From: Loran <loran@invalid.net>
Newsgroups: alt.global-warming,alt.fan.rush-limbaugh,can.politics,alt.politics.liberalism,alt.politics.democrats,alt.politics.usa.republican
Subject: Re: REAL Cowards Say, " But But But Trump"
Date: Wed, 19 Jun 2024 11:37:13 -0600
Organization: A noiseless patient Spider
Governor Swill wrote:
> While any EV could get you a credit in the past, this has changed.
STFU little man Ball, you lying subhuman virus!
Rudey, you KNOW there is still plenty of state and federal tax credit
left, you smarmy little nymshifting leftarded shill:
https://electrek.co/2024/05/13/which-electric-vehicles-qualify-us-federal-tax-credit-ev-2024/
Federal Tax Credits under the Inflation Reduction Act
The following terms were introduced by the Biden Administration in the
summer of 2022 and went into effect on January 1, 2023:
Federal tax credit for EVs will remain at $7,500
The timeline to qualify is extended a decade from January 2023 to
December 2032
Tax credit cap for automakers after they hit 200,000 EVs sold is
eliminated, making GM, Tesla, and Toyota once again eligible
The language in the bill indicates that the tax credit could be
implemented at the point of sale instead of on taxes at the end of the
fiscal year
That means you can get your credit up front at the dealer, but these
terms may not kick in until 2024
In order to get the full tax credit, the EV must be assembled in North
America andâ¦
Two binary pieces separate the full $7,500 credit meaning the vehicle
either qualifies for each piece of the credit or doesnât
$3,750 of the new credit is based upon the vehicle having at least 50%
of its battery-critical minerals from North America or countries with a
free trade agreement with the United States. This is a list of countries
with free trade agreements with the US.
The other $3,750 of the new credit is based on at least 50% of the
battery components of the vehicle coming from the United States or
countries with a free trade agreement with the US
Note â these battery requirements have been updated as of May, 2024.
More below.
The 50% critical minerals requirement increases to 60% in 2025, 70% in
2026, 80% from 2027 onward.
The 60% battery components requirement now stays as such through 2025,
then increases to 70% in 2026, 80% in 2027, 90% in 2028 and 100% from
2029 onward.
Beginning in 2025, any vehicle with battery minerals or components from
a foreign entity of concern is excluded from the tax credit
Qualifying EVs must also have a battery size of at least 7 kWh and a
gross vehicle weight rating of less than 14,000 pounds
A new federal tax credit of $4,000 for used EVs priced below $25k
Subject to other requirements like lower annual income (see below)
Revised credit applies to battery electric vehicles with an MSRP below
$55,000
Also includes zero-emission vans, SUVs, and trucks with MSRPs up to $80,000
New credit also expands to commercial fleet customers
Includes separate qualifications and limits
The federal EV tax credit will be available to individuals reporting
adjusted gross incomes of $150,000 or less, $225,000 for heads of
households, or $300,000 for joint filers
The new credit will also continue to apply to Plug-in Hybrid EVs (PHEVs)
as long as they meet the same requirements outlined above
Revamped used electric vehicle tax credit
Used EVs also got revised terms that now offer a credit equal to 30%
percent of the sale price (up to $4,000). That should help consumers
like yourselves get some change back in your pocket at the end of the
fiscal year. As long as you stick to these terms as outlined by the IRS.
To qualify as a customer, you must:
Be an individual who bought the vehicle for use and not for resale
Not be the original owner
Not be claimed as a dependent on another personâs tax return
Not have claimed another used clean vehicle credit in the three years
before the EV purchase date
Modified adjusted gross income must not exceed $75k for individuals,
$112,500 for heads of households, and $150k for joint returns
For the used EV to qualify for federal tax credits, it must:
Have a sale price of $25,000 or less
Have a model year at least two years earlier than the calendar year when
you buy it
For example, a vehicle purchased in 2023 would need a model year of 2021
or older
Not have already been transferred after August 16, 2022, to a qualified
buyer
Have a gross vehicle weight rating of less than 14,000 pounds
Be an eligible FCV or plug-in EV with a battery capacity of at least 7
kilowatt hours (kWh)
Be for use primarily in the United States
You buy the vehicle from a dealer
For qualified used EVs, the dealer reports the required information to
you at the time of sale and to the IRS
Purchaser must be an individual (no businesses) to qualify for used credit
A used vehicle qualifies for tax credit only once in its lifetime
The IRSâ latest electric vehicle tax credit guidance (May 2024)
In May 2024, the IRS shared its final rules for the federal tax credit
program. The original rules required qualifying vehicles to be assembled
in North America alongside gradually higher percentages of battery
materials and components to be produced on the continent and in
countries with free trade agreements with the US.
Following months of difficulties amongst automakers trying to become
compliant to qualify, the US Treasury Department and IRS have relaxed
some of those parameters, including the sourcing of graphite,
electrolyte salts, binders, and additives⦠at least until 2027.
This latest news follows an October 2023 update that pertained to the
transferring of credits. Per the IRS:
The Internal Revenue Service issued proposed regulations, Revenue
Procedure 2023-33 (PDF) and frequently asked questions today for the
transfer of new and previously owned clean vehicle credits from the
taxpayer to an eligible entity for vehicles placed in service after Dec.
31, 2023.
This âtransferâ is essentially the ability of a new EV buyer to give the
tax credit to the dealer selling them their shiny new EV. In exchange,
the dealer can give the equivalent âin cash or in the form of a partial
payment or down payment.â
However, all the same eligibility criteria still apply even with a
transfer, including the buyer having a federal tax burden.
The buyer must give the dealer all their tax information, which will
then be submitted to the IRS. The dealer is not required to verify the
information, and therefore, the disclosure falls on the buyer. All the
other previous vehicle requirements, like MSRP limits, and for the
buyers, like income limit requirements, apply here.
The only requirement that this update allows you to avoid is your tax
burden. If, for some reason, you can afford to buy a new car and yet you
happen to have a tax burden smaller than the full amount of tax credit
you are eligible for, the IRS says that it wonât ârecaptureâ the difference.
Vehicles that qualify for federal tax credits (May 2024)
NOTE: Not every version of the models listed below will necessarily
qualify. Please check with your local dealer/seller to determine the
eligibility of your specific EV.
Battery Electric Vehicles (BEVs)
Make and Model MSRP Limit Tax Credit Amount
ACURA
ZDX (2024) $80,000 Up to $7,500
CADILLAC (GM)
LYRIQ (2024) $80,000 Up to $7,500
CHEVROLET (GM)
Blazer EV (2024) $80,000 Up to $7,500
Bolt EUV (2022-2023) $55,000 Up to $7,500
Bolt EV (2022-2023) $55,000 Up to $7,500
Equinox EV (2024) $80,000 Up to $7,500
FORD
F-150 Lightning Standard Battery (2022-2024) $80,000 Up to $7,500
F-150 Lightning Extended Battery (2022-2024) $80,000 Up to $7,500
HONDA
Prologue (2024) $80,000 Up to $7,500
NISSAN
LEAF S (2024) $55,000 Up to $3,750
LEAF SV Plus (2024) $55,000 Up to $3,750
RIVIAN
R1T Dual Motor Large Pack (2023-2024) $80,000 Up to $3,750
R1T Dual Motor Max Pack (2023â2024) $80,000 Up to $3,750
R1T Quad Motor Large Pack (2022-2024) $80,000 Up to $3,750
R1S Dual Motor Large Pack (2023-2024) $80,000 Up to $3,750
R1S Quad Motor Large Pack (2022-2024) $80,000 Up to $3,750
TESLA
Model 3 Performance (2023-2024) $55,000 Up to $7,500
Model X Long Range (2023-2024) $80,000 Up to $7,500
Model Y Rear Wheel Drive (2024) $80,000 Up to $7,500
Model Y Rear Wheel Drive Long Range (2024) $80,000 Up to $7,500
Model Y All Wheel Drive (2023-2024) $80,000 Up to $7,500
Model Y Performance (2023-2024) $80,000 Up to $7,500
VOLKSWAGEN
ID.4 Standard (2023-2024) $80,000 Up to $7,500
ID.4 S (2023-2024) $80,000 Up to $7,500
ID.4 PRO, PRO S, PRO S PLUS (RWD) (2023-2024) $80,000 Up to $7,500
ID.4 PRO, PRO S, PRO S PLUS (AWD) (2023-2024) $80,000 Up to $7,500
Current as of 5/13/24 (updates in bold)
Rivian Range
Plug-in Hybrid Electric Vehicles (PHEVs) that currently qualify
Top comment by betterbruce Liked by 66 people
Y'all keep reposting this article trying to keep up with the updates to
the tax code and I appreciate the desire to be thorough and update old
information but I find this format too cumbersome to be helpful. I think
it would make more sense to post new articles each time such as "here
are the BEVs that qualify AS OF <>".
1) It removes the need to have a section in current article about the
old rules that have expired. People can refer to an old article if needed.
2) Because I know the article has been updated many times, I don't feel
like I can trust any use of the word "current" in it. I see sentences
that say "current" and I have to wonder if that is truly current or if
it's an accidental leftover word from when the article was published
months ago.
Even ignoring historical guidance, there's too much here. Fuel cell
vehicles? BEVs under 7kWh or over 14k lbs? How many people are looking
for those/ how useful is it to include this, particularly all lumped
into a single article? Maybe that's useful detail but doesn't seem
necessary for most consumers.
While I'm on that topic, you can probably split out BEV/ PHEV as
separate articles too, because most people aren't cross-shopping them.
Last thought: if it is possible to make a flowchart or an "internet
quiz" on whether a car qualifies, that could be very useful. "is it a
BEV, PHEV, or fuel cell vehicle..." > "Does it have more than 7kWh
battery?"... etc.
View all comments
NOTE: Not every version of the models listed below will necessarily
qualify. Please check with your local dealer/seller to determine the
eligibility of your specific PHEV.
Make and Model MSRP Limit Full Tax Credit
AUDI
Q5 55 TFSO e quattro (2023-2024) $80,000 Up to $3,750
Q5 55 TFSO e quattro S Line (2023-2024) $80,000 Up to $3,750
CHRYSLER
Pacifica Plug-in Hybrid (2022-2024) $80,000 Up to $7,500
FORD
Escape Plug-in Hybrid (2022-2024) $80,000 Up to $3,750
JEEP
Grand Cherokee 4xe (2022-2024) $80,000 Up to $3,750
Wrangler 4xe (2022-2024) $80,000 Up to $3,750
LINCOLN
Corsair Grand Touring (2022-2024) $80,000 Up to $3,750
Current as of 5/13/24 (updatess in bold)
Find out where an EV is assembled using its VIN
The US Department of Energy offers a VIN decoder tool to confirm where a
given EV is assembled. Check it out here.
Our complete breakdown of state tax incentives, sorted by state
In addition to any federal credit you may or may not qualify for, there
are a number of clean transportation laws, regulations, and funding
opportunities available at the state level.
Weâve compiled every state rebate, tax credit, and exemption for you and
sorted it by state. Whether itâs a purchase or lease of a new or used EV
or the purchase and installation of an EV charger, you could get money
back, depending upon where you live.
Here are all those tax credits, rebates, and exemptions sorted by state.
electric vehicle tax credit
Source: Fueleconomy.gov
Electric Vehicle (EV) Tax Credit FAQ
How does the EV tax credit work?
At the federal level, the tax credits for EVs (electric cars, vans,
trucks, etc) operate as money back at the end of the fiscal year you
purchased or leased your vehicles based on a number of factors.
The awarded credit is up to $7,500 per vehicle, but how much you may get
back will depend on your annual income, whether you are filing with
someone else like a spouse, and what electric vehicle you purchased.
For example, if you purchased a Ford F-150 Lightning and owed $3,500 in
income tax this year, then that is the federal tax credit you would
receive. If you owed $10,000 in federal income tax, then you could
qualify for the full $7,500 credit.
Itâs important to note that any unused portion of the $7,500 is not
available as a refund nor as a credit for next yearâs taxes.
You may also be able to receive money back right away as a point-of-sale
credit, but those terms probably wonât kick in until 2024 at the earliest.
What electric vehicles qualify for tax credits?
As things currently stand, there is a lot up in the air right now. The
first table above details all of the electric vehicles that qualify
under the terms of the Inflation Reduction Act, including battery
guidance. Be sure to check the date at the bottom of each table above to
see when it was most recently updated.
What electric vehicles qualify for the new tax credits in 2024?
As previously mentioned, qualifying terms for electric vehicles became
more strict at the start of 2023, and EVs and their battery components
must be assembled in North America to qualify.
As you can see above, significantly fewer electric vehicles qualify
under the new terms, but as time goes on, more and more automakers will
adapt their production strategies to operate within North America and
start selling vehicles that qualify.
American companies like Ford, GM, and Tesla already have EVs that
qualify to some extent, but others are sure to follow. We will
continually update the list above as we learn more.
Do hybrids qualify for tax credits?
Excellent question. Since traditional hybrid vehicles rely primarily on
combustion and do not use a plug to charge, they do not qualify for tax
credits at the federal level. Credits apply to plug-in electric vehicles
which include plug-in hybrid EVs and battery electric vehicles (BEVs).
Do used electric cars qualify for federal tax credits?
Yes! Under revised terms in the Inflation Reduction Act. Used EVs will
now qualify in addition to new vehicles as previously stated.
As of January 1, 2023, qualifying used EVs priced below $25,000 can
qualify for up to $4,000 in federal tax credits. There are some terms to
note, however:
â Used vehicle qualifies for tax credit only once in its lifetime.
â Purchaser must be an individual (no businesses) to qualify for the
used vehicle credit.
â Purchaser may only claim one used vehicle credit per three years.
â Used vehicle must be at least two model years old at the time of sale.
â The original use of the vehicle must have occurred with an individual
other than the one claiming the used tax credit.
â Used vehicle must be purchased from a dealer.
â Gross income cap of $75k for individuals, $112,500 for heads of
households, and $150k for joint returns.
â Credit may be applied at the time of sale by the dealer
Are there price caps for electric vehicles to qualify for tax credits?
Yes.
Under the new terms in the Inflation Reduction Act, the MSRP of electric
vehicles must be $80,000 or less for SUVs, vans, and trucks. MSRPs for
all other electric vehicles must be $55,000 or less.
What are the income limits to qualify for any federal EV tax credits?
Modified adjusted gross income limits are $150,000 for individuals,
$225,000 for heads of households, and $300,000 for joint returns. Any
reported annual income below these thresholds should qualify you for
some level of tax credit, as long as your new purchase is a qualifying
electric vehicle.
Add Electrek to your Google News feed.