Ev tax credit deadline?

[Ayushbh]

Hello,

I was wondering if anyone is aware of the date prior to which one should take possession of the car so that he/she can get full $7500 tax credit benefit.

I keep reading articles where it says that criteria will change in March. However, I couldn't find an exact date. Is it safe to take delivery up until 31st March or, should one consider taking delivery prior to 1st March itself?

I would really appreciate if anyone has any credible source of information for this.

Thank you.

 

[acaurora]

My $.02 would be to do it before March 1st. That is one of the reasons why I bit the bullet and ordered my M3 RWD now instead of waiting for the possibility of AWDs coming back in March .

 

[MP3Mike]

Nobody knows at this point. Technically they could release the guidance tomorrow, and the credit would change tomorrow.

But they have said they would release the guidance in March, so prior to 3/1 should be Ok. Every day after that reduces the chances of getting the full $7,500 tax credit.

 

[SSA007]

My delivery window is March 1-15…so trying to see if I buy (to get $7500 credit) or lease (preferred, especially if no credit post March 1). Does anybody here know if the announcement would be retroactive to March 1st even if the IRS didn’t issue the ruling until say March 20th? Trying to see if I am “safe” by taking delivery before announcement or I anything beyond March 1 is a risk…

 

[ucmndd]

My delivery window is March 1-15…so trying to see if I buy (to get $7500 credit) or lease (preferred, especially if no credit post March 1). Does anybody here know if the announcement would be retroactive to March 1st even if the IRS didn’t issue the ruling until say March 20th? Trying to see if I am “safe” by taking delivery before announcement or I anything beyond March 1 is a risk…

Extremely unlikely that any issued guidance would be retroactive.

 

[SSA007]

Just confirmed it’s not retroactive and applies starting day after IRS ruling. From IRS website under Q6 (Link to site)

 

[Goobers]

Just confirmed it’s not retroactive and applies starting day after IRS ruling. From IRS website under Q6 (Link to site)

It doesn’t say anything about not being retroactive. It just says (paraphrasing), for now, this is how it will apply and later it could change.

It doesn’t say it WILL either, but that’s not the same as saying it won’t.

I mean, that the prime example of them retroactively allowing all MYs from January to qualify for the updated price cap change from $55k to 80k (a change made in February). They could’ve just as easy said purchases before the change won’t qualify.

 

[SSA007]

I think this sentence in A6 on page linked above clarifies that the change will be effective beginning the day after updated guidance is issued…but curious if others have different take on what this could mean.
“Until the day after the Treasury Department and the IRS issue proposed guidance on the critical mineral and battery component requirements of the new clean vehicle…”

 

[GreenCoffee]

I think this sentence in A6 on page linked above clarifies that the change will be effective beginning the day after updated guidance is issued…but curious if others have different take on what this could mean.
“Until the day after the Treasury Department and the IRS issue proposed guidance on the critical mineral and battery component requirements of the new clean vehicle…”

That part seems pretty clear, the part about "The Treasury Department and the IRS anticipate issuing the proposed guidance in March." is where everyone here hopes they drag their feet on!

 

[RichardDo]

Hmm got a EDD of the week of 3/6 and in the same boat of wondering if I’d be eligible for the full credit. If not, rather cancel the order lol

 

[TuMadre1337]

Hmm got a EDD of the week of 3/6 and in the same boat of wondering if I’d be eligible for the full credit. If not, rather cancel the order lol

The IRS never moves quickly on anything. I'd just keep the order and if they release new guidance that changes your credit, just cancel.

 

[patmurphey]

Cancel over $3.750 caused by the IRS and not Tesla... Geez!

 

[JKennedy442]

The IRS never moves quickly on anything. I'd just keep the order and if they release new guidance that changes your credit, just cancel.

Exactly. I don't believe the deadline is until the end of the year from what I read so March may not actually happen.

 

[MP3Mike]

Exactly. I don't believe the deadline is until the end of the year from what I read so March may not actually happen.

The "deadline" was actually the end of 2022. They missed it, but it doesn't seem like that matters.

 

[RichardDo]

The IRS never moves quickly on anything. I'd just keep the order and if they release new guidance that changes your credit, just cancel.

Yeah was just going to keep it and push it back/cancel if needed. IRS change to tax credit and anything big from Investor Day are my two things I’ll be keeping an eye on.

 

[RichardDo]

The IRS never moves quickly on anything. I'd just keep the order and if they release new guidance that changes your credit, just cancel.

Yeah was just going to keep it and push it back/cancel if needed. IRS change to tax credit and anything big from Investor Day are my two things I’ll be keeping an eye on. And

Cancel over $3.750 caused by the IRS and not Tesla... Geez!

haha and partly Tesla fault for not making my delivery inFebruary

 

[TSLA Pilot]

Just an FYI article with more details on the background of the pending changes in March (but no additional details on the exact date):

Why the $7,500 EV tax credit may be tougher to get starting in March

The IRS expects to issue guidance on the clean vehicle credit in March. Experts think the rules around car batteries will limit who can get the credit.

www.cnbc.com

 

[Drinyth]

Hmm got a EDD of the week of 3/6 and in the same boat of wondering if I’d be eligible for the full credit. If not, rather cancel the order lol

Might as well just wait and see. You're already out the $250 order fee whether you cancel now or cancel later. No harm in waiting at this point.

 

[AlaskanEV]

I got super lucky, my delivery is tomorrow. Just hope I'm not in a position to have to turn it down (if there are major issues). Hoping for zero nonsense tomorrow.

 

[theslimshadyist]

Keep in mind that the tax credit applies for calendar year 2023 meaning that you can't apply it until 2024. I know there are folks out there who think they can apply it immediately if they have yet to file their returns.