[Quinnjim]

My understanding is that the IRS requires a non-refundable 5% deposit in 2022 to secure the $7,500 tax rebate (before the rules change in 2023).

My dealer has no idea about this. I can’t secure the tax credit without this paperwork.

I am hoping I can figure out what the required documentation is, and then bring it to my dealer with a check.

Any help would be greatly appreciated !

 

[ChasingCoral]

My understanding is that the IRS requires a non-refundable 5% deposit in 2022 to secure the $7,500 tax rebate (before the rules change in 2023).

My dealer has no idea about this. I can’t secure the tax credit without this paperwork.

I am hoping I can figure out what the required documentation is, and then bring it to my dealer with a check.

Any help would be greatly appreciated !

You needed to have done this before the law went into effect. If you don’t have it yet, it’s too late.

 

[Quinnjim]

You needed to have done this before the law went into effect. If you don’t have it yet, it’s too late.

I read that you have to do it by the end of the year. If you commit in 2022, you are able to get it.

I could be wrong

 

[jodgey]

I read that you have to do it by the end of the year. If you commit in 2022, you are able to get it.

I could be wrong

That’s how I read it too, but I no one seems to know anything about how to get one.

 

[ChasingCoral]

I read that you have to do it by the end of the year. If you commit in 2022, you are able to get it.

I could be wrong

"Transition Rule for Vehicles Purchased before August 16, 2022
If you entered into a written binding contract to purchase a new qualifying electric vehicle before August 16, 2022, but do not take possession of the vehicle until on or after August 16, 2022 (for example, because the vehicle has not been delivered), you may claim the EV credit based on the rules that were in effect before August 16, 2022. The final assembly requirement does not apply before August 16, 2022."

Credits for New Electric Vehicles Purchased in 2022 or Before | Internal Revenue Service

If you bought or leased a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under IRC 30D.

www.irs.gov

Where did you read something different?

 

[Art p]

The only thing that changed in August relates to cars assembled outside the US or North America which lost tax credit entirely unless you had a binding contract before the effective date.

For a Ford lightning there is no change in the until January 1. You still can get the credit after January 1 if your income is below the threshold and the MSRP is under $80k. If you take delivery before the end of 2022, you are okay because their is no income limit or MSRP limit. If delivery is after December 31, then you need the binding contract before then if your income next year will exceed the income limits or you are getting a model with MSRP over 80k. The problem with getting a binding contract with the dealer is many states preclude dealers from entering into binding contracts until the dealer has the car on the lot.
Good luck.

 

[KElkhorn]

Vehicles Purchased and Delivered between August 16, 2022 and December 31, 2022
If you purchase and take possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, aside from the final assembly requirement, the rules in effect before the enactment of the Inflation Reduction Act for the EV credit apply (including those involving the manufacturing caps on vehicles sold). If you entered into a written binding contract to purchase a new qualifying vehicle before August 16, 2022, see the rule above.

I think you just need to read the next paragraph.

 

[jimfigler]

You needed the binding contract in place before 8/16/22. That is why Rivian was telling their customers to get it done ASAP back then because there was only a 2-day window to do it. If you could still do it no one would be worried about 12/31/22 delivery.

 

[ChrisC]

I am so upset about this new requirement in the Act. They should of extended the date of compliance to give car manufactures time to be compliant. This is only hurting the customers and not helping getting more EVs on the road by removing the Federal Rebate. I hope they realize this and make some sort of amendment since the price increases by Ford and the unavailability of the Pro are having me spend more than I budgeted for. I am bringing lunch from home and saving up money for the big day! I am thankful that my two FFEs had the rebates from my state and Feds but now there is nothing! I know that there are low maintenance costs and I have solar panels to charge, so I will save in the long run, but I just feel that they are not helping EV adoption for newbies 😟

 

[Voltz]

I am so upset about this new requirement in the Act. They should of extended the date of compliance to give car manufactures time to be compliant. This is only hurting the customers and not helping getting more EVs on the road by removing the Federal Rebate.

Which part of the new law is going to disqualify you? MSRP?

 

[ChrisC]

Which part of the new law is going to disqualify you? MSRP?

The part that says any vehicle after 1/1/23 needs to be assembled in the US and none of the 2023 F150 are eligible for the assembly in North America requirement. The MSRP is only if I get the extended range which is over $80K on the Lariat. I am not sure if any rebate will work on the materials portion.

Alternative Fuels Data Center: Electric Vehicles with Final Assembly in North America

Alternative Fuels Data Center: Electric Vehicle (EV) and Fuel Cell Electric Vehicle (FCEV) Tax Credit

 

[Voltz]

The part that says any vehicle after 1/1/23 needs to be assembled in the US and none of the 2023 F150 are eligible for the assembly in North America requirement.

That's in effect now with MY2022 final assembly at Rouge Electric Vehicle Center. They remain eligible. MY23 Lightnings should comply as final assembly location remains unchanged. I think Ford's 2023 traction battery mineral and component sourcing are still unknown. That's the potential problem I see that could affect some or all of Ford's credit eligibility.

Of course, MSRP and household income caps will also kick in for deliveries after 12/31/22 and will affect tax credit eligibility on an individual basis.

 

[ChrisC]

That's in effect now with MY2022 final assembly at Rouge Electric Vehicle Center. They remain eligible. MY23 Lightnings should comply as final assembly location remains unchanged. I think Ford's 2023 traction battery mineral and component sourcing are still unknown. That's the potential problem I see that could affect some or all of Ford's credit eligibility.

Of course, MSRP and household income caps will also kick in for deliveries after 12/31/22 and will affect tax credit eligibility on an individual basis.

Hopefully, the IRS will change the requirement since a lot of companies are saying that the new tax credit violates the WTO rules. I don't have a problem with the income cap but the MSRP might be an issue since Ford has raise the prices and only making the more expensive models available.

Revamped EV tax credit rules will get fast-tracked by IRS

Treasury Department to meet with "industry, labor unions, climate and environmental justice advocates, and others" as it works out supply-chain and other details.

www.greencarreports.com