Ford EV Tax Credits May Run Out Sooner Than Expected

[detroitlightning]

Lucy Manchin is holding the ball again for Charlie Brown America.

He’s sponsoring this one, so hopefully not in this case.

Sponsored

 

[Amps]

He’s sponsoring this one, so hopefully not in this case.

I hit the Times' paywall and didn't log in. Maybe his name on it will make a difference. He's said he was in favor of a lot of stuff he backed out of. I'd hate to be trying to take him as a serious player in negotiations. They should have just handed him a pen and said, "Write your best bill." Now, I'll go read the rest of the story.

 

[detroitlightning]

I hit the Times' paywall and didn't log in. Maybe his name on it will make a difference. He's said he was in favor of a lot of stuff he backed out of. I'd hate to be trying to take him as a serious player in negotiations. They should have just handed him a pen and said, "Write your best bill." Now, I'll go read the rest of the story.

Agreed…I’m not a fan, and certainly don’t trust him. More corroboration:

https://www.bloomberg.com/news/arti...-credits-sought-by-tesla-toyota?sref=Vi7wu7Hv

 

[Pioneer74]

In recent months, Manchin had been seeking stricter limits on the cost of eligible vehicles and for stricter limits on the income of those allowed to take advantage of the credit.

This is how the rebates should be done, if they are going to be done at all. Target an affordable car for the masses and not subsidize a toy for somebody that can afford it.

 

[KevinC]

WASHINGTON, July 27 (Reuters) - A Senate Democratic deal includes a new $4,000 tax credit for used electric vehicles and new tax credits and grants for automakers to retool factories to build greener cars.

The deal struck between Senate Majority Leader Chuck Schumer and Democratic Senator Joe Manchin also includes an expansion of the existing $7,500 EV tax credit as well as a new $10 billion investment tax credit to build clean technology manufacturing facilities, according to a summary of the deal from Schumer's office.

https://www.reuters.com/markets/deals/senate-democratic-deal-includes-new-ev-tax-credits-2022-07-28/

 

[SmokingtheMeats]

“The deal also includes limits on the price and income eligibility of purchasers.”

curious what the limits are

 

[Pioneer74]

“The deal also includes limits on the price and income eligibility of purchasers.”

curious what the limits are

And if they impose limits, and if the Lightning is too expensive to qualify, does somebody that bought before it was passed not get the current available rebate without limits?

 

[Sdgolfer]

Wondering if I should take off max tow and star white to get under 80k which was in the earlier bbb proposal….I’ll be watching for details.

 

[SmokingtheMeats]

Wondering if I should take off max tow and star white to get under 80k which was in the earlier bbb proposal….I’ll be watching for details.

Don’t forget DD is not included. You should still be good.

 

[Sdgolfer]

Don’t forget DD is not included. You should still be good.

Man I hope you are right! Yes yes consult a tax professional

 

[greenne]

Did not see this happening, wow.

The big improvement will be if the tax credits are either a Point of Sale rebate OR if the tax credit becomes refundable/carryover.

If it remains non-refundable requiring tax liability...then most lower income users wouldn't be able to use full credit.

Of course that would be completely counter to the income threshold piece so I'd be shocked if it remained non-refundable.

Does anyone know the details yet?

 

[Pioneer74]

https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf

 

[Pioneer74]

Income and price limits. Start on page 366.

 

[OnTheGround]

“The deal also includes limits on the price and income eligibility of purchasers.”

curious what the limits are

From the Reuters article linked above you...

The new EV tax credits would be limited to trucks, vans and SUVs with a suggested retail price of no more than $80,000 and to cars priced at no more than $55,000. They would be limited to families with adjusted gross incomes of up to $300,000 annually.

 

[VTbuckeye]

Income limit 300k married filing jointly, 225k head of household, 150 single. 80k vehicle price limit.

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