Posted on 10/16/2022 1:24:31 PM PDT by ChicagoConservative27
I am an Enrolled Agent.
See this link for the list of vehicles that qualify for the Qualify Plug-in credit on form 8936 (IRC 30D).
https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit
This is a non-refundable credit with the unused part being carried forward to the next tax year. A non-refundable credit is limited to the calculated tax (2021 1040 page 2 line 16).
Don’t the E.V.s have to be ‘union-made’ to qualify?
Did they finally include Tesla products after rejecting Musk for leaving California?
Ironic, isn’t it? “As they keep pushing “green energy,” electricity prices will be off the charts.” EVs are horrendously expensive now, but the “fuel” for them will be unaffordable.
It certainly does appear they don’t want the proles owning any private transportation.
“Tax credits are preferable to tax deductions”
Provided buyers pay $7500 in Fed taxes in a year as I understand it. Maybe there is carry over from one year to the next?
Correct. For the most part.
There are no 2021-2022 Tesla models on the list.
Not a union shop. No credit.
He only got 10% of the CEFC deal, because others were involved.
He, normally, got 50%.
I got my $7,500 tax credit from my Ford Mach e, purchased over a year ago, under the old rules.
I would not be able to do so under the new rules. And I paid under the sticker price for it then. Now? LOL.
Don’t underestimate Joe’s ability to F things up.
What’s not to like? I pay way too much in taxes.
Take a chill pill.
Is that the current list, after the changes???
The Ford Mach e is made in Mexico, and doesn’t seem to be eligible for the full credit.
And aren’t there income limits, too?
“ The tax credit is paid by increased taxes on everyone.”
Incorrect.
Your tax rate doesn’t go up if I get a tax credit.
Actually, tax credits are applied as payments against any taxes owed. What you are describing are tax deductions.
—”And they immediately increased the prices by 7500”
Brandon’s inflation will add that much and more...
Such a deal.
How do you figure that a tax credit for someone else raises your taxes?
This IRC 30D list was updated August 16, 2022.
https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit
“Some manufacturers with vehicles assembled in North America have reached a cap of 200,000 EV credits and are therefore not currently eligible for the Clean Vehicle Credit.”
The Ford Mach e is on this list:
https://afdc.energy.gov/laws/electric-vehicles-for-tax-credit
It’s incredible that they would even come to this place.
Thank you for the clarification. I appreciate it.
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