$7500 tax credit changes come MARCH

[me!]

do you have a better link, this appears corrupted, and searching CNBC for key words comes up with hundreds of articles.........

https://www.forbes.com/sites/taxnot...-on-electric-vehicle-credits/?sh=51986b397612

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[RickLightning]

I'm going to see if i can go through with the sale at the dealer before the truck arrives if it's not here by March 1st.

That's called "tax fraud". You cannot claim a tax credit for something that you don't put into use, and you can't put it into use if you don't have it.

While dealers may have played games with dates in the past for Ford offers, this is a tax credit. Even if the dealer does it, they are fine. You are not.

 

[EVMainer]

Try "Googling" EV tax credit and the word March. I guess the IRS is meeting in March to iron out the requirements

https://www.greenmatters.com/renewables/federal-tax-credit-for-electric-cars-2023

It isn't the IRS that is meeting, it is the Treasury Department finalizing the actual guidance. They issued a white paper about the anticipated direction of the forthcoming guidance. From January 1st until the guidance is issued all electric vehicles made in North America qualify for the full $7500 tax credit (subject to the income limits). After the guidance is issued, most will likely only qualify for part of the credit until they are able to source more of the battery minerals and components from countries we have a free trade agreement with.

Fingers crossed those of us awaiting delivery of our vehicles in the next couple weeks have them show up before Treasury posts the final guidance, could be a couple thousand dollars in the balance!

 

[EVMainer]

It isn't the IRS that is meeting, it is the Treasury Department finalizing the actual guidance. They issued a white paper about the anticipated direction of the forthcoming guidance. From January 1st until the guidance is issued all electric vehicles made in North America qualify for the full $7500 tax credit (subject to the income limits). After the guidance is issued, most will likely only qualify for part of the credit until they are able to source more of the battery minerals and components from countries we have a free trade agreement with.

Fingers crossed those of us awaiting delivery of our vehicles in the next couple weeks have them show up before Treasury posts the final guidance, could be a couple thousand dollars in the balance!

From the white paper, "Until that proposed guidance is issued, the new clean vehicle credit amount will continue to be determined based on the vehicle’s battery capacity, subject to other eligibility criteria, some of which are new or revised by the Inflation Reduction Act."

 

[Its PJ Bia]

That's called "tax fraud". You cannot claim a tax credit for something that you don't put into use, and you can't put it into use if you don't have it.

While dealers may have played games with dates in the past for Ford offers, this is a tax credit. Even if the dealer does it, they are fine. You are not.

Well ford better figure out some better shipping logistics then. My truck is just sitting in a parking lot after being delivered by rail without issue. Now they give zero detail just tell me there's a month delay from when I was supposed to receive it. If I miss out on the credit because of this, ford should front the loss in tax rebate.

 

[RickLightning]

Well ford better figure out some better shipping logistics then. My truck is just sitting in a parking lot after being delivered by rail without issue. Now they give zero detail just tell me there's a month delay from when I was supposed to receive it. If I miss out on the credit because of this, ford should front the loss in tax rebate.

While I empathize with your situation, the issue is the trucking firms. There aren't enough drivers / trucks, etc. Lightning buyers are enduring much less time between order acceptance and delivery than Mach-E buyers did, and still are. 10-12 months is normal. I'm seeing people say "6 weeks" for a Lightning.

Hopefully it will move soon.

 

[Its PJ Bia]

While I empathize with your situation, the issue is the trucking firms. There aren't enough drivers / trucks, etc. Lightning buyers are enduring much less time between order acceptance and delivery than Mach-E buyers did, and still are. 10-12 months is normal. I'm seeing people say "6 weeks" for a Lightning.

Hopefully it will move soon.

I see daily deliveries to my dealer of f150s and transit vans. Seems like they have enough drivers, they just have priorities confused. Customer ordered vehicles should be moving before vehicles that are going to just sit on a lot. I know that's an assumption on my part that these aren't customer orders, but I doubt they all are.

 

[RickLightning]

I see daily deliveries to my dealer of f150s and transit vans. Seems like they have enough drivers, they just have priorities confused. Customer ordered vehicles should be moving before vehicles that are going to just sit on a lot. I know that's an assumption on my part that these aren't customer orders, but I doubt they all are.

You can easily look at the window stickers of your dealer's inventory and find out, since special orders are a different color.

Won't get your truck to you any sooner though.

 

[Its PJ Bia]

You can easily look at the window stickers of your dealer's inventory and find out, since special orders are a different color.

Won't get your truck to you any sooner though.

Decided to spot check some of the latest deliveries and 1 of ten was a customer ordered(hybrid explorer), the rest had a blue window sticker with blend dates in late December. Didn't make me feel better

 

[metroshot]

While I empathize with your situation, the issue is the trucking firms. There aren't enough drivers / trucks, etc. Lightning buyers are enduring much less time between order acceptance and delivery than Mach-E buyers did, and still are. 10-12 months is normal. I'm seeing people say "6 weeks" for a Lightning.

Hopefully it will move soon.

While my '22 Lightning was a super fast delivery which really surprised me, my MME I ordered the same week as my Lightning is still in Mexico sitting after it got built in December.

MME went from '22 to '23, PCO for increase, price drop, and now waiting for delivery been pushed back 4 times.

Mine has been a 10 month wait.

 

[TaxmanHog]

https://www.forbes.com/sites/taxnot...-on-electric-vehicle-credits/?sh=51986b397612

 

[EVMainer]

Well this has me breathing a (potential) sigh of relief. Still would be nice to not have my truck sitting for over a month in a parking lot 2 hours from my house, but if I still get the full tax credit before the new battery regs go into place I'll get over it!

 

[jybell]

The individual (or married-joint) must qualify as well as the vehicle itself.

Sucks that any XLT ER, Lariat ER, or Platinum is auto-disqualified for being over $80k MSRP

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:

• $80,000 for vans, sport utility vehicles and pickup trucks
• $55,000 for other vehicles

 

[viennaxmas]

The individual (or married-joint) must qualify as well as the vehicle itself.

Sucks that any XLT ER, Lariat ER, or Platinum is auto-disqualified for being over $80k MSRP

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:

• $80,000 for vans, sport utility vehicles and pickup trucks
• $55,000 for other vehicles

Yeah, the sad reason why I had to opt for a SR.

 

[RickLightning]

The individual (or married-joint) must qualify as well as the vehicle itself.

Sucks that any XLT ER, Lariat ER, or Platinum is auto-disqualified for being over $80k MSRP

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:

• $80,000 for vans, sport utility vehicles and pickup trucks
• $55,000 for other vehicles

Maybe for a 2023, but it's MSRP less destination, so 2022 Lariat's qualify.

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