✅ 8/8 Lightning Build Week Group

[Pioneer74]

Sunday? I didn't think the line ran 7 days a week.

It does.

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[SteelTerp87]

This is not true.

Here you go: https://electrek.co/2022/07/28/could-new-federal-ev-tax-credit-crater-ev-sales/

"First off, the incentive is not retroactive. The new credit applies to electric vehicles delivered after December 31, 2022 - meaning delivered in 2023."

 

[SteelTerp87]

Starting at page 402 of the bill:

TRANSITION RULE.—Solely for purposes of the 19 application of section 30D of the Internal Revenue Code 20 of 1986, in the case of a taxpayer that—
(1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as defined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and

2) placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act.

Plenty of other car forums discussing this.

Didn't you just say that my statement was "not true?" Now you are confirming that my statement is true. or am I misreading something?

 

[Simpso57]

Here you go: https://electrek.co/2022/07/28/could-new-federal-ev-tax-credit-crater-ev-sales/

"First off, the incentive is not retroactive. The new credit applies to electric vehicles delivered after December 31, 2022 - meaning delivered in 2023."

Keep reading the article:

"The main thing that should prevent EV sales from crashing until the end of the year is that the proposal includes a provision to still offer the current federal tax credit to people who place an order for a new EV this year prior to the signing of the bill, even if it gets delivered in 2023: Transition provision for EVs with written sales orders dated in 2022 prior to the date of President signing the bill but delivered in 2023 allows purchaser to claim the “old” credit in 2023."

They have it mostly right, but compare it to the actual language of the bill. The bill doesn't say "place an order," it says "entered into a written binding contract to purchase." Those are two different things according to Ford.

That is the problem. When you claim the credit, your CPA will ask you for a written binding contract dated prior to the date Biden signs the bill. According to Ford, your order probably doesn't qualify. You can pretend it does.... but it probably doesn't without some help from your dealer.

 

[SteelTerp87]

Keep reading the article:

"The main thing that should prevent EV sales from crashing until the end of the year is that the proposal includes a provision to still offer the current federal tax credit to people who place an order for a new EV this year prior to the signing of the bill, even if it gets delivered in 2023: Transition provision for EVs with written sales orders dated in 2022 prior to the date of President signing the bill but delivered in 2023 allows purchaser to claim the “old” credit in 2023."

They have it mostly right, but compare it to the actual language of the bill. The bill doesn't say "place an order," it says "entered into a written binding contract to purchase." Those are two different things according to Ford.

That is the problem.

Gotcha! Do I get half credit for my statement then? HAHA! Here's the issue I see, I don't see many dealers wanting to enter into a written sales order prior to delivery because market conditions may change and they will want to have flexibility (not saying I agree with this). Additionally, I am sure ordering will happen in waves again due to the large number of reservations outstanding and people who punted from 2022 to 2023 (though a small amount). With that being said, they will have people with reservations not being invited to place an order until next year which just screws them out of the credit.

I am so thankful that I got my order in, now I just need the truck delivered.

 

[DKZB]

Keep reading the article:

"The main thing that should prevent EV sales from crashing until the end of the year is that the proposal includes a provision to still offer the current federal tax credit to people who place an order for a new EV this year prior to the signing of the bill, even if it gets delivered in 2023: Transition provision for EVs with written sales orders dated in 2022 prior to the date of President signing the bill but delivered in 2023 allows purchaser to claim the “old” credit in 2023."

They have it mostly right, but compare it to the actual language of the bill. The bill doesn't say "place an order," it says "entered into a written binding contract to purchase." Those are two different things according to Ford.

That is the problem. When you claim the credit, your CPA will ask you for a written binding contract dated prior to the date Biden signs the bill. According to Ford, your order probably doesn't qualify. You can pretend it does.... but it probably doesn't without some help from your dealer.

I already reached out to my dealer to ask about a formal purchase agreement this week. It seems crazy to lose the credit because my delivery was a month too late!

 

[Simpso57]

Gotcha! Do I get half credit for my statement then? HAHA! Here's the issue I see, I don't see many dealers wanting to enter into a written sales order prior to delivery because market conditions may change and they will want to have flexibility (not saying I agree with this). Additionally, I am sure ordering will happen in waves again due to the large number of reservations outstanding and people who punted from 2022 to 2023 (though a small amount). With that being said, they will have people with reservations not being invited to place an order until next year which just screws them out of the credit.

I am so thankful that I got my order in, now I just need the truck delivered.

Yep, you get half credit . You and I are in the same boat. If you look at the link to another post I have on this, a potential strategy is to have the dealer take the position in writing our deposits are "non-refundable", and are therefore binding. At least one car company did this in response to the Bill.

People are still figuring this out. Unfortunately Congress will probably not have any more guidance for us in the near future. And if dealers are smart, they won't help us because they would rather keep our trucks to sell on their own.

 

[TaxmanHog]

@Ken are you now in the 8/8 build week or still with 7/25?

 

[DKZB]

I was an 8/10 Blend Date with a production number of 399 / 805. I'd like to think my new truck is rolling down the assembly line right about now since it's mid-day on 8/10.

** Before anybody explains the intricacies of production and delays....100% understand my truck is likely not running down the line as I write this....or maybe it is.... who REALLY knows?!**

 

[Ken]

Mine was built 7/26. Or at least I think it was.

@Ken are you now in the 8/8 build week or still with 7/25?

 

[TaxmanHog]

Mine was built 7/26. Or at least I think it was.

Cool, I look forward to more updates in the 7/25 thread as your build makes progress.

 

[Bigpoppa]

When my Mods pop, I'd like to download the file. How does one save the module file as a readable document with Microsoft Office?

 

[nash_diego]

I'm seeing more items come online in the Ford Pass app. I have "Activate Vehicle" now. As well as Wi-Fi Hotspot showing.

 

[IdeaOfTheDayCom]

My Build Week is 8/8
My Blend Date is 8/9

Well, it's 8/11... the website doesn't say it's "In Production" yet.

If it's true they mainly update schedules on Thursday, I would think those of us who share an 8/8 Build Week should see something later today... right?

 

[Bigpoppa]

My Build Week is 8/8
My Blend Date is 8/9

Well, it's 8/11... the website doesn't say it's "In Production" yet.

If it's true they mainly update schedules on Thursday, I would think those of us who share an 8/8 Build Week should see something later today... right?

I’m right there with you. Have your mods popped yet?

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