Corrected - 2023s purchased in 2022 will qualify for federal tax credit

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Scooby24

Scooby24

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And guidance WAS provided, yesterday. MSRP rule was clarified to apply after 12/31. I can see why the IRS was hesitant to publish the MME....2 days away from EOY to make a decision if MSRP would have been a qualifier.

Sorry to scare folks - I'll update the thread title but keep the information

https://www.irs.gov/pub/taxpros/fs-2022-42.pdf

Topic C: When the New Requirements Apply to the New Clean Vehicle Credit Q1. On the day after the Inflation Reduction Act of 2022 became law (August 16, 2022), did any requirements for taxpayers or vehicles to qualify for the credit for new clean vehicles change? (added December 29, 2022) A1. Yes, after August 16, 2022, a new clean vehicle must have had its final assembly in North America to be eligible for the credit. There is a transition rule for vehicles purchased before August 16, 2022. Additional changes begin January 1, 2023. Q2. What additional changes to the credit apply for vehicles placed in service on or after January 1, 2023? (added December 29, 2022) A2. The most significant changes to the credit for vehicles delivered on or after January 1, 2023, include: • The minimum battery capacity is increased to 7 kilowatt hours • Vehicles must be made by a qualified manufacturer (see Topic A, FAQ 9 for more detail) • MSRP limitations apply, based on the type of vehicle (see Topic B, FAQs 2 and 5 for more detail) • Income limits apply to taxpayers (see Topic B, FAQ 1 for more detail) • The taxpayer must report the vehicle identification number (VIN) of the vehicle on the taxpayer's income tax return • Sellers must provide reports to the taxpayer and the IRS regarding the sale of the vehicle
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mache2022_2023

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Yes 2023 doesn't qualify for CA tax credit ($2000) https://cleanvehiclerebate.org/en/eligible-vehicles reason the models listed are 2021 and 2022 and when I tried to still go ahead and enter the form, it was not able to validate the VIN saying invalid Vin for Mustang, I then called Helpdesk and they said the don't have 2023 listed and don't have data to verify Vin and then I called Ford Marketing and after a long wait they said they don't have proper details on this and asked me to reach them after a month or so. So if 2023 is not listed on any Tax credit/rebate website then most probably 2023 won't qualify for that rebate. So let's see if Ford works with these websites and adds 2023 to the list..till then fingers crossed.
 

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And guidance WAS provided, yesterday. MSRP rules was clarified to apply after 12/31. I can see why the IRS was hesitant to publish the MME....2 days away from EOY to make a decision if MSRP would have been a qualifier.

Sorry to scare folks - I'll update the thread title but keep the information

https://www.irs.gov/pub/taxpros/fs-2022-42.pdf
Thanks for digging into this! I'll probably pull the trigger on the GTPE tomorrow then.
 
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Thanks for digging into this! I'll probably pull the trigger on the GTPE tomorrow then.
You bet! Sorry for the scare, but with these inconsistencies, I wouldn't have trusted the IRSs wording when it sure looks to me like they were concerned about MSRP potentially going into effect.

The transit is a truck and isn't over 80k so it would have qualified for MSRP

The MME is a car per the IRS and is 55k limit so many wouldn't qualify.

If the guidance yesterday had recommended the MSRP go into effect 8/17 that would have been a major caveat.

Still just my interpretation but it makes sense to me.
 
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jinshan4ever

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Yes 2023 doesn't qualify for CA tax credit ($2000) https://cleanvehiclerebate.org/en/eligible-vehicles reason the models listed are 2021 and 2022 and when I tried to still go ahead and enter the form, it was not able to validate the VIN saying invalid Vin for Mustang, I then called Helpdesk and they said the don't have 2023 listed and don't have data to verify Vin and then I called Ford Marketing and after a long wait they said they don't have proper details on this and asked me to reach them after a month or so. So if 2023 is not listed on any Tax credit/rebate website then most probably 2023 won't qualify for that rebate. So let's see if Ford works with these websites and adds 2023 to the list..till then fingers crossed.
what a bummer! I hope the 2023 to be added soon, there is no reason as it essentially the same car as 2022.
 


generaltso

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what a bummer! I hope the 2023 to be added soon, there is no reason as it essentially the same car as 2022.
It doesn't have to be on the list. The requirements for the tax credit in 2022 are dead simple, and the 2023 MME meets those requirements. The list is meant to be a quick reference. Just because something isn't on the list doesn't mean it isn't eligible. People are making this way more complicated than it is. Save all the complication for 2023 because that's when it really does get more complicated.
 

jinshan4ever

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It doesn't have to be on the list. The requirements for the tax credit in 2022 are dead simple, and the 2023 MME meets those requirements. The list is meant to be a quick reference. Just because something isn't on the list doesn't mean it isn't eligible. People are making this way more complicated than it is. Save all the complication for 2023 because that's when it really does get more complicated.
appreciate the reply but I think there might be misunderstanding? I am referring the California rebate program (CVRP). Without having the (2023) VIN number in their list/system we are unable to even get an application submitted…
 

generaltso

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appreciate the reply but I think there might be misunderstanding? I am referring the California rebate program (CVRP). Without having the (2023) VIN number in their list/system we are unable to even get an application submitted…
Sorry. This thread was about the federal tax credit. I didn't realize that the topic changed to a state-specific rebate. I guess I should have read closer.
 

devmach-e

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Yes 2023 doesn't qualify for CA tax credit ($2000) https://cleanvehiclerebate.org/en/eligible-vehicles reason the models listed are 2021 and 2022 and when I tried to still go ahead and enter the form, it was not able to validate the VIN saying invalid Vin for Mustang, I then called Helpdesk and they said the don't have 2023 listed and don't have data to verify Vin and then I called Ford Marketing and after a long wait they said they don't have proper details on this and asked me to reach them after a month or so. So if 2023 is not listed on any Tax credit/rebate website then most probably 2023 won't qualify for that rebate. So let's see if Ford works with these websites and adds 2023 to the list..till then fingers crossed.
The CVRP is not a California tax credit. It is a rebate that has nothing to do your state income taxes. Big difference. But it is income based, so if you make over a certain amount, you are ineligible to get it.
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