List of Model Y configs that qualify for the 2023 Federal Tax Credit

New price drops tonight, here is my view of which Model Y qualify for the 2023 federal tax credit between now and March:

Model Y Performance 5-seater (MSRP gotta be under $55k) : None of them qualify.

Model Y Long Range 5-seater : Gotta stay under $55K before destination charge. These configs will quality for the federal tax credit [exterior/interior/wheels]:
- Red/Black/19s
- Black/Black/19s
- White/Black/19s
- White/Black/19s with Tow
- White/Black/20s
- White/White/19s
- White/White/19s with Tow
- Gray/Black/19s
- Gray/Black/19s with Tow
- Gray/White/19s
- Blue/Black/19s
- Blue/Black/19s with Tow
- Blue/White/19s

Model Y Long Range 7-seater (Gotta be under $80K) : All of them qualify with any color, wheel, tow hitch, interior options. Don't add FSD or EAP to keep it under $80K.

Admin note: Image added for Blog feed.

 

[Ray_R]

Why wouldn’t it now that msrp is under 55k

He’s talking about a New Jersey specific credit.

 

[SpicyPaneer]

Why wouldn’t it now that msrp is under 55k

That’s bas d o what the website says but I went to the dealer and they said it will be taken off your purchase price when you place the order.

 

[ramlax13]

He’s talking about a New Jersey specific credit.

Exactly, I’m talking about the NJ tax credit which is $2k for under 55k msrp, wondering if anyone has had this applied to a MY now that msrp is under 55k

 

[mylapore]

Copy pasting from Slickdeals questions on the Tesla deal

mojo-jojo26
01-13-2023 at 02:53 PM
Yes, $2000 deducted from my model Y total after submitting registration (Owner/s name + NJ license + Selfie + SSN) details in Tesla App.

Model Y long range + 20" wheels and no other upgrades = $54990

Total cost of vehicle (including any upgrades under 55k and delivery) for my configured Model Y was $57,018.85 - $250 deposit - $2000 (Charge Up New Jersey Incentive) = $54,768.85 (Amount Due

 

[SpicyPaneer]

Copy pasting from Slickdeals questions on the Tesla deal

mojo-jojo26
01-13-2023 at 02:53 PM
Yes, $2000 deducted from my model Y total after submitting registration (Owner/s name + NJ license + Selfie + SSN) details in Tesla App.

Model Y long range + 20" wheels and no other upgrades = $54990

Total cost of vehicle (including any upgrades under 55k and delivery) for my configured Model Y was $57,018.85 - $250 deposit - $2000 (Charge Up New Jersey Incentive) = $54,768.85 (Amount Due

Yes, I just got the final bill of $52k ish for MYLR white with black interior.

 

[scSeattle]

New price drops tonight, here is my view of which Model Y qualify for the 2023 federal tax credit between now and March:

Model Y Performance 5-seater (MSRP gotta be under $55k) : None of them qualify.

Model Y Long Range 5-seater : Gotta stay under $55K before destination charge. These configs will quality for the federal tax credit [exterior/interior/wheels]:
- Red/Black/19s
- Black/Black/19s
- White/Black/19s
- White/Black/19s with Tow
- White/Black/20s
- White/White/19s
- White/White/19s with Tow
- Gray/Black/19s
- Gray/Black/19s with Tow
- Gray/White/19s
- Blue/Black/19s
- Blue/Black/19s with Tow
- Blue/White/19s

Model Y Long Range 7-seater (Gotta be under $80K) : All of them qualify with any color, wheel, tow hitch, interior options. Don't add FSD or EAP to keep it under $80K.

View attachment 895389
Admin note: Image added for Blog feed.

Will 2023 MYLR with 20” induction wheel costs 54,990. This price looks like qualified for tax credit. But what about $ 250 order fee. Will this increase the vehicle purchase price to 54990+ 250= $ 55,240.00 and there by not eligible for tax rebate of $ 7,500
Please help iit with responses

 

[mylapore]

Yes, I just got the final bill of $52k ish for MYLR white with black interior.

At this point, M3SR in NJ is a great deal. With the 4K state credit + 7.5K Fed credit + 7% sales tax exemption, the cost is equivalent to buying a ~ $30,000 ICE/Hybrid car.

 

[Sunshine Speed]

Will 2023 MYLR with 20” induction wheel costs 54,990. This price looks like qualified for tax credit. But what about $ 250 order fee. Will this increase the vehicle purchase price to 54990+ 250= $ 55,240.00 and there by not eligible for tax rebate of $ 7,500
Please help iit with responses

All destination fees and order fees and any other type of fees do NOT count toward the $55K cap. Neither does software like FSD. Therefore the White with 20-inch wheels for $54990 is safe to get the tax credit.

 

[Ryan McHargue]

If my MYLR is delivered after March 1st, I will not qualify for the tax credit, right?

 

[SpicyPaneer]

If my MYLR is delivered after March 1st, I will not qualify for the tax credit, right?

Even without tax credit it’s still like &10k off from what I paid last august. Most of us won’t qualify for the tax credit anyway. But good luck

 

[gordita]

Hi, community,
we live in CA and unfortunately, do not qualify for federal or CA tax credits due to income limits.

is it too far-fetched to think about filing separately for 2023 tax year so my better half may qualify for federal as well as state tax credits (CVRP)?
In addition, we also would like to go solar before the April 12 deadline wherein the new NEM3 rules kick in and basically doubles the payback period.

For lower-income households, there are additional rebates for solar and upgrades.

The biggest assumption here is, my better half makes enough income to have a tax liability of $7500+ (for tesla), at a minimum and if she makes more, make the solar purchase under her name as well.
i would put the solar and panel purchase under my SSN (since there's no income limit) if the above reality didn't materialize.

anyways, I thought I would run it by this esteemed community to gauge opinion and see if others have successfully executed such a plan or if there are other creative ideas.

Thank you

 

[thuytle9999]

New price drops tonight, here is my view of which Model Y qualify for the 2023 federal tax credit between now and March:

Model Y Performance 5-seater (MSRP gotta be under $55k) : None of them qualify.

Model Y Long Range 5-seater : Gotta stay under $55K before destination charge. These configs will quality for the federal tax credit [exterior/interior/wheels]:
- Red/Black/19s
- Black/Black/19s
- White/Black/19s
- White/Black/19s with Tow
- White/Black/20s
- White/White/19s
- White/White/19s with Tow
- Gray/Black/19s
- Gray/Black/19s with Tow
- Gray/White/19s
- Blue/Black/19s
- Blue/Black/19s with Tow
- Blue/White/19s

Model Y Long Range 7-seater (Gotta be under $80K) : All of them qualify with any color, wheel, tow hitch, interior options. Don't add FSD or EAP to keep it under $80K.

View attachment 895389
Admin note: Image added for Blog feed.

A quick question, I will pickup White/Black/20s next Monday... how do I confirm if eligible for 7,5K tax credit? I am a little confuse because plus destination and fee then over 55K... Invoice or MSRP show $54,990? Any thoughts? Thanks!

 

[thuytle9999]

All destination fees and order fees and any other type of fees do NOT count toward the $55K cap. Neither does software like FSD. Therefore the White with 20-inch wheels for $54990 is safe to get the tax credit.

I will pick up white/black/20s next Monday... How do I confirm if eligible? by look at invoice? Please help.

 

[cwerdna]

If my MYLR is delivered after March 1st, I will not qualify for the tax credit, right?

Why?

A reason for March 2023 to come up at all is due to Topic A — Frequently Asked Questions About the Eligibility Rules for the New Clean Vehicle Credit | Internal Revenue Service
"Q6. What is the amount of the new clean vehicle credit? (added December 29, 2022)

A6. Beginning January 1, 2023, eligible vehicles may qualify for a tax credit of up to $7,500.

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 credit under § 30D, the credit is calculated as a $2,500 base amount plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours, up to an additional $5,000 beyond the base amount. In general, the minimum credit amount will be $3,751 ($2,500 + 3 * $417), representing the credit amount for a vehicle with the minimum of 7 kilowatt hours of battery capacity.

Once the Treasury Department and the IRS issue the proposed critical mineral and battery component guidance later in 2023, additional requirements will change the amount of the credit (that is, an eligible vehicle may qualify for more or less credit than before). The credit amount will depend on the vehicle meeting the critical minerals requirement ($3,750) and/or the battery components requirement ($3,750). A vehicle meeting neither requirement will not receive a credit, a vehicle meeting only one requirement may be eligible for a $3,750 credit, and a vehicle meeting both requirements may be eligible for the full $7,500 credit. The Treasury Department and the IRS anticipate issuing the proposed guidance in March."

Credits for New Clean Vehicles Purchased in 2023 or After | Internal Revenue Service points to Frequently Asked Questions About the New, Previously-Owned and Qualified Commercial Clean Vehicles Credit | Internal Revenue Service which points to the above.

The big question is when in March will that be issued and what will the amount be then? It's possible (likely?) it will be less than $7500 but not clear to me by how much.

 

[Watts_Up]

we live in CA and unfortunately, do not qualify for federal or CA tax credits due to income limits.

I received this e-mail from Lucid: "Lease Lucid Air. Save $7,500."

Save $7,500 immediately. Accelerate instantaneously.​

​

Starting now, customers who lease any Lucid Air through Lucid Financial Services¹​

will receive an automatic $7,500 savings in the form of a capital cost reduction.²​

​

​

¹ The trademarks “LUCID FINANCIAL SERVICES”, Air, LUCID stylized logo and AIR stylized logo are owned by Lucid Group, Inc. and its subsidiaries (collectively, “Lucid”) and are licensed to Bank of America, N.A. (“Bank of America”) in the USA.​

​

Lucid is not affiliated with Bank of America or its affiliates.​

Lucid manufactures and sells electric vehicles and ancillary products and services.​

Bank of America provides financial products and services. Lease accounts are originated by Lucid and assigned to Tryon Vehicle Titling Trust.​

Lease servicing is conducted by Bank of America or its subcontractors under the Lucid Financial Services name.​

Bank of America, N.A. Member FDIC | Equal Housing Lender​

​

² Available to qualified customers that meet Lucid Financial Services credit standards and take delivery after January 1, 2023.​

Lucid Financial Services reserves the right to discontinue this offer at any time.​

​

³ Price excludes tax, title, license, options and destination fees.​

Any idea if this 'capital cost reduction' Lease can be applied to any other vehicle?

 

[jjrandorin]

I received this e-mail from Lucid: "Lease Lucid Air. Save $7,500."

Save $7,500 immediately. Accelerate instantaneously.​

​

Starting now, customers who lease any Lucid Air through Lucid Financial Services¹​

will receive an automatic $7,500 savings in the form of a capital cost reduction.²​

​

​

¹ The trademarks “LUCID FINANCIAL SERVICES”, Air, LUCID stylized logo and AIR stylized logo are owned by Lucid Group, Inc. and its subsidiaries (collectively, “Lucid”) and are licensed to Bank of America, N.A. (“Bank of America”) in the USA.​

​

Lucid is not affiliated with Bank of America or its affiliates.​

Lucid manufactures and sells electric vehicles and ancillary products and services.​

Bank of America provides financial products and services. Lease accounts are originated by Lucid and assigned to Tryon Vehicle Titling Trust.​

Lease servicing is conducted by Bank of America or its subcontractors under the Lucid Financial Services name.​

Bank of America, N.A. Member FDIC | Equal Housing Lender​

​

² Available to qualified customers that meet Lucid Financial Services credit standards and take delivery after January 1, 2023.​

Lucid Financial Services reserves the right to discontinue this offer at any time.​

​

³ Price excludes tax, title, license, options and destination fees.​

Any idea if this 'capital cost reduction' Lease can be applied to any other vehicle?

Perhaps I dont understand the question... but....


A "capital cost reduction" on a lease is a down payment. This is money from Lucid financial services toward a lease of that vehicle. Any tax credits for leased vehicles go to the owner of the vehicle, which is the company leasing it to you, not you. They can choose to pass it on to you, or not. In this case, Lucid is offering to pass it on.

No, that money from Lucid cant be applied to any other vehicle than a Lucid, because its being given By Lucid for leasing one of their vehicles.

 

[Watts_Up]

No, that money from Lucid cant be applied to any other vehicle than a Lucid, because its being given By Lucid for leasing one of their vehicles.

What I mean was, does Lucid found a way to get the $7.5k from the IRA
even if the base price is higher that $55k or $80k, or even if the owner could not take advantage of the IRA tax discount?

Or what Lucid did, has nothing to do with the IRA tax discount?

 

[arbitrage000]

 

[arbitrage000]

With yesterday's $500 price increase the qualifying configs were cut drastically. No Red config qualifies, 20" don't qualify and only a single option (paint, white seats or tow) can be selected without going over.

Model Y Long Range 5-seater : Gotta stay under $55K before destination charge. These configs will quality for the federal tax credit [exterior/interior/wheels]:
- Red/Black/19s
- Black/Black/19s
- White/Black/19s
- White/Black/19s with Tow
- White/Black/20s
- White/White/19s
- White/White/19s with Tow
- Gray/Black/19s
- Gray/Black/19s with Tow
- Gray/White/19s
- Blue/Black/19s
- Blue/Black/19s with Tow
- Blue/White/19s

 

[wow1450]

With yesterday's $500 price increase the qualifying configs were cut drastically. No Red config qualifies, 20" don't qualify and only a single option (paint, white seats or tow) can be selected without going over.

Model Y Long Range 5-seater : Gotta stay under $55K before destination charge. These configs will quality for the federal tax credit [exterior/interior/wheels]:
- Red/Black/19s
- Black/Black/19s
- White/Black/19s
- White/Black/19s with Tow
- White/Black/20s
- White/White/19s
- White/White/19s with Tow
- Gray/Black/19s
- Gray/Black/19s with Tow
- Gray/White/19s
- Blue/Black/19s
- Blue/Black/19s with Tow
- Blue/White/19s

For the folks that already ordered and received Order agreement shown price for $54,990 included White/White/19s with Tow. Those folks still qualify, correct? Moving forward new order does not meet federal tax credit.