Proposed bill may halt EV tax credits and possibly require repayments

[GatorJ_MME]

Electric Car Buyers In 2023 May Have To Pay Back Their US $7,500 Tax Credit (msn.com)

Per the Autopian, Sen Manchin told reporters that not only will the proposed Act halt the EV credits, but it may also require people who have already used these credits when buying a new EV to pay back. As of now, the bill is just in its proposal stage and needs to pass Congressional and Presidential muster before it's passed into law.

Seems unlikely to pass, but who knows....

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[Ride_the_lightning]

That’s nothing more than Machin’s posturing. He voted for the bill, now wants credit from the right for opposing it before his next election. If there’s one thing Congress is worse at than passing bills, it’s unpassing them. Republicans couldn’t even un-pass Obamacare with a majority in both houses and trump in the White House.

 

[GatorJ_MME]

I'm not convinced the IRS will have the battery sourcing requirements sorted out by March, and they will continue to offer the full rebate for a while (and that Manchin's latest bill will quickly disappear).

But perhaps that is just wishful thinking since I'm still waiting for my order....

 

[RickMachE]

Congress will never do a retroactive "you can't have it". Not going to happen.

 

[devmach-e]

I'll note the MSN article is rather poorly written since it says that cars have to be manufactured in the US, but the source article from Autopian correctly notes that they need to be built in North America.

 

[MachKet]

No one co-sponsoring it, super dead

 

[Ghost Ryder]

Not going to happen. Manchin is trying to save face. He essentially done, and the bill is dead. nothing to see here.

 

[generaltso]

Congress will never do a retroactive "you can't have it". Not going to happen.

The fact that it says that people who already took the credit would have to pay it back just shows how clueless they are. Nobody has filed their 2023 taxes yet.

 

[azerik]

Congress will never do a retroactive "you can't have it". Not going to happen.

Correct. But that doesn't stop them from taxing the credits next year. Look at the "Child tax credit" (Can't remember what the stupid stim check was actually called but it was $180 to $600 a kid every quarter) I was taxed on the stim money they were flinging out the windows at parents. And I didn't even cash the effing checks. Trying to dispute that ended up in a near audit. More fun was after being forced to pay taxes on what I would have gotten, I couldn't cash the checks because they were over 180 days old. Go team Taxes!

 

[Neil4Real]

Correct. But that doesn't stop them from taxing the credits next year. Look at the "Child tax credit" (Can't remember what the stupid stim check was actually called but it was $180 to $600 a kid every quarter) I was taxed on the stim money they were flinging out the windows at parents. And I didn't even cash the effing checks. Trying to dispute that ended up in a near audit. More fun was after being forced to pay taxes on what I would have gotten, I couldn't cash the checks because they were over 180 days old. Go team Taxes!

The advanced child tax credit was not taxed... what the. It was literally an advanced CREDIT that you would have gotten when you filed your return that they just gave out earlier.

If you're talking about the normal stimulus payments, those were also not taxed.

So........................................................................

Moral of the story either way, when you get a check, you should probably cash it LOL. Oh and don't take tax advice from @azerik

 

[azerik]

Moral of the story either way, when you get a check, you should probably cash it LOL. Oh and don't take tax advice from @azerik

^^ That is oh so true. Well crap now I got to find out wth I was thinking of. I know I got screwed 2 years ago.

 

[Neil4Real]

^^ That is oh so true. Well crap now I got to find out wth I was thinking of. I know I got screwed 2 years ago.

Lol, well thank you for accepting it and not engaging in a crazy back and forth!

 

[Ride_the_lightning]

The advanced child tax credit was not taxed... what the. It was literally an advanced CREDIT that you would have gotten when you filed your return that they just gave out earlier.

If you're talking about the normal stimulus payments, those were also not taxed.

So........................................................................

Moral of the story either way, when you get a check, you should probably cash it LOL. Oh and don't take tax advice from @azerik

They did send out child tax credits to some people that ended up not qualifying based on income being too high. You did have to pay back the advance, but it wasn’t “taxed.” I can see how it would have been complicated if he never cashed their check. If I don’t cash my December paycheck my employer still shows it on my W2.

 

[yngwenli]

I find it a bit humorous that all these manufacturers wanted new EV credits, but Tesla is now going to put the mega hurt on them all pretty badly due to it being there. You'd almost wonder if Elon had friends in Washington to get this to pass as it primarily benefits them (unless GM will actually come out with lower priced Blazers and Equinoxes). Not like the Lyriq even qualifies at all currently.

 

[Guss-E 2021]

The fact that it says that people who already took the credit would have to pay it back just shows how clueless they are. Nobody has filed their 2023 taxes yet.

Our leaders.

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