Lightning Retains Full $7500 Tax Credit For <$80k MSRP Buyers in 2023

[Roy2001]

But Pro is 60k now.

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[Big guy]

All I can find is that the Feds will release on 4/19 the list of vehicles that will qualify for tax credit based upon their specific battery info. We will both keep our fingers crossed
I don't need the snide remarks from some of you. I am only looking for info in print. I am inclined to believe Taxman but I still see nothing in print anyone has shared that says AFTER 4/18 the Lightning will meet the 40% battery component requirement to continue to be available for the full $7500 tax credit. Everything in print I see says it qualify's UNTIL April 18th. It's only 2 more weeks.

 

[Lightning Rod]

So I'm still screwed because my msrp is over 80k?

 

[TaxmanHog]

I don't need the snide remarks from some of you. I am only looking for info in print. I am inclined to believe Taxman but I still see nothing in print anyone has shared that says AFTER 4/18 the Lightning will meet the 40% battery component requirement to continue to be available for the full $7500 tax credit.

Trust me, I was looking for validating info from "UNCLE" but bureaucrats are slow, I've had a busy day doing other stuff, so not much time to hunt what has not been released on the other side of the fence.

 

[GDN]

Seems it is all right here. You just have to do the interpretation yourself.
https://public-inspection.federalregister.gov/2023-06822.pdf

 

[TaxmanHog]

Seems it is all right here. You just have to do the interpretation yourself.
https://public-inspection.federalregister.gov/2023-06822.pdf

Keywords South Korea, Korea
And minerals mined and refined in nations listed.

These are fine details 99.8% of retail customers don't know which end is up or down.

 

[Grumpy2]

The Feds has pushed the responsibility back to Manufacture to certify mineral content. The feds may eventually check the manufacturer's certificate, but for now, I believe they will hold the Manufacture responsible to issue the correct information. So if Ford makes the announcement I believe you can take it as fact ... for now at least.

 

[Big guy]

The Feds has pushed the responsibility back to Manufacture to certify mineral content. The feds may eventually check the manufacturer's certificate, but for now, I believe they will hold the Manufacture responsible to issue the correct information. So if Ford makes the announcement I believe you can take it as fact ... for now at least.

I had previously found the info about the batteries being made in S. Korea so that passed the 1st test. The real question all along was about the percentage of correct materials and where they are mined to see if they passed that 2nd requirement. It's only 2 more weeks to find out for sure.

 

[RickLightning]

All I can find is that the Feds will release on 4/19 the list of vehicles that will qualify for tax credit based upon their specific battery info. We will both keep our fingers crossed
I don't need the snide remarks from some of you. I am only looking for info in print. I am inclined to believe Taxman but I still see nothing in print anyone has shared that says AFTER 4/18 the Lightning will meet the 40% battery component requirement to continue to be available for the full $7500 tax credit. Everything in print I see says it qualify's UNTIL April 18th. It's only 2 more weeks.

That info is not right.

This page will be updated with qualifying vehicles and credit amounts on April 17, 2023.

https://fueleconomy.gov/feg/tax2023.shtml

Snide remarks? Ford has issued a very clear press release. You choose to ignore it. Before you have a chance to buy your ordered vehicle, you will know from the IRS.

¯\_(ツ)_/¯

 

[detansinn]

Don't forget that there are income ceilings for the credit...

In addition, your modified adjusted gross income (AGI) may not exceed:

• $300,000 for married couples filing jointly
• $225,000 for heads of households
• $150,000 for all other filers

You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

(source: https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after)

Chances are that if you can afford those higher trim Lightnings, you likely can't claim the credit anyway.

 

[jimfigler]

So I'm still screwed because my msrp is over 80k?

I doubt that will change. Just imagine this tax credit goes for 10 years, 5 years from now nothing will be under 80K

 

[TaxmanHog]

Here’s what taxpayers need to know to claim clean vehicle tax credits

Tax Tip 2023-49, April 12, 2023 — The Inflation Reduction Act of 2022 made several changes to the tax credits provided for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the tax credit.

 

[Wiseone]

I'm looking at buying a demo 22 XLT with the extended range battery.
I'm assuming the press release covers current model year. Anyone know if the 22 XLT with ER would still qualify?
I asked the dealer and they refused to comment.

 

[luebri]

I doubt that will change. Just imagine this tax credit goes for 10 years, 5 years from now nothing will be under 80K

Probably wont even take 5 years for that stupid cliff to be met... but just remember our politicians know best. $79,999 vehicles save the planet. $80,001 absolutely do not!

 

[Lightning Rod]

just remember our politicians know best. $79,999 vehicles save the planet. $80,001 absolutely do not!

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