Tax Credit Changes in new bill [LOCKED DUE TO POLITICS & ARGUING]

[TxBeachRivian]

Sounds like there will be changes in the new bill to income thresholds. Wonder what they may be.

https://www.cnn.com/2022/07/27/politics/schumer-manchin-deal-build-back-better/index.html

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[emoore]

Interesting. I don’t think there were income limits on the current EV rebate.

 

[R1Sky Business]

Just noise as of now...

 

[SANZC02]

Interesting. I don’t think there were income limits on the current EV rebate.

There are not but there were in a couple of the BBB bills this is replacing. There were also some versions with vehicle price limits to qualify as well. It will be interesting to see what the text of the bill is to see what iteration made the cut.

Of course what better time to put a 15% minimum corporate tax in place than during the highest inflation in decades.

 

[McMoo]

Sinema was a hold out on some provisions of BBB too, I suppose she’s on board for this otherwise they wouldn’t be promoting it.

No tax credits are necessary since there is high EV demand at this point and all companies are supply/production constrained so I don’t see the point of extending the credits for Tesla, GM and Toyota and what is the benefit of applying a credit to a used EV? The car is already built…

Selfishly, I just hope we aren’t impacted by the income cap once the R1S actually arrives.

 

[emoore]

Sinema was a hold out on some provisions of BBB too, I suppose she’s on board for this otherwise they wouldn’t be promoting it.

No tax credits are necessary since there is high EV demand at this point and all companies are supply/production constrained so I don’t see the point of extending the credits for Tesla, GM and Toyota and what is the benefit of applying a credit to a used EV? The car is already built…

Selfishly, I just hope we aren’t impacted by the income cap once the R1S actually arrives.

Yeah I’m really interested in what the cap will be.

 

[McMoo]

Yeah I’m really interested in what the cap will be.

I think the last version of BBB was $250k single and $500k married. There were also caps on vehicle cost. I think $80k for trucks and SUVs.

 

[ThatRivianGuy]

NPR has a draft of the bill up. $7500, in two $3750 parts. Battery reqs may hurt Rivian, not sure. orders after 12/31/2022. MSRP Cap for trucks and suv is $80k. pre-march increase orders should be good (R1T)

 

[Acoustic71]

I think the last version of BBB was $250k single and $500k married. There were also caps on vehicle cost. I think $80k for trucks and SUVs.

If anyone is "demanding" income limits you can rest assured that they will be lower than previous versions that have already been presented.

 

[McMoo]

$300,000 married or $150,000 single. You can use a look back to the prior tax year for income purposes to qualify. Suv and truck msrp cap is $80,000. It’s $55,000 for cars.

B) THRESHOLD AMOUNT.—For purposes of subparagraph (A)(ii), the threshold amount shall be—
‘‘(i) in the case of a joint return or a surviving spouse (as defined in section 2(a)), $300,000,
‘‘(ii) in the case of a head of house- hold (as defined in section 2(b)), $225,000, and
‘‘(iii) in the case of a taxpayer not de- scribed in clause (i) or (ii), $150,000.

 

[Acoustic71]

NPR has a draft of the bill up. $7500, in two $3750 parts. Battery reqs may hurt Rivian, not sure. orders after 12/31/2022. MSRP Cap for trucks and suv is $80k. pre-march increase orders should be good (R1T)

Couldn't find it. Link, please?

 

[ThatRivianGuy]

Couldn't find it. Link, please?

@Acoustic71

https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf

 

[Acoustic71]

https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf

Thank you!

 

[emoore]

I think the last version of BBB was $250k single and $500k married. There were also caps on vehicle cost. I think $80k for trucks and SUVs.

The vehicle caps would suck.

 

[McMoo]

The vehicle caps would suck.

Yup and they are even lower now. See above a few posts. I was planning on buying 2 new EVs. Thanks for the $15k tax hike if this passes.

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