-=buzz=-
Member
But isn't this an interest free credit?Relevant bit for folks who were unsure what happens if you take the credit then later realize you didn't qualify for some/all of it:
Section 30D(g)(10) provides that in the case of any taxpayer who has made a
vehicle transfer election with respect to a new clean vehicle and received a payment
from an eligible entity, if the section 30D credit would otherwise (but for section 30D(g))
not be allowable to such taxpayer pursuant to the application of the modified AGI
limitations in section 30D(f)(10), the income tax imposed on such taxpayer under
chapter 1 for the taxable year in which such vehicle was placed in service must be
increased by the amount of the payment received by such taxpayer.
So as suggested previously- IRS will reconcile with you when you file taxes and you'll owe the $ back at that time.... this might also hit you with underpayment penalties depending on the amounts involved and other circumstances- so you'll want to insure you understand the credit qualifications before taking it as POS.
If you get a car at the beginning of Q1 you can pay back the 7500$ at the end of Q4?