Tax Credit for non-foundation series

[exmechanic]

What is the status of the tax credit for non-foundation series CT? Are we waiting for the IRS to make a decision?

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[Johnelrod12]

Create an LLC and buy under a business name.

 

[Mini2nut]

Yup. Otherwise we are SOL for the time being due to Chinese material battery sourcing.

The upcoming dry cathode 4680 cells may qualify for the $7500 tax credit. We will have to wait and see.

 

[ThaDon]

Create an LLC and buy under a business name.

I don’t think it works like that. If you LLC isn’t generating enough income, you can’t take advantage of the credit.

 

[192.168.1.1]

Are you talking about the 7,500 tax credit? i wouldn't count on it.. But Since my business is all 1099 and I took a loan out, I can take advantage of Bonus Depreciation in the first year (section 179) due to the truck being over 6,000 lbs and it is used for business purposes. I can also write off the interest paid on the loan..

Having w2 income (Especially more than 1 w2 job) hurts you tax-wise in the long run because withholding is really meant for 1 job..

 

[CKLenYLA]

Yup. Otherwise we are SOL for the time being due to Chinese material battery sourcing.

The upcoming dry cathode 4680 cells may qualify for the $7500 tax credit. We will have to wait and see.

Not true. CT batteries are made in Texas. Qualifies for the TX. CT just hasn’t gone through the tax credit proces

 

[Mini2nut]

Made in USA, correct. It's the origin of some of the battery materials used to manufacture 4680 cells that makes the CT not qualify for the tax credit.

 

[mongo]

Not true. CT batteries are made in Texas. Qualifies for the TX. CT just hasn’t gone through the tax credit proces

The 4680 cells are made with Chinese cathodes.
As of Jan 1, 2024, Chinese components in the battery disqualify a vehicle from getting any Clean Vehicle Credit.

 

[Hgamble]

I am gonna hold off on taking delivery until someone like Wes or Siddhant give an official answer on if the CT will get the tax credit. 7500 is a lot of money

 

[ThaDon]

I am gonna hold off on taking delivery until someone like Wes or Siddhant give an official answer on if the CT will get the tax credit. 7500 is a lot of money

When do you reckon that will be?

 

[Crissa]

Made in USA, correct. It's the origin of some of the battery materials used to manufacture 4680 cells that makes the CT not qualify for the tax credit.

We don't actually know this for certain, but it's highly probable.

-Crissa

 

[DrDefore]

How could Tesla include a $7500 rebate to the 2 million reservation holders when actual delivery may take years. Any rebate will be applied at the time of delivery. Any non FS purchasers have any feedback?

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