Tax Credit and MY order/delivery

[Bluelocust]

I ordered a MY this morning with a Jan 2023 - April 2023 delivery date. If the new climate bill gets passed this week (it’s looking good) I should be able to take advantage of the credit. My question is if the delivery date is moved forward - due to cancellation or others trying to adjust their delivery dates - can I postpone delivery? I have read many different scenarios but it seems they do allow several options. Does anyone have any experience with this?

On another note, I can see 4th quarter disruptions with the MY due to the credit. Wonder how Tesla will handle it??

 

[ucmndd]

Wonder how Tesla will handle it??

The same way they do now.

Your order agreement lays this all out, it’s quite clear. You must schedule and take delivery within 3 days of being notified your car is ready or your VIN goes to someone else. If you don’t take delivery within 30 days of the first notification they can cancel your order and keep the order fee. I’d expect them to get pretty ruthless about this during the Q4 delivery push.

https://www.tesla.com/order/download-order-agreement?redirect=no&country=US&model_code=my

 

[glide]

I ordered a MY this morning with a Jan 2023 - April 2023 delivery date. If the new climate bill gets passed this week (it’s looking good) I should be able to take advantage of the credit. My question is if the delivery date is moved forward - due to cancellation or others trying to adjust their delivery dates - can I postpone delivery? I have read many different scenarios but it seems they do allow several options. Does anyone have any experience with this?

On another note, I can see 4th quarter disruptions with the MY due to the credit. Wonder how Tesla will handle it??

You aren’t going to be able to postpone delivery beyond the 72 hours Tesla allows in this market. You certainly won’t be able to if there is a tax credit involved.

They have more than enough people queued up to take delivery immediately.

 

[Bluelocust]

You aren’t going to be able to postpone delivery beyond the 72 hours Tesla allows in this market. You certainly won’t be able to if there is a tax credit involved.

They have more than enough people queued up to take delivery immediately.

That would be good considering I have a January-April 2023 delivery date. I suppose it's possible to date could move forward, but I would imagine the norm is quite the opposite.

 

[Bluelocust]

Thanks for the information!

 

[glide]

That would be good considering I have a January-April 2023 delivery date. I suppose it's possible to date could move forward, but I would imagine the norm is quite the opposite.

Maybe? Or you could be matched earlier.

No one knows.

 

[Bluelocust]

True!

 

[dinomagic]

Do we know yet that Tesla Model Y will qualify for the tax credit and up to how much? I am not clear whether the tax credit incentive for EVs start in 2023 or 2024 (as some posts state this).

 

[patmurphey]

The refundable credits start in 2023, resolved when you file your 2023 tax return. In 2024 the credits can be applied by the seller at point of sale (dealer or showroom). If not applied at point of sale the credit can be claimed on your tax return. It can be reclaimed by the IRS if it is found to be improperly awarded at point of sale, e.g., ineligible income.

 

[dinomagic]

The refundable credits start in 2023, resolved when you file your 2023 tax return. In 2024 the credits can be applied by the seller at point of sale (dealer or showroom). If not applied at point of sale the credit can be claimed on your tax return. It can be reclaimed by the IRS if it is found to be improperly awarded at point of sale, e.g., ineligible income.

thanks much. So for 2023 I'd have to claim the credit when I file my federal tax at the end of the year and it wouldn't be applied by the dealer at the showroom. correct?

 

[patmurphey]

Yes. Don't forget that you can amend your withholding to get the money earlier.

 

[Art84]

Guys, it's still not clear if Model Y will qualify for this tax credit in 2023.
It fits the price cap to be qualified ($80K for SUV), but it's still not clear if the battery used in Model Y would meet the requirements according to the new law to get the credit.

 

[nate704]

Guys, it's still not clear if Model Y will qualify for this tax credit in 2023.
It fits the price cap to be qualified ($80K for SUV), but it's still not clear if the battery used in Model Y would meet the requirements according to the new law to get the credit.

I guess this is how they designed the bill. They can say they designed and passed the bill, but it helps no one.

 

[pipestem]

I call it the GM UAW anti-EV bill.

 

[ATPMSD]

It fits the price cap to be qualified ($80K for SUV)

Question is, will it be classed as an SUV?

“SUV is a loose term that traditionally covers a broad range of vehicles with four-wheel drive that can be taken off-road and have the feel of a lighter truck.”

The Model X is probably more likely to be considered an SUV.

 

[Weedblossom]

The refundable credits start in 2023, resolved when you file your 2023 tax return. In 2024 the credits can be applied by the seller at point of sale (dealer or showroom). If not applied at point of sale the credit can be claimed on your tax return. It can be reclaimed by the IRS if it is found to be improperly awarded at point of sale, e.g., ineligible income.

I want to read up on this refundable credit thing for 2023. Do you have any links for it? Thanks

 

[ATPMSD]

I want to read up on this refundable credit thing for 2023. Do you have any links for it? Thanks

Here is a start:

Buying a car and want to go electric? Inflation Reduction Act extends $7,500 tax credit — but with price, income caps

Single buyers of electric vehicles would need to have income of less than $150,000 to qualify for the credit, and luxury models would largely be ineligible.

www.cnbc.com

 

[pipestem]

I don't know if this is accurate but this article specificaly states Model Y will be eliglble. I have not seen that anywhere else.

The Inflation Reduction Act would renew tax credits for the Tesla 3, Tesla Y, and Chevy Bolt

Three of the best-selling electric vehicles (EVs) in the US would become eligible for $7,500 tax credits if the Inflation Reduction Act becomes law.

qz.com

 

[ATPMSD]

I don't know if this is accurate but this article specificaly states Model Y will be eliglble. I have not seen that anywhere else.

The Inflation Reduction Act would renew tax credits for the Tesla 3, Tesla Y, and Chevy Bolt

Three of the best-selling electric vehicles (EVs) in the US would become eligible for $7,500 tax credits if the Inflation Reduction Act becomes law.

qz.com

In the article, the price for the model Y is around $41,000, the car price today is about $58,000. So unless they call it an SUV it will not qualify.

 

[patmurphey]

The Model Y is an SUV. Mine is registered as such, no questions.

Model 3 long range for 2023 has been withdrawn from the website - maybe something is afoot regarding eligibility for the credit.