Home Forums Discussions New USA EV Tax Credit IRS Stipulation updated Reply To: New USA EV Tax Credit IRS Stipulation updated

  • Scott Davis

    0 VF Points
    01/20/2023 at 07:37

    I think they doing it that way to make sure you will not try and double dip on the tax credit. Meaning as it is a tax credit until 2024 you have to add it to your taxes at end of year.

    Now lets us say that if they do go ahead and give the $7500 rebate on cost of vehicle. What is stopping people from trying to also claim the $7500 tax credit as well just to see if they would get denied or not. So I think this is why they want people to try the tax credit first and then if it gets denied they will cut a check to you in the amount of $7500.

    Now in 2024 they will start to qualify for the Tax Rebate which will only be $3750 as the vehicle will be made in North America along with the Batteries. Then the other $3750 will depend on how much mineral are mined at certain locations. Then that is when it become a Point of Sale Rebate. So it is just this year 2023 that it is a Tax Credit as they are working on logistics and transitioning on it being a Tax Credit to a POS REBATE.