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Tax credit

918 Views 15 Replies 9 Participants Last post by  mjoseph61g, 
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www.fueleconomy.gov

Federal Tax Credits for Plug-in Electric and Fuel Cell Electric Vehicles Purchased in 2023 or After

Save up to $7,500 on qualifying vehicles!
www.fueleconomy.gov www.fueleconomy.gov

Good news everyone, it looks like the Silverado EV will qualify for the full tax credit.
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HawaiiEV
If the MSRP is under $80k
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Holeydonut
HawaiiEV said:
If the MSRP is under $80k
Click to expand...

And If the buying household makes under $150k/single or $300k/married-jointly
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Burbman
Just read the Commercial Vehicle rules. Looks like business owners will be able to take the full credit regardless of MSRP. This is going to be the big market for the higher end EV's. (Might have to have a word with the bossman)
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mightybobo
Burbman said:
Just read the Commercial Vehicle rules. Looks like business owners will be able to take the full credit regardless of MSRP. This is going to be the big market for the higher end EV's. (Might have to have a word with the bossman)
Click to expand...
Sorry to be lazy but mind showing what states that?

I'm expecting to get $0 on my first edition lol
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Burbman
There is a link in the paragraph just before the "NOTE" section on the attached article.
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Holeydonut
Yeah this was a common loophole back in the previous EV tax credit. The Tesla Model X with it's ~$100k price tag (at that time, so it's more like $120k now) could be a business expense and qualified for the EV tax credit regardless of income or vehicle price limits. I guess it's not really a loophole if everyone drives a truck through it and the rules don't change to prevent it heh.
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mightybobo
Oh I clearly misread - BUSINESS owners.

Yeah that's not me :)

Thanks!
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irmickey1
Holeydonut said:
And If the buying household makes under $150k/single or $300k/married-jointly
Click to expand...
Soo correct depending on income to receive full $7500.
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D
mightybobo said:
Oh I clearly misread - BUSINESS owners.

Yeah that's not me :)

Thanks!
Click to expand...
The requirement says, "individuals and their businesses" which means individuals that this is applicable to individuals self employed by their small business or a.k.a. "doing business as" or DBAs. That's a little bit different than "Business owners"
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Holeydonut
djmobil2 said:
The requirement says, "individuals and their businesses" which means individuals that this is applicable to individuals self employed by their small business or a.k.a. "doing business as" or DBAs. That's a little bit different than "Business owners"
Click to expand...

Yeah, based on the existing language... I think if you're a 1099 contractor that uses this vehicle under a lease as a business expense, it seems like $7,500 could be headed your way regardless of the price of the car or your household taxable income.

Obligatory disclaimer, I am not qualified for anything useful and my only credentials are that I have a picture of a cat in my avatar.
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Burbman
Holeydonut said:
Yeah, based on the existing language... I think if you're a 1099 contractor that uses this vehicle under a lease as a business expense, it seems like $7,500 could be headed your way regardless of the price of the car or your household taxable income.

Obligatory disclaimer, I am not qualified for anything useful and my only credentials are that I have a picture of a cat in my avatar.
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That is a cat?
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HillCountryHybrid
Hmmm. Just found out that Texas has dropped their EV incentive program, and is in the process of penalizing EV drivers to the tune of $200 per year. The joys of one party ownership of your state, and reason #27 for my move out of this state.
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mightybobo
HillCountryHybrid said:
Hmmm. Just found out that Texas has dropped their EV incentive program, and is in the process of penalizing EV drivers to the tune of $200 per year. The joys of one party ownership of your state, and reason #27 for my move out of this state.
Click to expand...
But I heard that everyone is flocking there, what with their incredibly robust electrical infrastructure and all lol
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HawaiiEV
The 4th fastest growing behind Florida, Idaho and South Carolina.

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mjoseph61g
Holeydonut said:
Yeah, based on the existing language... I think if you're a 1099 contractor that uses this vehicle under a lease as a business expense, it seems like $7,500 could be headed your way regardless of the price of the car or your household taxable income.

Obligatory disclaimer, I am not qualified for anything useful and my only credentials are that I have a picture of a cat in my avatar.
Click to expand...
Hi. I leased an EV and the $7500 went to the dealership and came off the MSRP. I believe this is standard when you lease an EV.
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