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Is there an income limit to tax credits this year?

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Hello all. My wife might get one of those other brand EVs or plugins. Is there an income limits to the $7500 tax credit this year? I know this might change next year. But this year is safe from income limit?

Thanks
 
The info posted above is incorrect.

There are NO income caps on the CURRENT $7.5k EV tax credit, a credit which is available on other EV's that have NOT yet reached the 200k sales cap.

The income limits WILL likely apply to many of those sales after 31 December however.

Details here, on the EV side of the equation at least:


And some general info:



Income cap info:

 
The info posted above is incorrect.

There are NO income caps on the CURRENT $7.5k EV tax credit, a credit which is available on other EV's that have NOT yet reached the 200k sales cap.

The income limits WILL likely apply to many of those sales after 31 December however.

Details here, on the EV side of the equation at least:


And some general info:



Income cap info:



Thank you sir. Exactly what I was looking for!
 
You may have until Monday (8/15) to buy the car. My local Hyundai dealer emailed this but I don't know if it is true or not. I thought you could still buy the car before the end of the year which seems to make more sense. But this is what I got in the email yesterday:
The Federal Government will be signing into law the “Inflation Reduction Act” on Monday, August 15, 2022. Any Ioniq 5 sold after August 15 will no longer be eligible for the $7500 Federal tax credit. However, according to the bill, “any customer who enters into a written binding contract to purchase an EV will still qualify for the current tax credit even if the vehicle is not delivered until after the legislation is signed”.
What does this mean? Customers who “pre-contract” on incoming vehicles prior to August 15 will still be able to receive the $7500 Federal tax credit!
 
My bad, I assumed the OP was talking about the new bill when first replying. Speed reading got me. As stated above, you have a very narrow window to lock in the current tax credit. Once it is signed, the current law is no longer and new one is in effect with the income limits stated above (unless the House changes those limits which is unlikely at this point).
 
You may have until Monday (8/15) to buy the car. My local Hyundai dealer emailed this but I don't know if it is true or not. I thought you could still buy the car before the end of the year which seems to make more sense. But this is what I got in the email yesterday:

same for Kia. Any others that allow low deposits? Looks like delivery b/f 1/23 would be needed too :(

Leave it up to the govt. to disrupt markets for people vs helping :(
 
I read this on the Inflation Reduction Act..that was passed today>>The congressional measure would eliminate that 200,000 sales cap, making their electric cars again eligible for the credit — at least based on that sales-threshold removal. Includes Tesla.
 
It’s still not clear to me when the income limits take effect, Jan 1, 2022? But assembly immediately? Where in the bill does it say income limits Jan 1? I have order out for Ioniq 5, but dealership basically laughed at me when I suggested a “written sales agreement.”
 
It’s still not clear to me when the income limits take effect, Jan 1, 2022? But assembly immediately? Where in the bill does it say income limits Jan 1? I have order out for Ioniq 5, but dealership basically laughed at me when I suggested a “written sales agreement.”
I am not clear as well, but from all the articles linked above and from the email sent to me by Hyundai dealership, it seems the new law will take effect as soon as it is signed by Biden which could be tomorrow. That just seem really harsh to the dealerships and buyers for me. There got to be 10's of thousands of people waiting to get an EV before the end of the year planning for the $7500 tax credit....
 
Comprehensive summary here:

If you want an EV, buy now – Rivian, Fisker and others rush to lock in EV tax credits before changes

Basically you need a binding sales agreement to lock in the original US federal tax credit for EVs with a future delivery date. Once Biden signs the legislation (expected 8/15/2022), then the original federal tax credit for EVs is replaced in whole by the new tax credit system contained in the Inflation Reduction Act. At that point, income thresholds apply ($150k single, $300k dual tax filer), as well as USA final vehicle assembly requirements, and vehicle price cap of $55k car, $80k truck/SUV.

Volvo/Polestar, Hyundia/Kia have no provision for binding sales agreement as-of 8/14. So once Biden signs IRA, these vehicles (plus other manufactures) will no longer have access to any USA federal tax credits.
 
IRA limitation go in effect Jan1, 2023 EXCEPT for the made in North America clause which will go in effect 8/15
so you can still buy MachE/Lightning/Rivian/Lucid till Dec 31, 2022 with no limits

only way for foreign makers is via binding sales agreements by tomorrow!
 
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Comprehensive summary here:

If you want an EV, buy now – Rivian, Fisker and others rush to lock in EV tax credits before changes

Basically you need a binding sales agreement to lock in the original US federal tax credit for EVs with a future delivery date. Once Biden signs the legislation (expected 8/15/2022), then the original federal tax credit for EVs is replaced in whole by the new tax credit system contained in the Inflation Reduction Act. At that point, income thresholds apply ($150k single, $300k dual tax filer), as well as USA final vehicle assembly requirements, and vehicle price cap of $55k car, $80k truck/SUV.

Volvo/Polestar, Hyundia/Kia have no provision for binding sales agreement as-of 8/14. So once Biden signs IRA, these vehicles (plus other manufactures) will no longer have access to any USA federal tax credits.

Kia dealer was going to take a $1K deposit today. said it was refundable. I guess it's up to me whether I can claim.

then again the sales guy said he claimed a credit on a used hybrid already so not a trustworthy source. Too bad their local dealers are so sketchy, product
is pretty good.

Any others that offer binding sales agreement online deposits? They need to follow TSLA's lead on this.
 
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IRA limitation go in effect Jan1, 2023 EXCEPT for the made in North America clause which will go in effect 8/15
so you can still buy MachE/Lightning/Rivian/Lucid till Dec 31, 2022 with no limits

only way for foreign makers is via binding sales agreements by tomorrow!

MachE dealer premiums are more than credit. I would love to be proven wrong by any AZ/CA dealers