New EV incentive: income verification?

[Richard Tanner]

The new EV stimulus has limits on income for one to qualify. I haven’t found information on how they will verify your income. Do you need to go to the dealer with your 1040 tax returns? Is it based in your W2? Will it be based in your 2022 taxes?

Anyone seen or read something that clears this up?

 

[shepdave]

I have not read the law, but I imagine the dealer will not have anything to do with it. Under the current system, the incentive is in the form of a tax credit. We actually saw the money for our 2022 Niro EV when we filed our income tax. I would guess something similar will happen with the new scheme.

 

[Richard Tanner]

Yea I’m familiar with the current incentive. Not sure that’s how this new incentive will work though. The bill says it’s a “point of sale” credit. Meaning you get right then and there when you purchase the vehicle. To my knowledge the bill doesn’t specify how this will be accomplished. Hopefully someone here has some incite or maybe I am missing something.

 

[electriceddy]

I would expect a pre-approval method would have to be applied, similar to the provincial EV rebate incentive recently re-vamped here in B.C. Canada

 

[marshall]

Yea I’m familiar with the current incentive. Not sure that’s how this new incentive will work though. The bill says it’s a “point of sale” credit. Meaning you get right then and there when you purchase the vehicle. To my knowledge the bill doesn’t specify how this will be accomplished. Hopefully someone here has some incite or maybe I am missing something.

I think you will have to wait until the secretary writes up the regulations and guidelines, providing this bill crosses the finish line. The secretary has until Dec 31, 2022 get the regulations and guidelines in place.