⚡ Ford Lightning Forum ⚡ banner
21 - 40 of 43 Posts

·
Registered
PRO IcedBlueSilver - TowTech, MaxTow, 9.6kwProPower: RECEIVED Aug23rd
Joined
·
464 Posts
be calm, although that's hard - your truck has OVER another Month to arrive - but, if like me, you wish to 'purchase' the truck and do all the paperwork ahead of time, go to your dealer and do it. Taking 'delivery' is a very vague and not 'exact' meaning when it comes to the Tax Credit wording... I don't think the government is going to have the 'delivery' police out searching for new Lightnings arriving 'late'...
 

·
Registered
Joined
·
2 Posts
I don't know what Ford is going to do, but I'm a CPA and stressing out. My Lariat ER (roughly $88k MSRP) was built 10/28/22 and it's in purgatory somewhere. I'm concerned I won't get it delivered and purchased before 12/31, so I can easily get the $7,500 credit under the current rules.

After 12/31, the rules change significantly with income limitations as well as MSRP limitations prohibiting me from being eligible. I just got the Ford charger installed late last week and it's mounted sad in my garage waiting for an EV to plug in.

I honestly might choose not to take delivery of the truck if I don't get it until January or later. $7,500 is not a massive amount of money, but it could be the straw that broke the proverbial camel's back on whether I see enough "value" in the Lariat ER to purchase it without the credit.

I think Ford is going to have an issue with how they've increased the prices of these 1st gen EV trucks without having federal tax credit offsets to make the pricing more palatable.

Anyone else in a similar situation? I can't be the only cheap bastard wanting my $7,500. :D :D :D
I am on the SAME fence. My Lariat ($88k) went to the plant on 16th - going to be built next week. If I don’t get the paperwork done by 12/31 - I’m going to THINK REALLY HARD about just reselling mine or refusing delivery. Heck, I’m up in Michigan now, I could even drive it home to Virginia if I could just get my hands on it. I don’t even care if they have to take it back to dealer prep or something. I want the papers signed, and I want my $7500 tax break. FJB!!
 

·
Registered
Joined
·
7 Posts
My dealer looked up my VIN on his computer and was able to track my physical truck (they all have some sort of GPS locator. Mine was put on a train just south of Detroit and will be delivered to San Antonio. Truck will bring it to my dealer. Your dealer can do the same thing.
 

·
Registered
Joined
·
6 Posts
I don't know what Ford is going to do, but I'm a CPA and stressing out. My Lariat ER (roughly $88k MSRP) was built 10/28/22 and it's in purgatory somewhere. I'm concerned I won't get it delivered and purchased before 12/31, so I can easily get the $7,500 credit under the current rules. After 12/31, the rules change significantly with income limitations as well as MSRP limitations prohibiting me from being eligible. I just got the Ford charger installed late last week and it's mounted sad in my garage waiting for an EV to plug in. I honestly might choose not to take delivery of the truck if I don't get it until January or later. $7,500 is not a massive amount of money, but it could be the straw that broke the proverbial camel's back on whether I see enough "value" in the Lariat ER to purchase it without the credit. I think Ford is going to have an issue with how they've increased the prices of these 1st gen EV trucks without having federal tax credit offsets to make the pricing more palatable. Anyone else in a similar situation? I can't be the only cheap bastard wanting my $7,500. :D :D :D
What are the current rules around income and cost of the truck in 2022? I bought and took delivery of a Lightning Lariat in August 2022. Curious if I qualify and for what credit?
 

·
Registered
Joined
·
41 Posts
I don't know what Ford is going to do, but I'm a CPA and stressing out. My Lariat ER (roughly $88k MSRP) was built 10/28/22 and it's in purgatory somewhere. I'm concerned I won't get it delivered and purchased before 12/31, so I can easily get the $7,500 credit under the current rules.

After 12/31, the rules change significantly with income limitations as well as MSRP limitations prohibiting me from being eligible. I just got the Ford charger installed late last week and it's mounted sad in my garage waiting for an EV to plug in.

I honestly might choose not to take delivery of the truck if I don't get it until January or later. $7,500 is not a massive amount of money, but it could be the straw that broke the proverbial camel's back on whether I see enough "value" in the Lariat ER to purchase it without the credit.

I think Ford is going to have an issue with how they've increased the prices of these 1st gen EV trucks without having federal tax credit offsets to make the pricing more palatable.

Anyone else in a similar situation? I can't be the only cheap bastard wanting my $7,500. :D :D :D
This could come down to who wins the Georgia Senate seat and what the Senate does. Senator Warnock introduced a bill to create a phase-in for the electric vehicle (EV) sourcing and manufacturing requirement provisions for automakers that was included in the final version of the Inflation Reduction Act (IRA). This would give automakers time to meet the requirements and not remove incentives and penalize customers that want to purchase EVs. There is also talk from foreign manufacturers that the new rules violate trade agreements and are petitioning the WTO to appeal to avoid the start of a trade war. Hopefully, something will be done because the IRA is not incentivizing EV ownership!

 

·
Administrator
2021 Mustang Mach E First Edition, 2016 Nissan Leaf, 2003 Toyota Tacoma, F-150 Lightning Lariat ER
Joined
·
2,966 Posts
This could come down to who wins the Georgia Senate seat and what the Senate does. Senator Warnock introduced a bill to create a phase-in for the electric vehicle (EV) sourcing and manufacturing requirement provisions for automakers that was included in the final version of the Inflation Reduction Act (IRA). This would give automakers time to meet the requirements and not remove incentives and penalize customers that want to purchase EVs. There is also talk from foreign manufacturers that the new rules violate trade agreements and are petitioning the WTO to appeal to avoid the start of a trade war. Hopefully, something will be done because the IRA is not incentivizing EV ownership!

Warnock introduced the bill into this Congression. If it does not pass in the lame duck session, it will have to be introduced again in the next Congression.
 
  • Like
Reactions: ChrisC

·
Registered
Joined
·
24 Posts
Discussion Starter · #31 ·
There are none. you Just need to earn enough money to have $7500 in tax liability
Now, I understood it that it is a $7,500 tax credit for 2022, but it is not refundable. Meaning, you need to owe at least $7,500 in taxes after the completion of your tax return to get the full credit. So, if you over withheld on your federal taxes (W-2) or made too many estimated tax payments and are due a refund, etc., you won't be able to take the credit.
 

·
Administrator
2021 Mustang Mach E First Edition, 2016 Nissan Leaf, 2003 Toyota Tacoma, F-150 Lightning Lariat ER
Joined
·
2,966 Posts
Now, I understood it that it is a $7,500 tax credit for 2022, but it is not refundable. Meaning, you need to owe at least $7,500 in taxes after the completion of your tax return to get the full credit. So, if you over withheld on your federal taxes (W-2) or made too many estimated tax payments and are due a refund, etc., you won't be able to take the credit.
I'm not a tax professional but it is my understanding that it does not matter how much you withheld, prepaid, or if you are due a refund, it only matters that you have at least $7,500 tax liability. The non-refundable portion means the government will not pay you the difference if you have less than $7,500 tax liability. If you only owed $5,000 you will only get a $5,000 credit, not $7,500. If you owed $5,000 and had $6,000 withheld, you will get a check for $11,000 after the credit is applied.
 

·
Registered
Joined
·
24 Posts
Discussion Starter · #33 ·
I'm not a tax professional but it is my understanding that it does not matter how much you withheld, prepaid, or if you are due a refund, it only matters that you have at least $7,500 tax liability. The non-refundable portion means the government will not pay you the difference if you have less than $7,500 tax liability. If you only owed $5,000 you will only get a $5,000 credit, not $7,500. If you owed $5,000 and had $6,000 withheld, you will get a check for $11,000 after the credit is applied.
Okay, that would be awesome news! Thank you! I'm a CPA, but I hate taxes. :D That does make sense as it would be hard to delineate between withholding and credit to determine amount of refund. Your explanation makes perfect sense. Appreciate the clarification!
 

·
Registered
Joined
·
66 Posts
What is scary? Being a CPA that doesn't like taxes? :D I'm not a tax CPA, so I don't do taxes nor do I keep up with the ever changing tax laws, regulations, etc.
Ever changing? The EV tax credit has been the same since 2010. It’s only now changed back august for 2023 with the only change for 2022 being “made in N America. I’m sorry that I assumed that any CPA regardless of being a tax CPA would understand what a non refundable tax credit is and that it has nothing to do with if you are due a refund at tax time. I apologize
 

·
Registered
Joined
·
24 Posts
Discussion Starter · #37 ·
Ever changing? The EV tax credit has been the same since 2010. It’s only now changed back august for 2023 with the only change for 2022 being “made in N America. I’m sorry that I assumed that any CPA regardless of being a tax CPA would understand what a non refundable tax credit is and that it has nothing to do with if you are due a refund at tax time. I apologize
I apologize for disappointing you and your perception of a CPA. I didn't give a crap about the tax credit until I realized I was getting a Lightning and I read up on it for a few minutes and misinterpreted a portion of my quick read.

I will go back in my hole and figure out how to revoke my CPA license. I wish you brighter skies ahead.
 

·
Registered
Joined
·
41 Posts
Warnock introduced the bill into this Congression. If it does not pass in the lame duck session, it will have to be introduced again in the next Congression.
If it doesn't pass, there is a chance another senator will introduce it if Warnock is not elected since there is pressure from the domestic and foreign car manufacturers who are saying that it violates the WTO import agreements
 

·
Administrator
2021 Mustang Mach E First Edition, 2016 Nissan Leaf, 2003 Toyota Tacoma, F-150 Lightning Lariat ER
Joined
·
2,966 Posts
I posted this on another thread...this is from the build sheet.
View attachment 5103


and as you can see below, the base msrp is under 80k so it should qualify.

View attachment 5104
The real question is if the language in the IRA sets the $80K cost limit against the Base MSRP or the Total MSRP (three lines below your highlight). The IRS has not yet released guidance to clarify this.
 
21 - 40 of 43 Posts
Top