boingolover
Late 2021 Blue on White MYLR 5 w/ tow
AFAIK, and the standard I am not an accountant disclaimer applies here - as I understand it the $7500 credit for 2021 purchases (basically the same one that exists today, just with the 200k car cap removed) is that it is a non-refundable credit. So that means if your tax liability for the year was less than $7500 - which might be if you are hit with the alternative minimum tax stick, you're taking a ton of credits already etc - you don't get to take full advantage, you'd only be able to whittle away at your remaining tax liability. If your tax liability was 0, you get nothing. The 2022 version, if passed, will make a rebate that doesn't depend on your tax liability.Article on Tax Credits hope this is correct and it passes. In there it says:
“This cap is eliminated retroactively for vehicles sold after May 24, 2021 (Chairman's Mark, p. 30). This means that any cars sold by GM and Tesla after May 24, 2021 will be eligible for up to a $7,500 tax credit. In sum: the 200,000 cap removal would be retroactive and applied to Tesla cars bought after May 24, 2021. A $7,500 tax credit would apply to 2021 taxes that are filed in 2022, so buyers would receive the credit when they file taxes in 2022.”
Would mean we all get to claim the $7500 for cars bought this year. Would miss out on any made in America cars and battery incentives though, which I’m completely ok with. So, now where is my VIN??
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