The best part is that $7500 is the bare minimum credit that’s given to businesses . It goes all the way upto $40k.
There is no limit on the number of credits your business can claim. For businesses, the credits are nonrefundable, so you can’t get back more on the credit than you owe in taxes. A 45W credit can be carried over as a general business credit.
The vehicle or machinery must also either be:
A plug-in electric vehicle that draws significant propulsion from an electric motor with a battery capacity of at least:
7 kilowatt hours if the gross vehicle weight rating (GVWR) is under 14,000 pounds
15 kilowatt hours if the GVWR is 14,000 pounds or more; or
It’s glorious.
Kellstar:
It’s glorious.
Or a monumental waste of taxpayer money!
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I’d only clarify that it’s passed through on the eDrive35 but not on the eDrive40 or the M50.
Sincerely,
Joseph Manchin III
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I only feel this way if I am not personally benefitting.
I view it as a way for me to recover some of my wasted tax money.
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anique
April 13, 2023, 8:28pm
48
How are you benefiting from it? The lease credit is going to the companies not the consumers.
In the case of the i4 35e, I do benefit.
1 Like
anique
April 13, 2023, 8:33pm
50
Welcome to the Forum. I strongly suggest you read other threads on the Federal tax credits, the lease pass through, and the buyout options. Listing some interesting threads below that might help:
5/5/23: Link to LH article that has an updated list:
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Not sure if this is where it goes but another thread had good info for anyone looking to “hack” the current loophole for the $7500 Fed credit for leasing:
The “pass-through” term is homage to another thread if someone gets the reference.
**
Multiple members have posted that Audi and VW are offering $7500 rebates via their captive finance.
1/25/23: Volvo has joined the party:
1/28/23: Polestar
2/1/23: Mitsubishi Outlander PHEV…
I have an Ioniq 5 reserved. I’ll be purchasing it when it arrives in 2 weeks. I haven’t asked the dealer about leasing it to get the $7,500 tax credit applied as a cap cost reduction. VW just started allowing this. A post on LeaseHackr suggested getting the VW lease and then refinancing at a better rate for immediate buyout.
Is this the kind of thing that Hyundai will start doing? Does Hyundai allow owners to buy out leases without a substantial penalty? The Hyundai chat is full of people ta…
Hello!
I am looking for a new car after selling my 2015 Audi A3. I’d like my new car to be an EV, but the list of cars that qualify for the EV tax rebate is small, and I don’t love any of them. I’m thinking of signing a lease on an EV and buying it out immediately to get the $7,500 lease credit on a greater set of cars.
I have never signed a lease before, so I am very inexperienced. Obviously, I don’t want to make a costly mistake. I did a lot of reading last night about leases, and I think I …
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This seems like the type of deal that you can put on swap a lease and get out of easily if you stop liking the car
I’m assuming this standard deal includes down payment, right?
IAC
April 18, 2023, 12:23pm
53
That’s just cap cost reduction.
Yes, but not thousands of dollars in taxes and fees.
2 Likes