$7500 Tax Credit

[Lucken]

There's only one problem with all of this, we still don't know what the final bill will change if it passes. This may all be moot if the $50,000 ceiling is enacted, or the basics will remain unchanged or it will be some kind of modification to the existing bill. It's still up in the air.

 

[chris]

^ I thought that bill was completely dead already? Is it really still on the table?

 

[Lucken]

^ I thought that bill was completely dead already? Is it really still on the table?

I don't think the tax credit aspect is DOA quite yet. Unless somebody knows something I haven't heard.

 

[HC_79]

There's only one problem with all of this, we still don't know what the final bill will change if it passes. This may all be moot if the $50,000 ceiling is enacted, or the basics will remain unchanged or it will be some kind of modification to the existing bill. It's still up in the air.

That bill isn't getting anywhere. He can't even get his own party to agree with it let alone try and convince some republicans to vote for it.

 

[Lucken]

That bill isn't getting anywhere. He can't even get his own party to agree with it let alone try and convince some republicans to vote for it.

From your mouth......

 

[HC_79]

Even if it somehow scrapes through it's in everyones best interests in here that it's delayed as long as possible. Once enacted Lucid is out of the running for any Federal tax credit due to the price of the car. Not even the Air Pure will qualify

 

[borski]

If by "tax bill" you mean the total of tax for that calendar year, then you are correct. But whether or not a taxpayer gets a refund or pays the amount due (total taxes owed minus taxes paid throughout the year) is irrelevant. Anyone who can afford $169K for a car will have a tax over $7500, and so everyone will get this credit.

This isn’t necessarily true. It’s a non-refundable credit, and in my case where I’m taking a year or so off to travel and be unemployed, it is unclear whether or not I’ll get the full amount.

 

[borski]

So I have an additional question. I paid for my car in December, but did not get delivery until January 7. I assume I get the tax credit for the 2021 calendar year. Anyone know if that is correct? (I do not have a tax accountant -- crazy maybe, but my taxes are relatively easy to complete)

Nope. It’s based on when the vehicle was placed “in service” which means delivered to you and usable. Thus, your credit will be for tax year 2022, same as mine.