[adrenaline256]

On a side note, can anyone shed some light into whether the 30% tax credit for installing home EVSE is out/expired. I read somewhere that the home EVSE rebate ended after 2021. Is that true?

 

[JToddK]

On a side note, can anyone shed some light into whether the 30% tax credit for installing home EVSE is out/expired. I read somewhere that the home EVSE rebate ended after 2021. Is that true?

Yes, that's true. See the IRS instructions for form 8911 if you need a citation.

 

[ikaramba]

Is there an income cap to get the tax credit? Like, if you make above certain amount, you are not qualified to get the credit?

 

[M3HNGRY]

Is there an income cap to get the tax credit? Like, if you make above certain amount, you are not qualified to get the credit?

I'm assuming this still valid?

 

[Magicrat]

I'm assuming this still valid?

I thought you had to make at least a certain amount to get the tax credit. Basically they give you a credit for what you owe in taxes up to $7,500. So if you owe $4,000 in taxes that would be your tax credit.

 

[ikaramba]

I am talking about the other end of the spectrum. I remember reading somewhere that if you are making above a certain amount (I think $300K or above for married filing jointly), you are NOT eligible for the rebate. I can't remember where I read it.

 

[ssh]

I am talking about the other end of the spectrum. I remember reading somewhere that if you are making above a certain amount (I think $300K or above for married filing jointly), you are NOT eligible for the rebate. I can't remember where I read it.

Not yet. This was proposed recently but I don’t believe it went through (yet?).

 

[Magicrat]

I am talking about the other end of the spectrum. I remember reading somewhere that if you are making above a certain amount (I think $300K or above for married filing jointly), you are NOT eligible for the rebate. I can't remember where I read it.

Wouldn't be a problem for me................... 🤣 🤣

 

[JToddK]

I am talking about the other end of the spectrum. I remember reading somewhere that if you are making above a certain amount (I think $300K or above for married filing jointly), you are NOT eligible for the rebate. I can't remember where I read it.

No income limit in the law as it's written today. (I've got to emphasize "today," since we're talking about laws and taxes.) The specific instructions for Tax Year 2022 are in the IIRS Instructions for the credit Instructions for Form 8936 (01/2022) | Internal Revenue Service (irs.gov)

IMHO, it's unlikely BMW will hit the phase out for # of cars in 2022. For 2023 purchases, claiming the credit for TY 2023 in 2024, I'm less clear on the full 100% ($7,500, non-refundable credit). Depending on sales, the phase out rule is: The phaseout begins in the second calendar quarter after the quarter in which the 200,000th vehicle was sold. Then the phaseout allows 50% of the full credit for 2 quarters, 25% of the full credit for 2 additional quarters, and no credit thereafter.

 

[JoeK]

No income limit in the law as it's written today. (I've got to emphasize "today," since we're talking about laws and taxes.) The specific instructions for Tax Year 2022 are in the IIRS Instructions for the credit Instructions for Form 8936 (01/2022) | Internal Revenue Service (irs.gov)

IMHO, it's unlikely BMW will hit the phase out for # of cars in 2022. For 2023 purchases, claiming the credit for TY 2023 in 2024, I'm less clear on the full 100% ($7,500, non-refundable credit). Depending on sales, the phase out rule is: The phaseout begins in the second calendar quarter after the quarter in which the 200,000th vehicle was sold. Then the phaseout allows 50% of the full credit for 2 quarters, 25% of the full credit for 2 additional quarters, and no credit thereafter.

The bigger concern is if they somehow pass something this year, like the last proposal which cut off tax credits for cars over 50/55K.

 

[JToddK]

The bigger concern is if they somehow pass something this year, like the last proposal which cut off tax credits for cars over 50/55K.

Political prognostication is not my forte. At the risk of getting political, I just don't see something like the BBB bill getting thru in this legislative year. November could change things for 2023, but I won't try to predict which way. i was happy to see the infrastructure bill get some $ to support EV charging, but that's another thread (or two).

 

[PTB]

Looks like Manchin is pushing to drop all things clean energy in the bill. Good news for us in the short term

 

[adrenaline256]

Looks like Manchin is pushing to drop all things clean energy in the bill. Good news for us in the short term

As much as I want the others to benefit from the BBB bill, losing the $7500 credit will sting a bit esp with how much tax Im paying uncle Sam. So in a way, I cant believe Im saying this, but I am rooting for Joe Manchin...(P.S: Pl dont tell my wife...lol)

 

[rollermonkey]

...and meanwhile, once again we wait over three months after a quarter has ended for the IRS to update the numbers.

 

[cticchi14]

Hey everyone,

I just checked the IRS website official list for the $7500 EV tax credit eligibility and it looks like the i4 (both edrive40 and m50) are both included. Not sure if this is old news but I know that there was some uncertainty about it in the past and with the new proposed legislation earlier last year.

I'm hoping that I can take advantage of this tax credit and believe this will be a game-changer to many for us here in the US. One question that I still need confirmed is whether or not the credit will be available if you lease. I have heard differing opinions on this...

View attachment 5695

Hi! Do you know if this changed for 2023? I dont See the i4 posted anywhere on the IRS website

 

[BW13]

Hi! Do you know if this changed for 2023? I dont See the i4 posted anywhere on the IRS website

The i4 currently does not qualify unless you bought it with a signed contract prior to the new law taking effect. Additionally, even if you sneak in and avoid the not built in the US problem, there's still a price limit and income limit which would eliminate most

 

[Technic]

The i4 currently does not qualify unless you bought it with a signed contract prior to the new law taking effect. Additionally, even if you sneak in and avoid the not built in the US problem, there's still a price limit and income limit which would eliminate most

The i4 does not qualify for the tax credit since December 31, 2022, regardless of signed contract.

 

[Magicrat]

I received my car in August 2022.........if I meet the income requirements I should get the credit. I urge all to talk to a tax consultant to see if you qualify.

 

[Technic]

I received my car in August 2022.........if I meet the income requirements I should get the credit. I urge all to talk to a tax consultant to see if you qualify.

Final IRS guidance (Dec 29, 2022):

If delivery was between August 16 and December 31, 2022, and a written binding contract was signed for purchase on or before August 15, 2022 then tax credit can be granted for tax year 2022 (transition rule)

Any delivery on or after August 16, 2022 without a signed contract does not qualify for the tax credit in tax year 2022 (final assembly exclusion).

A written binding contract signed on or before August 15, 2022 without delivery before January 1, 2023 means nothing - no tax credit at all for any i4. (all exclusions : price, income, final assembly).

 

[JToddK]

A written binding contract signed on or before August 15, 2022 without delivery before January 1, 2023 means nothing - no tax credit at all for any i4. (all exclusions : price, income, final assembly).

Unfortunately, as it stands now, I agree. The language of the Transition Rule in the IRA did not set date limits for delivery. The IRS set them based on the delivery transaction occurring during the tax year. Not unreasonable and within their powers. I can hope that they will also allow TR sales to use the old rules for Tax Year 2023, but it's a long shot.