[Irvineboy]

I thought there is just a $7500 rebate. I was reading some post where someone mentioned a $12,500 rebate. What is that?

Is there a rebate thru ford certified electricians? Or is it a SCE rebate?

Any other rebates?

 

[nconantj]

Neither is a rebate, both are tax credits. The $7,500 credit is the current credit.

The $12,500 is the proposed TOTAL credit in the House version of the budget bill and would completely replace the $7,500 credit. It is composed of several separate credits that will total up to $12,500 based on whether a vehicle qualifies. Right now there is a proposed MSRP cap of $74,000 on pickup trucks, with lower caps for other vehicle classes, in order to get the new credit.

 

[fedwin3]

Have Lightning getting ready to ship. Can you tell me if Federal Tax Credit is different if place in service 2022 vs 2023?

 

[Voltz]

Can you tell me if Federal Tax Credit is different if place in service 2022 vs 2023?

Yes.

Unless you have total federal tax liability of less than $7500, I cannot think of a known scenario where you would benefit by waiting to take delivery after 12/31/22. The eligibility for the Lightning itself in 2023 is unknown.

 

[fedwin3]

I keep getting mixed advice. Called Ford customer service, no help. Spoke with the salesman at dealer who told me 2023's delivered this year do not qualify for 7.5 K federal tax credit. He said he did not know re deliveries in 2023.
Does anyone know or have a link to a site that clearly explains eligibility rules for 2022 and 2023 deliveries? Thanks

 

[ChasingCoral]

I keep getting mixed advice. Called Ford customer service, no help. Spoke with the salesman at dealer who told me 2023's delivered this year do not qualify for 7.5 K federal tax credit. He said he did not know re deliveries in 2023.
Does anyone know or have a link to a site that clearly explains eligibility rules for 2022 and 2023 deliveries? Thanks

The salesman is wrong. MY doesn't matter. Date of sale and "placed in service" does.

Before 12/31/2022 ANY F-150 Lightning is eligible for a $7,500 tax incentive. The only limitation is your personal tax liability. If you owed (withholdings don't matter) $7,500 or more you are eligible for all of it.

1/1/2023 and beyond:

• Revised credit applies to BEV cars with an MSRP below $55k
• Also includes zero-emission vans, SUVs, and trucks with MSRPs up to $80,000
• The federal EV tax credit will be available to individuals reporting adjusted gross incomes of $150,000 or less, or $300,000 for joint filers
• Eligible Lightnings will get at least $3750 and perhaps $7,500

Here's every electric vehicle that qualifies for the current and upcoming US federal tax credit

As sales of electric vehicles continue to surge, many new and prospective customers have questions about qualifying for federal tax...

electrek.co

Plug-In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service

The Plug-In Electric Drive Vehicle Credit (IRC 30D) - Internal Revenue Code section 30D provides a credit for qualified vehicles, including passenger and light trucks.

www.irs.gov

This has been discussed repeatedly on the Forum. Just do a search for threads with "tax" in the title.

 

[Voltz]

Rule #1.
Don't trust the salesman to give you tax advice.
If you don't believe the IRS or the forums, you're on your own with Google.

Rule #2
For anything delivered after 12/31/22, don't believe anything but the final IRS interpretation when it is issued.