Good Bye $7,500 tax credit!

[bpans]

This new bill passed senate, targeted to benefit low/medium income families and American economy. They have so many limits:

1) Income limit (150K for individual and 300K for family) - excludes folks with high income
2) Price limit - sedan 50K and suv 80k, removes luxury segments
3) Car to be manufactured in US and battery parts to be supplied from US and allies. - boost US economy.

Sad part is that Taycan won’t satisfy (2) and (3) if not all three.

This means this is the end for us to enjoy the $7,500!

Not sure anyone bummed to see this go or care much about it, but I do feel disappointed that I won’t get an additional saving of $7,500 as I am yet to get my allocation.

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[Kayone73]

This new bill passed senate, targeted to benefit low/medium income families and American economy. They have so many limits:

1) Income limit (150K for individual and 300K for family) - excludes folks with high income
2) Price limit - sedan 50K and suv 80k, removes luxury segments
3) Car to be manufactured in US and battery parts to be supplied from US and allies. - boost US economy.

Sad part is that Taycan won’t satisfy (2) and (3) if not all three.

This means this is the end for us to enjoy the $7,500!

Not sure anyone bummed to see this go or care much about it, but I do feel disappointed that I won’t get an additional saving of $7,500 as I am yet to get my allocation.

It's Sunday, I don't understand how this new bill just passed the Senate given congress is not in session until tomorrow.

Also I just did a quick Google search and could not find breaking news confirmation of this report.

 

[JimBob]

I think its that the tax credits have been cleared by the Senate Parliamentarian to remain in the tax package. The tax package has not yet been passed.

 

[tbinmd]

It's Sunday, I don't understand how this new bill just passed the Senate given congress is not in session until tomorrow.

Senate has been insertion since noon on Sat 8/6. They worked over night. Vote is happening right now for the amendments to the bill. They call it vote-a-rama. When all that is done, then the final vote for the bill will happen. Most likely later this afternoon or tonight.

https://www.senate.gov/legislative/floor_activity_pail.htm

 

[WattTurbo]

If this is true, does this apply to all Taycans where the owners haven’t file income taxes yet? I got mine at the end of March, so I wouldn’t be able to claim it until I file my taxes next year. So it means that I can no longer claim it? That doesn’t sound right.

 

[Jhenson29]

If this is true, does this apply to all Taycans where the owners haven’t file income taxes yet?

There’s another thread that discusses the details more. My understanding is that this won’t affect you.

 

[Jhenson29]

@WattTurbo the more recent discussion kind of starts below, if you’re interested.

https://www.taycanforum.com/forum/t...t-think-this-is-good.7370/page-13#post-176424

 

[tbinmd]

It will most likely go into effect in the new tax year 1/1/23

 

[bpans]

With the price cap, No porsche is going to get qualified for EV tax credit.

BTW if you already bought Taycan, you are good. I think the current $7,500 will hold good until President signs the bill which is not far from now.

 

[erhand25]

Let’s wait until president signs the bill.
A lot can happen between passing senate to going to president’s desk

 

[bpans]

Let’s wait until president signs the bill.
A lot can happen between passing senate to going to president’s desk

agree but senate is the long pole due to 50:50 split.

 

[KTC]

BTW if you already bought Taycan, you are good. I think the current $7,500 will hold good until President signs the bill which is not far from now.

Does the language of the bill, if passed, allow for grandfathering? Existing purchases in 2022? Or what?

 

[NewPdude]

Just read an article about this…. https://electrek.co/2022/07/29/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/ Basically the new provisions take effect 1/1/23…

 

[gnop1950]

Just read an article about this…. https://electrek.co/2022/07/29/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/ Basically the new provisions take effect 1/1/23…

EV Tax Credit the good news is that the 200,000 vehicle cap to receive the credit is being removed so Tesla will once again qualify. The bad news is that very few current EVs will qualify for the credit based on the cost caps and sourcing requirements. Up to 70% won't qualify according to the article and zero if the sourcing requirements go into effect immediately (they don't). Of course there are also income caps $150k/$300k single/joint that come into play as well.

It is a given that no Porsche will qualify on cost alone, never mind the sourcing requirements. Right now I think only the cheapest Model 3 and Model Y would qualify (if you don't add FSD to the top end Model Y). The Ford Mach-E and Chevy Bolt would likely still qualify

If you take delivery before 1 Jan 2023 you should be good. Maybe it will encourage manufacturers to create less expensive EVs and I believe that Ford, GM, Tesla, and others are already planning new battery factories in the US.

P.S. I don't personally believe this will have much effect on high end EVs like The Porsche Taycan. Even if some folks change their mind based on the credit Porsche can't make enough as it is and I'd suggest that only a small number of potential Taycan buyers are likely to be deterred by losing the tax incentive.

 

[Yugi]

Bill just passed. Next to house and to president.
Goodbye tax credits(at least for Porsche).

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