U.S. Treasury delays EV tax credit guidance until March 2023

[MotorCityR1S]

WASHINGTON — The U.S. Treasury Department on Monday said it will issue proposed guidance for the critical mineral and battery component requirements in March, effectively delaying those eligibility restrictions in the $7,500 tax credit for new electric vehicles.

Hope this helps those that won't get deliveries by Dec. 31...

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[Count Orlok]

no problem as we never file before July or August anyway.

 

[NY_Rob]

The hope is that the 2022 requirements will stay in effect till March of 2023 so us Jan-Feb delivery folks will still fall under the 2022 IRS codes that don't spell out battery sourcing, etc..

 

[Tucker74]

Nice - I’m 2-4 weeks out from delivery per my guide, had been lamenting being so close to the credit cutoff.

 

[EVentually]

Heh, I chose a truck with ocean coast interior and 20" AT brights because of the tax credit. Hope I don't regret it. This is still great news for everyone else who would've just barely made the cutoff.

 

[Prime]

This is awesome news! Thanks for sharing!

 

[Donald Stanfield]

Income limits still apply it looks like. Im glad I took delivery this year.

 

[SANZC02]

Income limits still apply it looks like. Im glad I took delivery this year.

That is the beauty of retirement, you get to choose what your income is. At least until you hit the dreaded age of RMD.

 

[Forager]

Has there been confirmed news that the binding agreements aren’t sufficient, or is everyone just assuming they won’t be valid? I’m really banking on that agreement to suffice for a summer delivery.

 

[SDH]

Can someone explain to me why it is (was) you needed to have the vehicle delivered in 2022 to qualify for the credit (sorry, bit new to this - and the US tax system). Cheers.

 

[DTown3011]

Can someone explain to me why it is (was) you needed to have the vehicle delivered in 2022 to qualify for the credit (sorry, bit new to this - and the US tax system). Cheers.

You don't if you signed a binding purchase agreement. If you did, all the 2022 rules apply next year and you can take the credit next year.

 

[SANZC02]

Can someone explain to me why it is (was) you needed to have the vehicle delivered in 2022 to qualify for the credit (sorry, bit new to this - and the US tax system). Cheers.

There are some threads in here discussing it. Basically, the tax credit is changing, there will be vehicle cost limits (80k for truck and SUV), income limits, as well as final assembly and material sourcing restrictions.

 

[Riviot]

What happened to the IRC 30D becoming refundable? I just realized it remained non-refundable, meaning $1k from my Lightning purchase is gone to the wind...

 

[SilverII]

What happened to the IRC 30D becoming refundable? I just realized it remained non-refundable, meaning $1k from my Lightning purchase is gone to the wind...

create more liability - sell some profitable stocks, roth conversion, etc

 

[Riviot]

sell some profitable stocks

Like $RIVN ? ?

The irony is I stopped actively managing fun stocks last December (for better or worse) and moved to an S&P index. I only have a Roth anyway and already maxed it out this year. Banking on that high-3 retirement, just gotta make CWO... ?

I have more tax liability from last year, and likely will next year. I'm no millionaire presidential contender, but is there a way to shift these?

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