New rules for EV credits/tax break

[Firebolter]

If you are in the market for a EV and want to take advantage of "tax credits", the list just got shorter of vehicles that are eligible.

Part of the "Inflation Reduction Act" (or the f_ck you america act as i call it) are new rules for EV's. Basically, if the EV in question is NOT made in NA, you don't get the credit. Note, some vehicles could be produced outside of the US and those models DO NOT qualify, so it has to be for vehicles built in the US.

I did like this one caveat

"One caveat to all of this is that anyone who had entered a binding purchase contract prior to the passage of the law can still claim the credit under the old rules, regardless of when the vehicle is finally delivered"

Yeah, and then 1 of the 87 thousand new IRS agents will come auditing you for tax evasion!

Seriously, if you are looking, check on the new rules, you might not qualify for tax credits.

Below is a list of the only vehicles that are currently on sale that qualify, according to the Energy Department, which cautions that some models are made in multiple locations and that only the North American-manufactured examples are eligible:

2022 Audi Q5 plug-in hybrid

2022 BMW 3-series plug-in hybrid

2022 BMW X5 plug-in hybrid

2022 Chrysler Pacifica Hybrid

2022 Ford Escape Plug-in Hybrid

2022 Ford F-150 Lightning

2022 Ford Mustang Mach-E

2022 Ford E-Transit

2022 Jeep Grand Cherokee 4xe

2022 Jeep Wrangler 4xe

2022 Lincoln Aviator Grand Touring

2022 Lincoln Corsair Grand Touring

2022 Lucid Air

2022 Nissan Leaf

2022 Rivian EDV

2022 Rivian R1S

2022 Rivian R1T

2022 Volvo S60 Recharge

2023 BMW 3-series plug-in hybrid

2023 Mercedes EQS SUV

2023 Nissan Leaf

Volkswagen has also started producing the ID.4 at its Chattanooga, Tennessee, factory and qualifying vehicles are expected to begin deliveries before the end of 2022.

[Wingfixer]

No Teslas on that list?

[Firebolter]

No Teslas on that list?

They were in the original "group" and the credit ran out on them after the sold XXXX thousands (200K I think). The other story I read said each year the list could be updated and changed, so it is not a set thing-

[Twist]

I'm thinking they just crushed the well monied folk desire for a trendy EV. Might be time to start reducing your position in Tesla.

[phoo]

The original structure for the EV credit seriously favored rich people by making it only available to people who could afford the initial purchase price and be able to float until they got the credit. The new structure is intended to help out people who need it.

I know many people who have Teslas. I can't think of any of them that couldn't afford the car without the $7500 government handout.


~Patrick