I think you should preface that with you found a used 2022 model (1,000 miles) that was better equipped with your original order AND $7,500 less. Now you can go and find another vehicle that actually qualifies for the 2022 $7,500 in December and then sell it in 2023 like the previous owner did for the 2022 MINI. That preserves your 2023 $7,500 tax credit!
Same up here in Quebec. Our incentive rebate dropped by a thousand bucks for cars delivered after June 30, and mine was built the last week of May; the last week of June, I was ready to sign my contract and pay a big down on a car that hadn’t yet left Southampton, but the dealership said that BMW owns the car until the moment it’s loaded onto a car-hauler at the local rail yard, destined for them, so no can do.
I am watching a webinar on the inflation reduction act provided by the largest tax software provider. Speaker said if you have a contract dated before 8/16..... No mention of binding, etc. I guess the experts read my question, and agree the contract binds the dealer...
https://www.reuters.com/business/autos-transportation/us-release-ev-tax-credit-battery-minerals-component-rule-march-2022-12-19/ WASHINGTON, Dec 19 (Reuters) - With a revamped $7,500 electric vehicle tax credit taking effect Jan. 1, the U.S. Treasury Department said on Monday it will delay until March its release of proposed guidance on the required sourcing of electric vehicle batteries. The announcement means some electric vehicles that will not meet the new requirements may have a brief window of eligibility in 2023 before the battery rules take effect.
No changes there, the SE's status as not qualifying hasn't changed. Meanwhile, though, Chevy Bolt buyers/potential buyers are celebrating.
Well those Bolt buyers better hurry before the manufacturer discounts are gone (to compensate for the 200,000 phase out).
By manufacturer's discounts, I assume you mean the reduced MSRP on a 2023, or the rebate on a 2022? (Point being, if Chevy thinks they can get people to pay more for a Bolt because it is apparently temporarily once again eligible for the full $7500 tax credit, they're going to have to be bit more overt about it, either declaring an increase in MSRP or an end to the previously open-ended rebate program. Doesn't mean they won't do it, of course.)
The Bolt owners who are subject to another recall (in an accident, the belt tensioners may cause a carpet fire) sure aren't celebrating.
Yeah, those suckers. BMW is soooo much better. I have a recall for my 1 series. Something about a PCV and fire with no known date for the fix, and an airbag recall too (not sure where I put the letter, its been so long). Suckers buying a GM instead of an awesome vehicle with superior engineering like a BMW. Glad I am not one of those suckers who now parks the car outside.
I’ve been waiting for an airbag for 6-7 years on my 3er. They sent me two letter this week reminding me about it… I don’t even bother anymore because the parts are NLA
If it is gonna blow, take me down with it. They replaced one of the airbags on the 3, then about a week later we got notice of the other. I gave the letter to the guy we sold the car to.
The IRS updated their guidance for claiming the previous tax credit. It looks like you are SOL if you (including me) didn't take delivery before the end of 2022. https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before
That guidance conflicts with the statutory notes from Congress. The below is from https://www.law.cornell.edu/uscode/text/26/30D ... click the 'Notes' tab and scroll down near the bottom to the section called "Effective Date of 2022 Amendment; Transition Rule". ------- Pub. L. 117–169, title I, § 13401(l), Aug. 16, 2022, 136 Stat. 1962, provided that: “Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that— “(1)after December 31, 2021, and before the date of enactment of this Act [Aug. 16, 2022], purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as defined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and “(2)placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act.”------- To claim the credit, one must file form 8936. Line 3 on this form asks for the date the vehicle was placed in service ... those statutory notes for the amendments made in 2022 as part of the inflation reduction act (notes that were passed by Congress in the text of the act, don't forget) give one permission to enter a date of 08/15/2022 on this line, if one meets the criteria the statutory notes spell out. The criteria spelled out do not limit "on or after" to 12/31/2022. And, if Congress had intended that to be limited to 12/31/2022, they would've specified the date as they do in other sections of the amendments made. As mentioned before, if the IRS wants to make life difficult, they certainly know how to do that... but they don't get to re-write what Congress passes. I, for one, feel confident this position will prevail if it comes down to a case in court. Hopefully it won't, but I am prepared if it does.
Honestly..... Thank makes a lot of sense thank you. After revisiting the IRS more recent guidance, they don't close the gray area we are talking about between the two paragraphs. Regarding the second part of the amendment: That is really interesting, makes me wonder if my car comes before I file taxes if I could claim it on my 2022 return.
For those who did receive their mini in 2022 and want to use the transition rule, a small improvement: the definition of a legally binding contract has been softened by the IRS… Sent from my iPhone using Inside EVs