E-Mini New EV Tx credit proposal
New EV Tx credit proposal
FWIW, note the battery size impacting rebate.
The main changes to the program when it was first announced earlier this year:
Remove the 200,000 vehicles per manufacturer cap
Keep the $7,500 incentive for new electric cars for 5 years
Make the $7,500 incentive a point-of-sale discount instead of tax credit
EVs with battery pack smaller than 40 kWh are limited to a $4,000 incentive
Add an additional $4,500 for EV assembled at union factories
Add another $500 for EVs using battery packs with 50% of components (including cells) are made in the US
After the first 5 years, the $7,500 becomes only for US-made electric vehicles and it applies for another 5 years.
They introduce price limits on the EVs eligible for the incentives:
Sedans under $55,000
SUVs under $69,000
Pickup trucks under $74,000
Vans under $54,000
They are also introducing caps on income to get access to the incentives, but they are fairly high at an adjusted gross income of up to $400,000 for individuals and up to $800,000 for joint filers.
Those that want the current version of the Mini best buy now and get the $7500 or wait and hope the 2023 has a battery pack somewhere north of 40kWh.
The main changes to the program when it was first announced earlier this year:
Remove the 200,000 vehicles per manufacturer cap
Keep the $7,500 incentive for new electric cars for 5 years
Make the $7,500 incentive a point-of-sale discount instead of tax credit
EVs with battery pack smaller than 40 kWh are limited to a $4,000 incentive
Add an additional $4,500 for EV assembled at union factories
Add another $500 for EVs using battery packs with 50% of components (including cells) are made in the US
After the first 5 years, the $7,500 becomes only for US-made electric vehicles and it applies for another 5 years.
They introduce price limits on the EVs eligible for the incentives:
Sedans under $55,000
SUVs under $69,000
Pickup trucks under $74,000
Vans under $54,000
They are also introducing caps on income to get access to the incentives, but they are fairly high at an adjusted gross income of up to $400,000 for individuals and up to $800,000 for joint filers.
Those that want the current version of the Mini best buy now and get the $7500 or wait and hope the 2023 has a battery pack somewhere north of 40kWh.
Speaking of the EV credit, I was in the process of collecting tax related things, and getting a form 8936 ready for my 2022 SE that i bought last year, but got held up. Is Mini supposed to supply me with a "manufacturer certification"? According to Turbotax:
I sent an inquiry to Mini, but wasn't sure if any here has any knowledge about filing for the credit. Thanks in advance.
Manufacturer's certification
The manufacturer of your qualified plug-in vehicle will provide you with a certification that your vehicle qualifies for the credit. The vehicle manufacturer’s certification will contain information on the make, model and year of your vehicle and which specific credit amount your vehicle qualifies for.I sent an inquiry to Mini, but wasn't sure if any here has any knowledge about filing for the credit. Thanks in advance.
According to the IRS NOT Turbotax:
"Generally, you can rely on the manufacturer’s (or, in the case of a foreign manufacturer, its domestic distributor’s) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies.
The manufacturer or domestic distributor should be able to provide you with a copy of the IRS letter acknowledging the certification of the vehicle."
https://www.irs.gov/instructions/i8936
So, no MINI is not supposed to supply you, it already supplied it to the IRS. MINI should be able to provide e you with a copy of the certification it supplied the IRS
But according to the IRS, you dont need it to file 8936.
https://www.irs.gov/businesses/irc-3...vehicle-credit
"Generally, you can rely on the manufacturer’s (or, in the case of a foreign manufacturer, its domestic distributor’s) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies.
The manufacturer or domestic distributor should be able to provide you with a copy of the IRS letter acknowledging the certification of the vehicle."
https://www.irs.gov/instructions/i8936
So, no MINI is not supposed to supply you, it already supplied it to the IRS. MINI should be able to provide e you with a copy of the certification it supplied the IRS
But according to the IRS, you dont need it to file 8936.
https://www.irs.gov/businesses/irc-3...vehicle-credit
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