Federal Rebate on 2023 Ford Lightning Rebate in 2022?

[THEBO55]

Hi,

I have a 2023 Ford Lightning that is delivered to the dealership. Can anyone confirm if I buy the vehicle in 2022, will I be eligible for a full $7,500 federal rebate or a $3,750 federal rebate?

Thanks in advance.

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[Oneand0]

Full tax rebate $7500. I’m applying for two of them. That’s the maximum.

You have to have enough in federal Taxes taken out of your salary to get the full $7500.

 

[THEBO55]

Full tax rebate $7500. I’m applying for two of them. That’s the maximum.

You have to have enough in federal Taxes taken out of your salary to get the full $7500.

Are your cars 2022 model or 2023 model?

 

[Oneand0]

Are your cars 2022 model or 2023 model?

Mine is a 2022 Lariat and my fathers is a 2023 Pro. Both were reserved in my name.

 

[Jernat]

I asked the same question to the department of energy. Here is their response.


In short, we think the 2023 Ford F150 Lighting will be added to the list of eligible vehicles but we cannot say for sure when.

Since the passage of the Inflation Reduction Act, it has become increasingly difficult to provide simple definitive answers to questions like yours. However, we think it will be listed because the 2022 model was listed as eligible and it remains unchanged for the 2023 model year as far as we know. Like the 2022 model, the 2023 Ford F150 Lighting model also meets the new requirement for final assembly in North America as noted on this NHTSA 583 Report for 2023:
https://www.nhtsa.gov/part-583-american-automobile-labeling-act-reports

The EPA has not yet released data for the 2023 Ford F150 Lightning to post on fueleconomy.gov. We think that as soon as the EPA releases that data to us, it will get added to the following list which the IRS is currently directing people to:
https://afdc.energy.gov/laws/electric-vehicles-for-tax-credit

I hope this is at least somewhat helpful.

Sincerely,

Fueleconomy.gov

 

[RickLightning]

Full tax rebate $7500. I’m applying for two of them. That’s the maximum.

You have to have enough in federal Taxes taken out of your salary to get the full $7500.

There is no maximum.

Has nothing to do with your withholding.

Mine is a 2022 Lariat and my fathers is a 2023 Pro. Both were reserved in my name.

You cannot take a tax credit for a truck titled in his name.

 

[Maquis]

Are your cars 2022 model or 2023 model?

The model year is irrelevant from a tax perspective.

 

[Oneand0]

There is no maximum.

Has nothing to do with your withholding.



You cannot take a tax credit for a truck titled in his name.

Both are in my name.

I meant a maximum of $7500 per vehicle, not maximum income.

I thought there were only two spots on the federal tax forms to take advantage of, two EVs?

I also thought if you didn't make enough income to justify the full $7500 in tax credit, you can only claim the amount you owe/paid in taxes?

 

[RickLightning]

Both are in my name.

I meant a maximum of $7500 per vehicle, not maximum income.

I thought there were only two spots on the federal tax forms to take advantage of, two EVs?

I also thought if you didn't make enough income to justify the full $7500 in tax credit, you can only claim the amount you owe/paid in taxes?

There is no limit on the number of vehicles.

You need enough tax liability to use the tax credit(s). What you withheld or paid in estimated taxes is irrelevant.

Seems like you should talk to a tax expert. Unless you've titled both vehicles, and have the insurance in your name, this is pretty iffy. Make sure you read the IRS rule.

 

[Oneand0]

There is no limit on the number of vehicles.

You need enough tax liability to use the tax credit(s). What you withheld or paid in estimated taxes is irrelevant.

Seems like you should talk to a tax expert. Unless you've titled both vehicles, and have the insurance in your name, this is pretty iffy. Make sure you read the IRS rule.

Both titles will be in my name and both are insured through my insurance. I definitely make enough to claim the liability on both. I won’t have a problem. It’s all legal.

 

[THEBO55]

I asked the same question to the department of energy. Here is their response.


In short, we think the 2023 Ford F150 Lighting will be added to the list of eligible vehicles but we cannot say for sure when.

Since the passage of the Inflation Reduction Act, it has become increasingly difficult to provide simple definitive answers to questions like yours. However, we think it will be listed because the 2022 model was listed as eligible and it remains unchanged for the 2023 model year as far as we know. Like the 2022 model, the 2023 Ford F150 Lighting model also meets the new requirement for final assembly in North America as noted on this NHTSA 583 Report for 2023:
https://www.nhtsa.gov/part-583-american-automobile-labeling-act-reports

The EPA has not yet released data for the 2023 Ford F150 Lightning to post on fueleconomy.gov. We think that as soon as the EPA releases that data to us, it will get added to the following list which the IRS is currently directing people to:
https://afdc.energy.gov/laws/electric-vehicles-for-tax-credit

I hope this is at least somewhat helpful.

Sincerely,

Fueleconomy.gov

Thanks for the detailed information that you got from DOE. So should I consider it yes/no/can't say as per your understanding?

 

[Sdctcher]

https://electrek.co/2022/12/19/us-treasury-delays-ev-battery-guidance-qualify-for-2023-tax-credits/
Dec 19 2022 — 7:16 pm PT

US Treasury delays EV battery guidance, more vehicles could qualify for 2023 tax credits


As reported by Reuters, the US Treasury Department has delayed its battery guidance for qualifying EV tax credits until sometime in March. Still, requirements like North American assembly of the EV as well as caps on MSRP and annual salary will still go into effect on January 1 as planned.

However, since the US government is unable to provide guidance on the battery requirements, there is a possibility that some EVs sold between January 1 and “sometime in March” that will inevitably not comply with the pending battery guidance may briefly still qualify for federal tax credits.

 

[keen]

Can someone remind this thread (and me) what the new income limits are? IIRC the MSRP limit was 80k.

 

[Sdctcher]

https://www.kiplinger.com/taxes/605081/ev-tax-credit-inflation-reduction-act-2022-changes

If you’re single, and your modified adjusted gross income is over $150,000, you won’t qualify for the EV tax credit. The EV tax credit income limit for married couples who are filing jointly is $300,000. And if you file as head of household and make $225,000 or more, you also won’t be able to claim the credit.

Vehicle price and type also matter. Vans, pickup trucks, and SUVs with a manufacture’s retail suggested price (MSRP) of more than $80,000, won’t qualify for the credit. For clean cars to qualify for the EV tax credit, the MSRP can’t be more than $55,000.

 

[ChrisInJAX]

Was just reading a similar article in the WSJ.. Typical Big Government with great ideas and ambition but over complicates the policy that they will need extensions after extensions, similar to the spending bills to keep the federal government from "shutting down". What's mindboggling is that the current administration has been working on this for how long and the Treasury Department wasn't ready when it came to game time? In hindsight, the additional layers to the credit should have started January 1, 2024 to allow manufactures procure materials at scale and consumers the necessary lead time to take delivery, which was/has been impacted by supply chain woes.

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