[CCB]

Everything I’ve read to date supports that Ford is not expected to reach the tax credit cap in 2022 which is good for those like me expecting to take delivery in 3/4Q22

https://www.macheforum.com/ford-hits-188596-ev-sales-through-end-of-q2-7500-tax-credit-will-remain-until-december-31-2022/

IRC 30D – Plug-In Electric Drive Motor Vehicle Credit Quarterly Sales | Internal Revenue Service

IRC 30D – Plug-In Electric Drive Motor Vehicle Credit Quarterly Sales

www.irs.gov

 

[mazx222]

Thanks for sharing, this is good news. Any idea how this effects us if we are able to order this year, but not receive it until Q1 of next year? For example, would we qualify for the reduced credit at $3750, or would it be under the new 2023 law that is based on MSRP?

 

[SteelTerp87]

The cap no longer applies with the new credit that was issued. Now the credit is limited by MSRP (must be less than $80k) and income limits of $150k/$300k

 

[CCB]

Thanks for sharing, this is good news. Any idea how this effects us if we are able to order this year, but not receive it until Q1 of next year? For example, would we qualify for the reduced credit at $3750, or would it be under the new 2023 law that is based on MSRP?

Agree with SteelTerp87 the new rules kick in Jan 1. You should be fine if you have 2022 pricing locked in to keep you under the $80K cap and fall under the max income

 

[jodgey]

The cap no longer applies with the new credit that was issued. Now the credit is limited by MSRP (must be less than $80k) and income limits of $150k/$300k

What was that second section of the law, where if you ordered between the time the law is signed and Jan 1, the rules of last year apply or something? I still didn’t fully understand that

 

[SteelTerp87]

What was that second section of the law, where if you ordered between the time the law is signed and Jan 1, the rules of last year apply or something? I still didn’t fully understand that

You needed to have a signed contract (I.e. purchase order) and take delivery by 12/31

 

[jodgey]

If we order in wave 3 (this week) what’s the likelihood of taking delivery in 2022?

 

[SteelTerp87]

If we order in wave 3 (this week) what’s the likelihood of taking delivery in 2022?

Not sure when that will be built but there’s a chance. They had to push everything back a week to clear out 2022’s

 

[Kevin2991]

The cap no longer applies with the new credit that was issued. Now the credit is limited by MSRP (must be less than $80k) and income limits of $150k/$300k

No.If you can place a firm order THIS YEAR even though deliver is next year, there is no cap and you'll get the $7,500 tax rebate.

 

[mazx222]

I thought you had to have a purchase order before Biden signed the new law (even though it doesn't take effect until 2023). Per this video, as long as I get a PO by 12/31/2022, then I will still qualify for some form of the 2022 tax credit on the lightning. Am I understanding him correctly?

 

[jodgey]

That’s how I read the second paragraph. If you purchase between aug 16 and the end of the year, last years rules apply. And since ford has not been delivering EVs I think they are still under the 200,000, so the credit will apply to any value truck, so long as you have a binding agreement signed before Dec 31

 

[THEsocalledfan]

That’s how I read the second paragraph. If you purchase between aug 16 and the end of the year, last years rules apply. And since ford has not been delivering EVs I think they are still under the 200,000, so the credit will apply to any value truck, so long as you have a binding agreement signed before Dec 31

I hope Ford has been in communication with dealers on this issue. A lot of us who get MY '23 won't take delivery by the end of the year, but may have the truck on order with deposit down. They need to work with dealers to figure out this binding agreement stuff.

 

[jodgey]

I called the lightning marketing team, and they were chalk full of idunnos. which is annoying. They couldnt tell about the purchase agreement, pushed that onto the dealers, probably won’t actually deliver a truck ordered in September before the end of the year, and she was talking about wave 3 as if it had been going on for a while. So, I don’t know. Same ole same ole, I guess.
By now, you’d hope they’d have a handle on how to address the very public issues in the news and have a confident answer for us.

 

[mazx222]

I know that for other manufacturers, they're going with the current rule from the IRS that you need a signed PO showing the vehicle (with as much specificity as possible), pricing info, and a non-refundable deposit of at least 5% of the purchase price of the vehicle I know other manufacturers pushed to get customers POs, even if they didn't have the vehicle yet.

those are the current requirements from the IRS, but no one knows 100% sure as you only have current rules to go off of, but the past is usually a good indicator of the future. so that's the requirements, the biggest remaining question now is on timing IMO. All about when the PO is signed and which law year it will fall under.

 

[THEsocalledfan]

I know that for other manufacturers, they're going with the current rule from the IRS that you need a signed PO showing the vehicle (with as much specificity as possible), pricing info, and a non-refundable deposit of at least 5% of the purchase price of the vehicle I know other manufacturers pushed to get customers POs, even if they didn't have the vehicle yet.

those are the current requirements from the IRS, but no one knows 100% sure as you only have current rules to go off of, but the past is usually a good indicator of the future. so that's the requirements, the biggest remaining question now is on timing IMO. All about when the PO is signed and which law year it will fall under.

Ford needs to figure this out with the dealers......this is a big, big deal so makes me think they will.

 

[Voltz]

The way I read it, it's too late make your order binding for 2022 non-conforming agreements (price cap, income cap, battery content) with vehicles delivered in 2023. That ended with president's signature and also brought in the North American assembly provision. The only possibility is that DoT or IRS loosens up their existing definition of a binding agreement.