2023 Mach-E priced over $55K & delivered in 2023 will not qualify for tax credit! Latest IRS ruling says Mach-E is a CAR - not SUV !

[nvabill]

Good grief, you guys are gonna beat this issue to death, if the loss of the tax credit makes the price too high then don't buy it, it is what it is! Just a few short months ago the entire tax credit was going to be fazed out anyway! End of Rant!

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[mjs020294]

I’m surprised how many people were relying on tax credit? Is that the only reason you were gonna buy this car? Isn’t the credit only gonna be 3750?

It looks like the tax credit will be $7,500 initially because the IRS haven't had time to determine the battery origin requirements.

With the loss of tax credits and increase in MSRP the MME is getting pretty expensive. That coupled with falling used prices makes it a less attractive proposition.

 

[Logal727]

I gotta say the doom and gloom in this thread is depressing. No way Ford doesn’t figure this out or do a price adjustment. Especially if inventory starts to pile up. I think many on here were correct in saying the last price increase was mainly triggered by potential renewal of tax credits and not just increase in manufacturing costs.

 

[phil]

Most dont/wont pass a discount to the customer.

They will pass it on. No customer - or dealer - is going to give some random leasing company a $7500 "gift" that it has not earned. Leasing companies that try to pocket the credit for themselves will get zero business from affected EV models. All such leases will be written by more honest, or at least realistic, leasing companies.

This is $7500 times a substantial number of affected EVs for a substantial period of years. Far too big a market opportunity to be wasted or overlooked.

 

[mjs020294]

You have to supply the make, model, price, and VIN. Intentionally trying to claim a tax credit that you know you don’t qualify for is tax fraud. It’s hard to claim you didn’t know when the IRS provides a clear list.

Under the new rules you also have to supply your tax ID to the seller and they send the information to the IRS. I actually started my tax return on the H&R block site and you need a certificate number that comes with the car. The dealer must fill the certificate out and forward it to the IRS.

 

[Monke]

Under the new rules you also have to supply your tax ID to the seller and they send the information to the IRS. I actually started my tax return on the H&R block site and you need a certificate number that comes with the car. The dealer must fill the certificate out and forward it to the IRS.

Thank you for the heads up. Is this certificate requirement for before or after August 16 this year delivery?

 

[GTBuzz]

The certificate requirement appears to go into place on January 1, 2023, and I can't imagine dealers being up to speed on it even then, given that this requirement was not published until today AFAIK. I took delivery of my MME in October, and I did not receive the required notice nor did I have to provide my SSN to the dealer because the requirement did not exist yet.

EDIT - According to the documentation linked in this thread, the reporting requirements were actually published a couple of weeks ago. But that guidance confirms it only applies to calendar years 2023 and later.

 

[newmme]

I think many on here were correct in saying the last price increase was mainly triggered by potential renewal of tax credits and not just increase in manufacturing costs.

That is something Elon would do. Ford would not stoop to those levels of gouging customers.

 

[Logal727]

That is something Elon would do. Ford would not stoop to those levels of gouging customers.

Ok so they just got tired of not collecting ADM dealers were collecting. I think there’s still room for price adjustments and sales and incentives.

 

[BoilerUp]

The income limit is AGI, so if your salary is $150,001 you can still get in with standard deduction (with room to spare).

Add in some deductions like 401k and IRA contributions and you have some nice breathing room.

Although 401k and IRA contributions will affect your AGI, the standard deduction or itemized deductions will not.

 

[mjs020294]

Thank you for the heads up. Is this certificate requirement for before or after August 16 this year delivery?

I think its a new requirement. H&R Block have already updated their software and you can't get past the spot where it asks for the certificate number if you try and claim a tax credit. The information page mentions that the certificate of elligibility is shipped in the documentation package from the factory.

 

[HondaRacer]

I think its a new requirement. H&R Block have already updated their software and you can't get past the spot where it asks for the certificate number if you try and claim a tax credit. The information page mentions that the certificate of elligibility is shipped in the documentation package from the factory.

The dealer reporting requirements enacted by the IRA only apply to vehicles placed in service after 12/31/22. The only change for vehicles delivered in 2022 is the North America manufacturing requirement.

If I bought a car in 2022 before the IRA was even written, how would H&R Block suggest I go about claiming the credit?

 

[Dadams]

The dealer reporting requirements enacted by the IRA only apply to vehicles placed in service after 12/31/22. The only change for vehicles delivered in 2022 is the North America manufacturing requirement.

If I bought a car in 2022 before the IRA was even written, how would H&R Block suggest I go about claiming the credit?

Exactly it would be for next year tax filing not this year. Apparently H&R has the cart before the horse.

 

[Serialnerd]

I would be livid if I had one ordered and it didn't show up until shortly after the 1st.

That be me, car due on the 4th.

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