Lightning Retains Full $7500 Tax Credit For <$80k MSRP Buyers in 2023

[georgepearkes]

DEARBORN, Mich., April 5, 2023 -- Following the release of additional guidance from the U.S. Treasury Department, Ford Motor Company has confirmed that all three of its currently available popular electric vehicles as well as its plug-in hybrids are eligible for Inflation Reduction Act federal tax credits in 2023.

“Customers made Ford the No. 2 electric vehicle brand in the U.S. last year, and as we scale our production to build more EVs for more customers, we believe this new incentive eligibility will help even more Americans join the EV revolution,” said Marin Gjaja, chief customer officer, Model e.

See below for the eligibility amount for each vehicle.

EVs

Ford F-150 Lightning: $7,500 credit

Ford Mustang Mach-E: $3,750 credit

Ford E-Transit: $3,750 credit

Plug-In Hybrids

Ford Escape Plug-In Hybrid: $3,750 credit

Lincoln Corsair Grand Touring: $3,750 credit

Lincoln Aviator Grand Touring: $7,500 credit

For any eligible customers who take delivery of a Ford EV prior to April 18, the eligibility amount will be $7,500. All of these consumer incentives require the vehicle MSRP be at or below $80,000, and that the purchaser must meet certain income limits. Every one of these vehicles is assembled in North America, which is another requirement for the consumer tax incentive.

As an alternative to the consumer incentive, commercial customers are eligible for commercial tax incentives of as much as $7,500 on all these vehicles.

Since 2019, Ford and our battery tech partners have announced 18,000 new direct EV-related jobs in the United States, which support more than 100,000 indirect jobs in the United States.

As our vehicle lineup evolves and as the eligibility requirements continue to change, we will share the latest eligibility information with customers.

FULL LINK: https://media.ford.com/content/ford...electric-vehicle-lineup-eligible-for-inf.html

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Here’s what taxpayers need to know to claim clean vehicle tax credits

Tax Tip 2023-49, April 12, 2023 — The Inflation Reduction Act of 2022 made several changes to the tax credits provided for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the tax credit.

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[metroshot]

Wow, this was unexpected!

Good to hear the Lightning still gets the full credit.

 

[georgepearkes]

Wow, this was unexpected!

Good to hear the Lightning still gets the full credit.

yep, though the caveat is as long as it's under $80k.

 

[RickLightning]

yep, though the caveat is as long as it's under $80k.

That was known last August. The battery info is new. Mach-E gets 1/2, Lightning gets full.

 

[Big guy]

That was known last August. The battery info is new. Mach-E gets 1/2, Lightning gets full.

The way I read it is only until April 18th of this year. No info after that date

 

[RickLightning]

The way I read it is only until April 18th of this year. No info after that date

Sorry you're not understanding. I suggest rereading.

 

[Big guy]

"who take delivery prior to April 18th".

 

[UpWithFilm]

"who take delivery prior to April 18th".

"For any eligible customers who take delivery of a Ford EV prior to April 18, the eligibility amount will be $7,500."

The full sentence in context is clearly clarifying that all of their EVs, including the Mach-E and E-Transit, are eligible for the full $7500 until April 18th. After the Mach-E and E-Transit will only be eligible for $3750, where as the Lightning will be eligible for the full $7500.

 

[Big guy]

I can find nothing in print (Google) that says after April 18th 2023 the Lightning battery will have the correct % of minerals to qualify for the 40% component requirement.. I have a Lightning on order since 12/22 and can find nothing that says it will be eligible for the $7500 tax credit since I don't have a production date yet so I won't "take delivery" of the truck prior to April 18th per the requirements. If you found that in print somewhere please share.

 

[viennaxmas]

I can find nothing in print (Google) that says after April 18th 2023 the Lightning battery will have the correct % of minerals to qualify for the 40% component requirement.. I have a Lightning on order since 12/22 and can find nothing that says it will be eligible for the $7500 tax credit since I don't have a production date yet so I won't "take delivery" of the truck prior to April 18th per the requirements. If you found that in print somewhere please share.

While they could have been more precise in wording, the table itself gives away that this applies to vehicles put in service after April 18. At the moment, all Ford EV get $7,500 tax credit. The statement refers to recently released guidance and then proceeds to state that only certain models will continue to get the $7,500 tax credit.

I am in the same boat you are, Ordered in December, no production date yet, $ 400 below the 80k limit.

I hope they will clarify soon. Unfortunately, no matter what Ford says, until the IRS updates their guidance, things can change at any time. But I am much more hopeful than I was before.

 

[ChrisC]

The way I read it is only until April 18th of this year. No info after that date

Exactly! I ordered in December and was stalled in the 2/6 build week and have been told it will get to my dealer after April 18th. I plan to put it in service as a commercial vehicle so I lose out on that too since it can't be put in service if I don't have it @Ford Motor Company doesn't even take the credit off the price for commercial leases, so I can't do that route either. Such a bummer!

 

[RickLightning]

OMG.

 

[RickLightning]

"For any eligible customers who take delivery of a Ford EV prior to April 18, the eligibility amount will be $7,500."

The full sentence in context is clearly clarifying that all of their EVs, including the Mach-E and E-Transit, are eligible for the full $7500 until April 18th. After the Mach-E and E-Transit will only be eligible for $3750, where as the Lightning will be eligible for the full $7500.

Correct. Very clear.

I can find nothing in print (Google) that says after April 18th 2023 the Lightning battery will have the correct % of minerals to qualify for the 40% component requirement.. I have a Lightning on order since 12/22 and can find nothing that says it will be eligible for the $7500 tax credit since I don't have a production date yet so I won't "take delivery" of the truck prior to April 18th per the requirements. If you found that in print somewhere please share.

In print - Ford issues a press release. That's not "in print" enough for you?

 

[UpWithFilm]

Correct. Very clear.



In print - Ford issues a press release. That's not "in print" enough for you?

I mean, I guess he could print it out. Then it'd be in print-printed. Unless we're only accepting newsprint?

 

[TaxmanHog]

I was informed from internal FORD sources that they are indeed going to qualify the F150 Lightning for the full $7500 credit.

Assuming the confidence is strong enough to issue the press release (lawyers wouldn't permit it otherwise) you should be able to rest easy the Uncle Sam (IRS & DOE) will corroborate later this month what Ford has told us this morning.

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