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Manchin agrees to extension of tax credit for electric vehicle purchases in reversal
Sen. Joe Manchin will support a tax credit extension for electric vehicle buyers in a party-line Democratic bill after previously saying he would not.
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Page 386, line 3. Exception to point 2 above:New Vehicle Credit
- Manufacturer caps eliminated. (Page 370, line 15)
- Credit applies for vehicles purchased beginning January 1, 2023. (Page 386, line 1).
- Transition provision for EVs with written sales orders dated in 2022 prior to the date of President signing the bill but delivered in 2023 allows purchaser to claim the “old” credit in 2023. (Page 386, line 20)
and 2021Would be nice to retroactively payout $7,500 to 2022 buyers
Not true...It's limited to cars under $55k and there are income limits as well. Only the bog standard M3 SR+ would qualify.
Page 386, line 3. Exception to point 2 above:
(2) FINAL ASSEMBLY.—The amendments made by subsection (b) shall apply to vehicles sold after the date of enactment of this Act.
Subsection (b) is page 366, line 15:
"the final assembly of which occurs within North America"
So...it is not clear to me whether qualifying Tesla clean cars "sold" after enactment in 2022 would qualify if delivered in 2022. Not sure how to define "sold" (versus placed into service), and not sure if this exception does mean Teslas (and other assembled in North America) will get the rebate upon enactment of this Act.
Inquiring minds want to know. Besides I assume this draft is subject to change as it works it way through the Congress.
It's limited to cars under $55k and there are income limits as well. Only the bog standard M3 SR+ would qualify.
YikesIt's limited to cars under $55k and there are income limits as well. Only the bog standard M3 SR+ would qualify.
So, no M3LR (57,990) or M3P (62,990)... and what's the official definition of an SUV? Is the Y "officially" an SUV? (I've heard is referred to as a "Crossover")New Vehicle Credit
15. MSRP of vehicle must be $80k or less for SUVs, Vans and Trucks. $55k for all other vehicles. (Page 377, line 4)
It’s considered an SUV. Only the M3 SR+ and MY LR and Performance will qualify. Assuming Tesla doesn’t raise prices further to keep more of the credit for themselves the MY LR is a no brainer over the M3 LR as they essentially become the same price and you get significantly more space and usability.So, no M3LR (57,990) or M3P (62,990)... and what's the official definition of an SUV? Is the Y "officially" an SUV? (I've heard is referred to as a "Crossover")
...Tesla mostly (or totally if Y is not "officially" an SUV) left out again...
This bill actually sounds like it makes a lot of sense (mostly)... good incentives to push the right things... not (overly) "subsidizing the rich" or pandering to unions...It’s considered an SUV. Only the M3 SR+ and MY LR and Performance will qualify. Assuming Tesla doesn’t raise prices further to keep more of the credit for themselves the MY LR is a no brainer over the M3 LR as they essentially become the same price and you get significantly more space and usability.
And it’s not that Tesla is left out again, if Tesla lowers prices then more will qualify. Think about brands like Rivian, Lucid, Fisker, and more that will no longer qualify at all and never came close to selling the 200k units.
Also brands like Porsche and Audi and VW, Polestar, even Toyota with the Rav-4 Prime who did qualify and no longer will as their cars are not built in North America.
Unfortunately that's not going to happen. They want to incentivize the transition to EVs. There's no incentive needed if you already bought one.Would be nice to retroactively payout $7,500 to 2022 buyers
The price I paid for my 2022 YLR is less than the current price minus the credit. It is fun feeling rained on, but I'd say we got about the same deal.Would be nice to retroactively payout $7,500 to 2022 buyers
Transition provision for EVs with written sales orders dated in 2022 prior to the date of President signing the bill but delivered in 2023 allows purchaser to claim the “old” credit in 2023. (Page 386, line 20).