$7,500 Tax Credit? FuelEconomy was updated on 10/1/2024 :(

[BlueLightning]

I believe you are not looking at federal tax credit for individuals. You are looking at the business credit.

Oh man, can’t we get a break ?

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[GlennMattV]

Received email today, has the $7500 off for tax credit, but still have to wait.

$1000+ a month is still ouch for my budget!

This is for the commercial clean vehicle credit, not the EV credit like the other vehicles.

 

[BlueLightning]

This is for the commercial clean vehicle credit, not the EV credit like the other vehicles.

Bummer!

 

[GlennMattV]

Bummer!

Well it works out if you have an LLC/business. If the give it the EV credit you might get both too!

 

[mongo]

Well it works out if you have an LLC/business. If the give it the EV credit you might get both too!

Not sure which credits you are referring to, but one cannot claim both the federal Commercial and non-commercial IRA credits.

 

[GlennMattV]

Not sure which credits you are referring to, but one cannot claim both the federal Commercial and non-commercial IRA credits.

There is an Ev clean vehicle tax credit of up to $7,500. Then there is a “Heavy Duty” tax credit of $7,500. The HD credit can go towards any vehicle that weighs more than 6k pounds whether it is an EV or ICE. Get this… if the vehicle weighs more than 14k pounds you can get $40k credit. So I don’t see why you would not be able to claim both.


Buying a new vehicle for business use
Two credits are available for vehicles purchased or leased for business use.

• Clean vehicle credit under IRC 30D (sole proprietorships and other business entities): How the credit works and qualified vehicles
• Commercial clean vehicle credit under IRC 45W (businesses and tax-exempt organizations): How the credit works and qualified manufacturers

 

[mongo]

There is an Ev clean vehicle tax credit of up to $7,500. Then there is a “Heavy Duty” tax credit of $7,500. The HD credit can go towards any vehicle that weighs more than 6k pounds whether it is an EV or ICE. Get this… if the vehicle weighs more than 14k pounds you can get $40k credit. So I don’t see why you would not be able to claim both.

That is not a heavy duty credit. That is the Qualified Commercial Clean Vehicles credit 45W which states:
(3) NO DOUBLE BENEFIT.—No credit shall be allowed under this section with respect to any vehicle for which a credit was allowed under section 30D.

30D is the Clean Vehicle Credit for consumers.

 

[GlennMattV]

That is not a heavy duty credit. That is the Qualified Commercial Clean Vehicles credit 45W which states:
(3) NO DOUBLE BENEFIT.—No credit shall be allowed under this section with respect to any vehicle for which a credit was allowed under section 30D.

30D is the Clean Vehicle Credit for consumers.

I am not referring to the Inflation Reduction Act, I am referencing Setion 179. It doesn’t say anything about clean vehicles. Is that the credit you are referencing?

 

[mongo]

I am not referring to the Inflation Reduction Act, I am referencing Setion 179. It doesn’t say anything about clean vehicles. Is that the credit you are referencing?

Oh, isn't 179 depreciation versus credit with different limits?
45W has the $7,500 and $40k limits.

 

[GlennMattV]

Oh, isn't 179 depreciation versus credit with different limits?
45W has the $7,500 and $40k limits.

It might be. The question is can both be used at the same time/within same filing year? Thanks for all your responses.

 

[mongo]

It might be. The question is can both be used at the same time/within same filing year? Thanks for all your responses.

Yeah, 179 and commercial clean credit can both be used for businesses on the same vehicle.

 

[Balthezor]

then why do the 3/Y/X qualify? They all took time to be added to the list. Hopefully that’s true for the CT too.

of course requirements in ‘25 will be stricter or else the law could be eliminated altogether If the republicans win in November.

Pretty sure not all Ys qualify. I think they pick and choose what Y you get based on you being qualified for the tax rebate or not.

 

[GlennMattV]

Yeah, 179 and commercial clean credit can both be used for businesses on the same vehicle.

Can you help me with another question? Why does the non-FS Dual motor get less range than the FS version? I got my invitation to order and just want to know why this version gets less miles. The FS version was advertised as 340 miles with the all terrain tires. All seasons should give you more range.

 

[mongo]

Can you help me with another question? Why does the non-FS Dual motor get less range than the FS version? I got my invitation to order and just want to know why this version gets less miles. The FS version was advertised as 340 miles with the all terrain tires. All seasons should give you more range.

Foundation AWD is 340 miles with all season tires, 318 with All Terrain.

As to why non-Foundation has less range for the same config... ?‍
Beast All Terrain stayed at 301 though.

 

[zachsmith]

It sure seems like there’s a whole lot of people like me waiting for tax credit clarification. If the CT does ultimately qualify, it seems like they are going to have to roll out tax credit eligible invites from the beginning of the list again. Otherwise they may get too many orders at once and not be able to deliver before the law is possibly repealed next year.

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