EV Tax Credit Expansion Deal Reached by Senate

[Aspesi4]

Looks like Manchin and Schumer have a climate deal in place that includes extending the $7500 EV tax credit and lifting the 200,000 cap. This is great news, but I'm a little concerned with the terms. As currently written, if passed cars that exceed $55,000 and trucks that exceed $80,000 would not qualify. When I purchased my Lariat ER w/Max Tow, I intentionally didn't include any other options to keep the MSRP under $80,000 in case the Build Back Better deal passed. Now Ford has increased the D&D by $100 pushing the MSRP to $80,094.

If the bill passed and became law at some point, would the delivered trucks prior to being signed into law apply to the old requirements? What if the bill is signed into law and then I take delivery? Ford messed this up by adding the extra $100.

I'd argue my build sheet was set at $1695 D&D and not $1795 pushing it over the limit.

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[Jaspernuts]

I'm wondering what the new lower income limits are.

 

[Pioneer74]

I hope 22 are going to be all good. Tried reading through the text but it difficult to read. Found this online stating retroactive to December 31st 2021

This was posted in https://www.f150lightningforum.com/...sooner-than-expected.11100/page-7#post-236779

 

[Roy2001]

Good news! but not so good news when you plan to sell.

And bad news for tax payers, since EV's are undersupplied, what is the point? To give free money out? It won't move more EV's to the hands of people.

 

[Roy2001]

I'm wondering what the new lower income limits are.

$150k or $200k family gross?

 

[Pioneer74]

$150k or $200k family gross?

150k individual, 225k head of household or 300k joint.

 

[Roy2001]

150k individual, 225k head of household or 300k joint.

That's pretty generous indeed, in California, the $2000 state incentive capped at $200k, was $300k for a household.

 

[Sam James]

Ugh, have a MSRP of $80,689 on my invoice. Really looking forward to @TaxmanHog's take on this as I am not a public accountant. Wondering about seeing if dealer can still add FCSP Delete and then I could just buy it separately...

 

[Aspesi4]

Based on this text from the bill, it sounds like we have the right in 2022 to apply to previous tax code. We should be all set.

 

[Roy2001]

Ugh, have a MSRP of $80,689 on my invoice. Really looking forward to @TaxmanHog's take on this as I am not a public accountant. Wondering about seeing if dealer can still add FCSP Delete and then I could just buy it separately...

You already ordered, so you are qualified for $7500, no need to worry the new bill.

 

[Sam James]

You already ordered, so you are qualified for $7500, no need to worry the new bill.

That's what I get for reading the summary and not the text!

 

[sotek2345]

You already ordered, so you are qualified for $7500, no need to worry the new bill.

Depends if ordering counts as a "written binding contract". I am not a lawyer, but given you can turn away from an order at any point up to delivery, it doesn't seem too binding.

 

[beatle]

Technically the dealer is the one with the order. The buyer's order is provided at time of purchase. I think it's possible to pre-purchase the truck in advance of delivery (some people have done this to lock a lower loan rate) but I don't know how common this is. Maybe now it'll be a lot more common!

 

[gorwell]

I think it's possible to pre-purchase the truck in advance of delivery (some people have done this to lock a lower loan rate) but I don't know how common this is.

My dealer squashed this, said they don't do anything until the truck arrives. But, my credit union said some do it, but looking on the internet about it, it seemed to be about how people did it to lock in the very few cars that were being produced.

 

[DarkAirforce]

My dealer squashed this, said they don't do anything until the truck arrives. But, my credit union said some do it, but looking on the internet about it, it seemed to be about how people did it to lock in the very few cars that were being produced.

I bought mine and it still hasn't arrived, my dealership said they would be glad to take my money but advised against it.

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