Goes GM get 200k per brand or 200k per company? I would have assumed Caddy to get its own 200k?
Per Manufacturer.
Up-to-date list here: IRC 30D New Qualified Plug-In Electric Drive Motor Vehicle Credit | Internal Revenue Service
GM ran out because of these:
- Chevrolet Bolt 2017-2019, 2020
- Chevrolet Volt 2011-2019
- Cadillac CT6 Plug-In 2017-2018
- Cadillac ELR 2014, 2016
- Chevrolet Spark EV 2014-2016
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Is there a current list how far along the 200k mark is each manufacturer?
Depends on the dealer. I had one dealer insist every order is 20k over. Another lamented about how little allocation they would likely get - and that they would need to charge ADM.
There is not an official list, but there are a couple website that track. The OEMs have become increasingly cagey about sales numbers and breakdowns. Not long ago, all of them reported all their sales, every month, most with model breakouts. Some only report quarterly now.
Which is why I’ll say again: I am shocked GM hasn’t licensed the latest Volt platform to other OEMs who would milk it for the credit. It’s one of the best PHEV platforms out there.
The link I posted above get’s updated weekly I believe. Says last updated 5/11/22.
Also this - “IRS will announce when a manufacturer exceeds this production figure and will announce the subsequent phase out schedule (Plug-In Electric Drive Motor Vehicle Credit Quarterly Sales).”
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Im really hoping I get my Mach-E before this expires…
Subsidiaries all organized as 1 company through GM, vs someone like VW where Bentley, Audi, etc, are their own company
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What happens with Kia/Hyundai/Genesis then?
No idea how they’re organized
It’s on the referenced page
Genesis is a subsidiary of Hyundai, both brands are running against the same 200k to phase-out.
Kia is its own company, Hyundai just have an ownership stake (think Saab/GM), so they get their own 200k before phase-out.
I see Polestar got pulled out from Volvo now that Geely “owns” neither, so they each get their own 200k before phase-out.
I’m glad this got merged into its own thread and the one about BBB was closed since the BBB version is not happening, at least not in the next year.
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It takes an income way above $40k to incur $7500 in tax liability.
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The total tax line of your last 1040 might give you an idea how much of the Federal credit you can claim, assuming your 2022 income/deductions are similar. To your point, it’s not safe to assume based on just one’s income, and nobody at the dealership will be able to honestly advise you.
If you only make $40k annually you probably shouldn’t be purchasing an EV… or you’re really “good” at doing your taxes.
People did till they killed it. Fisker / Karma used the platform till 2020ish? I think they use bmw engines and batteries now.
Amen.
A couple of days ago I was asking some halfhearted hypothetical questions about a new Taycan, and when I mentioned the tax credit the sales guy said that they aren’t allowed to discuss the matter more than superficially, but then sort of whispered to me that he thought ineligibility kicked in somewhere around $200k in annual income.
And then I thought… “Sir, I have internet access and an index finger. I already know that’s wrong.”
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Is there a list of makes that allow you to apply this to leases?
Not really, each OEM sometimes only applies it to 1 and only 1 out of their entire electric fleet (Such as Kia who only applies it to the Niro and not the EV6)
Chrysler is the only one so far who applies it to all of theirs.
You have to check each one separately.
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