speculawyer
08-02-2008, 12:51 PM
As was publically announced, the Governator was able to get Tesla to build their next car in California by offering tax breaks. Well, those tax breaks were not just for Tesla, they are for any Zero Emission Vehicle (ZEV) maker, so Aptera should be able to take advantage of them. (So will Th!nk, I think. ;) ) It would be really cool for California to become the Detroit of Zero Emission Vehicles. :D
Some info:
Current Incentives
The following are the incentive programs that CAEATFA’s Board has currently authorized.
Lease/Purchase Agreements That May Result In Certain Zero Emission Vehicle (Zev) Manufacturing Project Transactions Being Exempt From Sales And Use Taxes
Under CAEATFA's authorizing statute, the authority’s purpose is to provide industry in California with alternative methods of financing alternative energy and advanced transportation technologies. The statute defines advanced transportation as: "emerging commercially competitive transportation-related technologies identified by the authority as capable of creating long-term, high value-added jobs for Californians while enhancing the state's commitment to energy conservation, pollution reduction, and transportation efficiency."
The CAEATFA Board has directed authority staff to explore proposals that may provide sales and use tax exemptions for the purchase of ZEV manufacturing equipment. The goal of this new ZEV program is to create a strong new ZEV industry within California that reduces green house gas emissions and creates new long-term high value-added jobs.
Typically, the exemption can be created through a sales-lease-back approach where: CAEATFA acquires specified equipment (tangible personal property, not real property) from a participating party on behalf of company X. CAEATFA finances this purchase through a bond or loan. Company X then leases the equipment from CAEATFA, with the lease payments paying for the bond or loan. As envisioned, the lease would stay in existence only from the time of the equipment purchase by CAEATFA until the equipment is placed in use and purchased by the participating party. Where the Board of Equalization finds the conditions of the Revenue and Taxation Code are met, neither the acquisition of the equipment by CAEATFA nor the transfer of the equipment to the participating party will be subject to sales and use taxes.
http://www.treasurer.ca.gov/caeatfa/incentives.asp
Press release:
FOR IMMEDIATE RELEASE Contact: Tom Dresslar
June 30, 2008 916-653-2995
Treasurer Lockyer Announces Financial Incentive to Encourage Zero-Emission Vehicle Manufacturing in California
Tesla Motors Will Use New Policy to Build Electric Car in Bay Area
SAN CARLOS – State Treasurer Bill Lockyer today announced Tesla Motors, Inc. has decided to manufacture its second-generation electric car in California following the California Alternative Energy and Advanced Transportation Financing Authority’s (CAEATFA) adoption of a policy that creates a financial incentive to build zero-emission vehicles (ZEVs) in the state.
“These vehicles can play a big part in helping California successfully implement its groundbreaking laws to fight climate change,” said Lockyer, who chairs CAEATFA. “By offering this financial incentive, our goal is to ensure zero-emission vehicles realize their full potential in our state. In the bargain, we believe the policy will bolster our emerging green economy, create good-paying jobs and reduce our dependence on foreign oil. I’m very pleased the policy helped convince Tesla to build its high-performance electric cars in California.”
“Today’s announcement is great news for California, our economy and our environment,” said Governor Arnold Schwarzenegger. “We want these cutting-edge companies not to just start in California and do their research and development here—we want them to build in California. Tesla’s announcement today is just one of many we will celebrate as we implement AB 32 and reach our greenhouse gas emissions reduction goals. I have always said that we must protect our economy and our environment at the same time, and today it is clear that we are once again demonstrating to the world how to do that.”
Existing law exempts CAEATFA from paying the sales tax on equipment used to manufacture advanced transportation products. Under the new policy – developed in coordination with the Governor’s Office – CAEATFA will pass through that tax break to qualifying ZEV manufacturers under “sales-lease-back” agreements.
Tesla will ask CAEATFA to approve such an arrangement to finance the purchase of equipment to build its second-generation electric car, called the Model S. The five-passenger sedan – which will be able to travel 225 miles between charges and cost about $60,000 – will be manufactured at a still-to-be-determined site in the Bay Area.
Here’s how the sales-lease-back arrangements work:
•A ZEV or ZEV component manufacturer applies to CAEATFA to have a project approved pursuant to the policy. If approved, CAEATFA buys the equipment, and finances the purchase by taking out a loan or selling bonds. CAEATFA does not pay the sales tax on the transaction. The manufacturer makes lease payments to CAEATFA for use of the equipment, and CAEATFA uses these payments to repay the bonds or loan.
•Under the lease arrangement with CAEATFA, the manufacturer has the option to purchase the equipment outright. If it purchases the equipment, the manufacturer obtains the benefit of the sales tax exemption, saving seven percent to nine percent on the purchase price.
The tax incentive policy approved by CAEATFA covers several ZEV technologies, and any qualifying ZEV manufacturer can apply. The eligible technologies include fuel cell electric vehicles, battery electric vehicles, plug-in hybrid electric vehicles, hydrogen internal combustion engines, advanced technology partial ZEVs and neighborhood electric vehicles.CAEATFA finances transportation technologies that conserve energy, reduce air pollution, and promote economic development and jobs. Additionally, CAEATFA provides financing for facilities that use new and alternative energy sources and technologies.
Some info:
Current Incentives
The following are the incentive programs that CAEATFA’s Board has currently authorized.
Lease/Purchase Agreements That May Result In Certain Zero Emission Vehicle (Zev) Manufacturing Project Transactions Being Exempt From Sales And Use Taxes
Under CAEATFA's authorizing statute, the authority’s purpose is to provide industry in California with alternative methods of financing alternative energy and advanced transportation technologies. The statute defines advanced transportation as: "emerging commercially competitive transportation-related technologies identified by the authority as capable of creating long-term, high value-added jobs for Californians while enhancing the state's commitment to energy conservation, pollution reduction, and transportation efficiency."
The CAEATFA Board has directed authority staff to explore proposals that may provide sales and use tax exemptions for the purchase of ZEV manufacturing equipment. The goal of this new ZEV program is to create a strong new ZEV industry within California that reduces green house gas emissions and creates new long-term high value-added jobs.
Typically, the exemption can be created through a sales-lease-back approach where: CAEATFA acquires specified equipment (tangible personal property, not real property) from a participating party on behalf of company X. CAEATFA finances this purchase through a bond or loan. Company X then leases the equipment from CAEATFA, with the lease payments paying for the bond or loan. As envisioned, the lease would stay in existence only from the time of the equipment purchase by CAEATFA until the equipment is placed in use and purchased by the participating party. Where the Board of Equalization finds the conditions of the Revenue and Taxation Code are met, neither the acquisition of the equipment by CAEATFA nor the transfer of the equipment to the participating party will be subject to sales and use taxes.
http://www.treasurer.ca.gov/caeatfa/incentives.asp
Press release:
FOR IMMEDIATE RELEASE Contact: Tom Dresslar
June 30, 2008 916-653-2995
Treasurer Lockyer Announces Financial Incentive to Encourage Zero-Emission Vehicle Manufacturing in California
Tesla Motors Will Use New Policy to Build Electric Car in Bay Area
SAN CARLOS – State Treasurer Bill Lockyer today announced Tesla Motors, Inc. has decided to manufacture its second-generation electric car in California following the California Alternative Energy and Advanced Transportation Financing Authority’s (CAEATFA) adoption of a policy that creates a financial incentive to build zero-emission vehicles (ZEVs) in the state.
“These vehicles can play a big part in helping California successfully implement its groundbreaking laws to fight climate change,” said Lockyer, who chairs CAEATFA. “By offering this financial incentive, our goal is to ensure zero-emission vehicles realize their full potential in our state. In the bargain, we believe the policy will bolster our emerging green economy, create good-paying jobs and reduce our dependence on foreign oil. I’m very pleased the policy helped convince Tesla to build its high-performance electric cars in California.”
“Today’s announcement is great news for California, our economy and our environment,” said Governor Arnold Schwarzenegger. “We want these cutting-edge companies not to just start in California and do their research and development here—we want them to build in California. Tesla’s announcement today is just one of many we will celebrate as we implement AB 32 and reach our greenhouse gas emissions reduction goals. I have always said that we must protect our economy and our environment at the same time, and today it is clear that we are once again demonstrating to the world how to do that.”
Existing law exempts CAEATFA from paying the sales tax on equipment used to manufacture advanced transportation products. Under the new policy – developed in coordination with the Governor’s Office – CAEATFA will pass through that tax break to qualifying ZEV manufacturers under “sales-lease-back” agreements.
Tesla will ask CAEATFA to approve such an arrangement to finance the purchase of equipment to build its second-generation electric car, called the Model S. The five-passenger sedan – which will be able to travel 225 miles between charges and cost about $60,000 – will be manufactured at a still-to-be-determined site in the Bay Area.
Here’s how the sales-lease-back arrangements work:
•A ZEV or ZEV component manufacturer applies to CAEATFA to have a project approved pursuant to the policy. If approved, CAEATFA buys the equipment, and finances the purchase by taking out a loan or selling bonds. CAEATFA does not pay the sales tax on the transaction. The manufacturer makes lease payments to CAEATFA for use of the equipment, and CAEATFA uses these payments to repay the bonds or loan.
•Under the lease arrangement with CAEATFA, the manufacturer has the option to purchase the equipment outright. If it purchases the equipment, the manufacturer obtains the benefit of the sales tax exemption, saving seven percent to nine percent on the purchase price.
The tax incentive policy approved by CAEATFA covers several ZEV technologies, and any qualifying ZEV manufacturer can apply. The eligible technologies include fuel cell electric vehicles, battery electric vehicles, plug-in hybrid electric vehicles, hydrogen internal combustion engines, advanced technology partial ZEVs and neighborhood electric vehicles.CAEATFA finances transportation technologies that conserve energy, reduce air pollution, and promote economic development and jobs. Additionally, CAEATFA provides financing for facilities that use new and alternative energy sources and technologies.