicans’ tax plan would end most of the green energy credits as a way to pay for tax cuts.
Updated: 9:22 AM PDT May 15, 2025
INSURANCE. BRANDI. MIKE. THANKS. SO MIKE JUST MENTIONED THIS A LITTLE WHILE AGO, SO WE’RE GOING TO DO A DEEPER DIVE. IF YOU’RE STILL THINKING ABOUT BUYING AN ELECTRIC VEHICLE OR ADDING SOLAR PANELS TO YOUR HOME. AS YOU HEARD, HOUSE REPUBLICANS RELEASED THE LATEST VERSION OF THEIR TAX PLAN, AND IT INCLUDES PLANS TO END MOST OF THE GREEN ENERGY CREDITS AS A WAY TO PAY FOR THE TAX CUTS. SO WHY SHOULD YOU CONSIDER MAKING THOSE INVESTMENTS RIGHT NOW? VICE PRESIDENT AND FINANCIAL ADVISOR AT CAPTRUST CATHERINE MCCALL IS HERE WITH THE ANSWER. SO LET’S DIVE IN. TELL US MORE ABOUT THESE GREEN ENERGY CREDITS AND THE AVAILABLE TAX CREDITS RIGHT NOW. YEP. SO DEPENDING ON YOUR INCOME, IF YOU PURCHASE A NEW ELECTRIC VEHICLE RIGHT NOW, YOU GET A $7,500 TAX CREDIT. IF YOU GET A USED EV, YOU GET A $4,000 TAX CREDIT. AS A REMINDER, THAT’S NOT A DEDUCTION. IT’S JUST A DIRECT REDUCTION OF THE AMOUNT OF TAXES YOU OWE FOR THAT YEAR. AND BECAUSE THIS IS GOING AWAY AT THE END OF THIS YEAR, AND ABSENT ANY CHANGE OF HEART IN TERMS OF LEGISLATION, THIS WILL PROBABLY NOT BE AN OFFERING THAT YOU CAN HAVE IN THE FUTURE. I WOULD TAKE ADVANTAGE OF IT IF YOU WERE ON THE FENCE. OTHER. CONSIDERATIONS, YOU KNOW, SOLAR PANELS AS AN INVESTMENT ON YOUR HOME. THOSE TAX CREDITS ARE GOING AWAY. ANY OF THOSE ENERGY EFFICIENCY CREDITS, YOU KNOW, UPGRADING YOUR WINDOWS, THINGS LIKE THAT. THOSE WERE ALL REALLY NICE TAX CREDITS WE’VE TALKED ABOUT IN THE PAST. AND THOSE WILL BE, GOING AWAY. THEY’RE EXPIRING AT THE END OF THIS YEAR FOR THE MOST PART. AND SO, YOU KNOW, WE’RE TALKING ABOUT THIS CHANGE, BUT WE’RE TALKING ABOUT THINGS THAT WILL GO INTO EFFECT. SO NEXT YEAR RIGHT. SO IF THERE ARE THINGS THAT ARE PURCHASED AND COMPLETE IN 2025, YOU CAN STILL USE THEM ON YOUR TAXES WHEN YOU’RE DOING THEM IN 2026. THAT’S RIGHT. EXACTLY. SO THIS IS A GOOD TIME. IF YOU WERE IF YOU WERE ALREADY ON THE BUBBLE, I WOULD I WOULDN’T WAIT TILL NEXT YEAR TO DO IT THIS YEAR. RIGHT. RIGHT, RIGHT. WHAT OTHER CHANGES ARE BEING PROPOSED THAT YOU THINK PEOPLE NEED TO KNOW ABOUT? SO THERE ARE SOME POSITIVES IN TERMS OF THIS TAX BILL. IT’S THERE’S A WHOLE LOT OF STUFF IN THERE. ONE OF THE KEY ONES THAT WAS A CAMPAIGN PROMISE WAS TO GET RID OF TAXES ON OVERTIME AND TIPS. THERE’S ALSO THE PROPOSAL FOR AN ACCOUNT CALLED THE MONEY AND GROWTH. WAIT, MAGA M A G MONEY ACCOUNT FOR GROWTH AND ADVANCEMENT. THANK YOU. FOR WHICH WOULD PROPOSE A $1,000 GO INTO A TAX ADVANTAGE ACCOUNT FOR CHILDREN BORN BETWEEN 2025 AND 2028. NO IDEA IF THAT ACTUALLY GETS PASSED, BUT IT’S AN IDEA. THERE’S ALSO A LARGER DEDUCTION FOR SENIORS THAT THEY’RE PROPOSING, WHICH WOULD IN ESSENCE, KIND OF GET PEOPLE REIMBURSED FOR THE FACT THAT WE CANNOT NOT TAX SOCIAL SECURITY. THAT WAS ONE OF THE CAMPAIGN PROMISES TO STOP TAXING SOCIAL SECURITY. ALL IN ALL, THESE TAX CUTS WILL LARGELY NOT BE PAID FOR. THEY’RE GOING TO ADD ABOUT 3.7 TO $5 TRILLION WORTH OF LESS REDUCTION OF REVENUE OVER THE NEXT TEN YEARS, AND IT WOULD BE MUCH HIGHER THAN THAT. BUT MANY OF THESE PROPOSALS ACTUALLY EXPIRE OVER JUST A FEW YEARS, I SEE. SO THEY’RE NOT LIKE PERMANENT CHANGES. THESE ARE THINGS THAT WILL MAYBE, PERHAPS GO INTO EFFECT. BUT AS YOU MENTIONED, YOU KNOW, THESE ARE CONVERSATIONS. THESE ARE, YOU KNOW, PROPOSALS. AND SO WE DON’T KNOW WHERE THINGS WILL END UP FOR SURE. RIGHT. AND AS MIKE JUST MENTIONED, THERE’S A WHOLE LOT OF DEBATES GOING BACK AND FORTH IN IN CONGRESS RIGHT NOW. SO IT’LL BE VERY INTERESTING OVER THE COURSE OF THE SUMMER TO SEE WHAT STICKS. YES. AND YOU WILL BE HERE
Financial adviser discusses what GOP tax plan could mean for electric vehicle, solar panel sales
House Republicans’ tax plan would end most of the green energy credits as a way to pay for tax cuts.
Updated: 9:22 AM PDT May 15, 2025
Are you still thinking about buying an electric vehicle or adding solar panels to your home?House Republicans released the latest version of their tax plan this week. It includes plans to end most of the green energy credits as a way to pay for tax cuts. Kathryn McCall, a vice president and financial adviser at CAPTRUST, joined KCRA 3 to talk about those implications.She recommended that people make certain purchases now because the incentives are expected to expire at the end of the year. See more in the video above. See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel
Are you still thinking about buying an electric vehicle or adding solar panels to your home?
House Republicans released the latest version of their tax plan this week. It includes plans to end most of the green energy credits as a way to pay for tax cuts.
Kathryn McCall, a vice president and financial adviser at CAPTRUST, joined KCRA 3 to talk about those implications.
She recommended that people make certain purchases now because the incentives are expected to expire at the end of the year.
See more in the video above.
See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel