New rules for EV credits/tax break
Posted: Wed Aug 17, 2022 10:45 am
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.
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.