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$12,500 tax credit possible?

Brian Head Yankee

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It will be passed under the reconciliation process by a simple majority, which the DEMS have. Filibuster will not come into play on budget bills.
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EaglesPDX

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Keep in mind Ford has not hit the limit yet on the $7,500 but probably will in early 2022 with MachE and F-150's delivering.

But the full credit is still 6 months after the 200,000 current limit is hit and then goes down 25% every 3(?) months. By the time I got my Model 3 Tesla it was $3,597 from the Feds and $2,500 from OR.

So probably all of the 2022 MachE and F-150's will get near full Federal credit.

For people who withhold so much that they have no tax liability to use, you'd want to cut your withholding for 2022 so you can use the potential $13,500 Federal tax credit. Prudent to put the money in special savings account in case you don't buy the F-150 (or any EV) in 2022.
 

Brian Head Yankee

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We are talking in circles now - most of these comments were stated on page 1
 

shutterbug

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For people who withhold so much that they have no tax liability to use, you'd want to cut your withholding for 2022 so you can use the potential $13,500 Federal tax credit. Prudent to put the money in special savings account in case you don't buy the F-150 (or any EV) in 2022.
Withholding rate has no impact on tax liability. Also, where are you getting $13,500 from?
 

EaglesPDX

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Withholding rate has no impact on tax liability.
No one said it did. But if you want to take advantage of the tax credit, you would want to reduce your withholding so you have enough of a tax bill at end of the year to take advantage of the tax credit.
Also, where are you getting $13,500 from?
From the new infrastructure bill that:

1. Eliminates the 200,000 EV limit that has GM and Tesla vehicles (and soon Ford) to not qualify for the tx credit.

2. Increases the tax credit to $13,500 for US built EV's, Ford F-150 EV.
 

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MickeyAO

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No one said it did. But if you want to take advantage of the tax credit, you would want to reduce your withholding so you have enough of a tax bill at end of the year to take advantage of the tax credit.
Your tax bill is your tax bill regardless of how much withholdings you had. If I withhold more than my tax bill, I get a refund. The same case here...it will reduce your tax bill and you will get a refund regardless of how much withholding you had.
 

shutterbug

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No one said it did. But if you want to take advantage of the tax credit, you would want to reduce your withholding so you have enough of a tax bill at end of the year to take advantage of the tax credit.
Total nonsense!!! The tax credit is applied to your tax liability. It does not matter what tax payment you made. That's all withholding is. An estimated tax payment to cover your tax liability.
From the new infrastructure bill that:

1. Eliminates the 200,000 EV limit that has GM and Tesla vehicles (and soon Ford) to not qualify for the tx credit.

2. Increases the tax credit to $13,500 for US built EV's, Ford F-150 EV.
The current proposal is for $12,500 tax credit. Hense the title of this thread.
 

Sgt Beavis

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Biden and the Republican's have an infrastructure deal.
https://www.cnbc.com/2021/06/24/bip...kely-omit-major-climate-change-measures-.html

I can't find specifics yet but it mentions that several Climate Change measures were removed from the bill. That could include the expanded EV tax credit. However it also mentions that these mentions will likely be part of a different bill that the Democrats will pass using reconciliation.
 

vandy1981

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I would love for the F-150L to qualify for a $12,500 credit, but I'm not sure the market needs the incentive any more, especially for high end vehicles.

I've used the BEV tax credit twice--once in 2014 for a C-Max and 2020 for an I-Pace. In 2014, the credit did sway me towards getting a PHEV vs a standard hybrid. In 2020, I was already committed to getting a BEV with or without the credit so the incentive was really wasted on me.

The current credit is designed in a way that only benefits the people who have a high enough tax liability, and those people are generally going to be less influenced by price than by having the newest, shiniest electric vehicle. I think a revised tax credit should be available at point of sale and should have an MSRP limit to accommodate more people. I happily claimed the credit for the I-Pace, but I don't think we need to be subsidizing luxury electric vehicles made by Porsche, Audi, Mercedes, etc. Instead, we should be subsiding vehicles in the $30-$40k range because that will have a bigger impact on purchasing decisions .

I'd be interested in seeing data that shows how much influence the credit has on those trying to decide between an ICE vehicle and a BEV, especially at higher income brackets.

I'm wondering how controversial this opinion is but am sure I'll find out soon...
 

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vandy1981

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I read one section of the bill and it said if Lariat or Platinum was in the trim name it would not qualify for the tax credit. ;)
Honestly all trucks with power up/down tailgates should be disqualified from the credit ;)

You have to admire Ram for having the self-respect to stay out of the powered tailgate and EV incentive game...
 

shikataganai

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Details still sparse but this is presumably what is passable:

https://www.whitehouse.gov/briefing...-for-the-bipartisan-infrastructure-framework/

  • Build a national network of electric vehicle (EV) chargers along highways and in rural and disadvantaged communities. The largest investment in EV infrastructure in history, the Bipartisan Infrastructure Framework will accomplish the President’s goal of building 500,000 EV chargers.
  • Electrify thousands of school and transit buses across the country to reduce harmful emissions and drive domestic manufacturing of zero emission vehicles and components.
$7.5B for EV infrastructure. Another $7.5B for Electric buses/transit. No more specifics than this to be found, as far as I can tell. The EV tax credit apparently will live on in its current form for now.
 

timothykf

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Ohio already has a surcharge: Hybrid = $100.00 and Electrict = $200 in additional annual tax
 

EVSport7

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I would love for the F-150L to qualify for a $12,500 credit, but I'm not sure the market needs the incentive any more, especially for high end vehicles.

I've used the BEV tax credit twice--once in 2014 for a C-Max and 2020 for an I-Pace. In 2014, the credit did sway me towards getting a PHEV vs a standard hybrid. In 2020, I was already committed to getting a BEV with or without the credit so the incentive was really wasted on me.

The current credit is designed in a way that only benefits the people who have a high enough tax liability, and those people are generally going to be less influenced by price than by having the newest, shiniest electric vehicle. I think a revised tax credit should be available at point of sale and should have an MSRP limit to accommodate more people. I happily claimed the credit for the I-Pace, but I don't think we need to be subsidizing luxury electric vehicles made by Porsche, Audi, Mercedes, etc. Instead, we should be subsiding vehicles in the $30-$40k range because that will have a bigger impact on purchasing decisions .

I'd be interested in seeing data that shows how much influence the credit has on those trying to decide between an ICE vehicle and a BEV, especially at higher income brackets.

I'm wondering how controversial this opinion is but am sure I'll find out soon...
I think we should have more credit for trucks and SUVs. Whether that be $5k/$10k or something really crazy like $7.5k/$15k. Have the limit capped at $80k or $100k. That way you can still get a Porsche if you want, you just aren't going to get as much value vs a cheaper car

Only helping cheap cars does nothing here. People want to drive trucks and SUVs. Those bigger vehicles require lots of batteries so they are going to remain high for quite some time. They are also bigger polluters and keeping them off the road is kind of the point, right?
 

PungoteagueDave

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No one said it did. But if you want to take advantage of the tax credit, you would want to reduce your withholding so you have enough of a tax bill at end of the year to take advantage of the tax credit.

From the new infrastructure bill that:

1. Eliminates the 200,000 EV limit that has GM and Tesla vehicles (and soon Ford) to not qualify for the tx credit.

2. Increases the tax credit to $13,500 for US built EV's, Ford F-150 EV.
completely wrong. You get the tax credit if you pay taxes exceeding the credit during the year, whether you pay them through withholdings, estimated payments, or at the time of filing. The only requirement is that your total tax liability for the entire year meet or exceed the credit amount. If your Federal income tax is less, your credit is less, so your taxes are zero. I am a CPA.

This is all moot, however, as there’s no way there will be another EV credit. Even the left is embarrassed by the abuses seen where rich folks buying Teslas and other high end EVs are being subsidized by mortgaging the futures of our grandchildren (yes, I’ve owned three Teslas and participated in this immoral sham). There are various proposals. Lots of things are proposed. It didn’t survive the first infrastructure deal and it won’t survive the next, which I predict will go down in flames anyway despite the reconciliation techniques, due to roughly five house Dems with spines who understand the toxic nature of the embedded social and green proposals.
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