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This is for this year correct before the new bill?Yes, $150k for single, $300k for married.
Yes, although there are currently no tax credits for Tesla vehicles since they ran out years ago. Some other manufacturers still have credits available, but they will disappear as soon as the new bill is signed, possibly today.This is for this year correct before the new bill?
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:
If you want an EV, buy now – Rivian, Fisker and others rush to lock in EV tax credits before changes
Electric cars assembled outside of North America may lose access to EV tax credits within a week, and buyers need to act fast to save money.electrek.co
And some general info:
Buy now to claim the $7,500 federal EV tax credit before it expires for 2022
How long will it take President Biden’s pen to reach the Inflation Reduction Act? That’s how long EV shoppers have to claim their $7,500 this year.www.greencarreports.com
Income cap info:
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!
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:
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....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.”
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!