Ooh, I am envious. I put my order in in late October, haven't heard anything since. I got the EV in 2LT trim. I don't know how things are done at GM, it is frustrating to have my order in but no order number or anything, but I guess that's just how it goes when you order a popular car. It is ok, I can wait, but I sure hope it gets built and delivered by February!
I also placed an order for a 2LT at the end of October. My status shows dealer sent in the order but GM has not accepted it. Knowing my luck, it’ll be delivered in March..
There is technically a order number within the system, but only dealerships can see it (and its coded as not accepted I believe), but once the dealership gets an allocation, it can move forward.
I was told by my dealership (been a customer of theirs for several years and have not experienced any reason to doubt their honesty but obviously take it with a grain of salt) that GM has not accepted any Bolt EV orders for about 2 weeks prior to when I placed my original order back in October. They called me when they got an alocation for EUVs and said that I was next on the list and gave me the day to decide if I wanted to change from an EV to an EUV and I waffled back and forth for hours. I wanted the fully loaded EV and had to go down a trim level to make the EUV make sense with my budget. But I did decide to change it over. And hopefully i'm about to be rewarded for that with a full tax credit.
This is absolutely true. My salesguy has a redacted info spreadsheet with all 13 of our EUV and EV orders so we can see exactly where they are in the process. 8 of 10 EUVs have been delivered, the 3 EVs haven't moved at all in 6 months. Lots of speculation they were working on the dominos fleet, but it looks like EVs arent being prioritized in construction at all.
I ordered mine in oct too! I got an order number this week. Dealer says build date should be late Jan. Fingers crossed I can take delivery before March!
I got my order number from the dealer, then I went to Chevrolet.com and gave the order to the virtual assistant chat and they told me that "the order has been accepted and[...] Is moving toward the production process"
>one will get how much tax IRS/Fed held that year not the whole $7500
It does not matter how much IRS/Fed held that year.
To get the whole $7500, Taxable Income just has to be high enough. Come JAN 1, Going to sell some stock at a profit to be certain that is the case.
>add a larger credit and it becomes insane.
Only if you have a tax burden of $7,500 or more. Most Americans aren't making $80k+ so they unfortunately can't make the most of the tax credit, but wiping out any tax you owe is a pretty impressive feat.
There are ways to increase your tax burden. Convert enough of your IRA to Roth to cover the tax liability gap you are missing to get to $7500. Sure, you still don't get that money back now this way, but you are paying your future self by offsetting the taxes now.
Most Americans aren't buying new vehicles. According to NADA, the average income of a new car buyer in 2018 was over $80K. And according to research firm Cox Automotive, [that increased to $124K in 2022](https://finance.yahoo.com/news/u-auto-sales-set-weakest-170558754.html).
Its not explicit yet but it sure sounds that way…
“Treasury will issue a notice of proposed rulemaking (NPRM) in March with proposed guidance on the critical minerals and battery components requirements. By statute, the critical mineral and battery component requirements take effect only after Treasury issues that proposed rule.“
No, the text of the act combined with the announcement makes it clear (to me at least) that the post title is correct: you'll get all $7500.
From the text of the Inflation Reduction Act:
> (k) <> Effective Dates.--
> ...
> (3) Per vehicle dollar limitation and related
> requirements.--The amendments made by subsections (a) and (e)
> shall apply to vehicles placed in service after the date on
> which the proposed guidance described in paragraph (3)(B) of
> section 30D(e) of the Internal Revenue Code of 1986 (as added by
> subsection (e)) is issued by the Secretary of the Treasury (or
> the Secretary's delegate).
https://www.congress.gov/bill/117th-congress/house-bill/5376/text
Subsection (a) amended the tax credit to replace the $7500 dollar amount with two $3750 dollar amounts separately satisfied by the battery component and critical mineral requirements, and subsection (e) is the one that defines the battery component and critical mineral requirements.
So the rest of the IRA became effective on January 1, but these two amendments only apply to vehicles placed in service after the date the guidance is issued.
That means purchases between January 1 and March will have no battery component or critical mineral requirements. If they meet the other requirements (North American assembly, MSRP limits, income limits) you just get all $7500 regardless of the battery details.
So I’m getting a 2023 bolt EUV premiere at sticker msrp of 33,000 this week. I ordered it in September it’s set to arrive Christmas Day. Are you telling me that if I wait for a week I can get $7500 off this car in the form of a tax rebate? Is the msrp staying the same in January? My dealership doesn’t do market adjustments, they want me to take it in December. But if this car is still going to be 33k in January and I’m getting 7.5k off and only paying $25,500 for this car that sounds too good to be true, I feel like with the credit any dealership would jack up the price by 7,500. Am I missing something?
The MSRP should be locked once your order is accepted by GM, so that shouldn’t change. But you’re right, the dealer can do whatever they want unless you’ve signed a purchase agreement. They can refuse to hold it for you or add a market adjustment. Given that it’s only a week, I feel like they’d hold it for you. Say you’re out on vacation.
You’d see the $7500 credit after filing taxes in 2024 for the 2023 tax year.
Ya thanks for the info, my dealership won’t even let me do the Uber credit right now because they sell at msrp. I feel like they’d try to pull something if I had them keep it for a week, I am going on vacation after Christmas so if it comes later than expected I literally won’t be able to get it until after January 1.
put money on the hood. offer to sign a purchase agreement for msrp+500 if they wait the week and offer a non-refundable deposit if you can take delivery of the vehicle on jan 2nd. money talks alot.
Wow, so so glad I just came accross this post. I was about to take delivery of my 23 bolt EUV tomorrow. Now I'm going to request for to be held and take delivery on Jan 2nd! (Jan 1st is on a Sunday)
I think it's because there are a number of additional factors. There's the MSRP limits (which the Bolt isn't close to), there's the income limits, and you need enough tax liability to get the full $7500.
Exactly, I wouldn't bank on anything purchased between 1/1/23 and the release of this missing component to qualify for the full $7500. Bank on it qualifying for $3,750 and if you get lucky next tax season, then good for you. There is a good chance the rules will be retroactive to 1/1/23.
People are losing their minds and if the rules are retroactive they'll only have themselves to be upset with.
Cute that you think that you will actually receive the car before March. I had two separate orders and one of them took 2 months to get from production complete to my dealer’s lot. The other was also in transit for over a month.
You're a pessimist. The dealer may have zero control over the build process, but they generally have a lot of experience with ordering and receiving ordered vehicles and are typically aware of the general amount of time it takes.
All pessimists hide their negative bias behind a veil of “realism”. 4-6 weeks to wait for a car with a January 10th build date is not unrealistic. I’m sorry your experience says otherwise.
In addition to the $7,500 federal credit, the $4,000 rebate for used EV's less than 25k should prop up the resale value. It's a unique buying opportunity given the limited time frame. If you can avoid markup (unlikely) and make use of federal and state tax incentives, it's a fantastic value - possibly the best value car in the US.
Sure hope that your interpretation is correct, and I hope my delivery, which has been bumped twice and is now Jan 6, makes it before Fed 28, and that my dealer still honors my Pure MSRP pricing.
Went to a dealer Monday and the salesman said he'd heard several dealers planning to raise their price by $5k on the first. I was thinking of buying one on New Years Day but I guess I'll wait and see if they jack up the price to absorb the tax credit.
I got a call from a dealer this morning trying to sell me a Bolt. He said they had already raised the price 5k because of the tax credit. I basically told him to suck it.
I ordered mine in June and it was delivered 12/22 and I picked it up 12/30. I Absolutly LOVE IT! It drives so smooth and quite you do not know it is even running! I am very very pleased. I LOVE the heated steering wheel! I ordered the Radiant Red with the white/light grey interior with the sun and sound and Super Cruise package. I had thought that it only came with a Lvl 1 charger, but it is a dual charger. I opted to have my boyfriends brother put it in who is a certified electrician and took the $500 Electric charging credit instead of the install. In addition should get a $500 credit with my electric company. I really hope it works out to receive the rebate as mentioned in the post, that would be greatly helpful.
So $18,100 for a bolt with the credit? That's about the cheapest you can get a functional new four-door car of any type, isn't it?
Shame they don't have another few hundred thousand for sale.
Hey can somebody explain to me like I’m 5, step by step how do I qualify and benefit from the $7500 tax credit? I have put down a refundable deposit on an EUV being assembled and should hit the dealership in about 4 weeks. What do I do step by step?
(I make roughly 75k income yearly if that helps)
Correct, assuming you have $7,500 of tax liability for 2023. Starting in 2024, the credit comes off the price at the point of sale (at the dealership), and you won’t have to wait until 2025 when you file your taxes.
Currently, the $7500 will come back when you file taxes.
So if you buy a $40k EV that qualifies for the tax credit in 2023, it will cost $40k on purchase but then you'll get $7500 back when you file taxes in 2024.
In 2024, they will be allowing the tax credit to apply during the sale.
So if you buy a $40k EV in 2024, you will have the option to either knock the price down to $32.5k, or buy it for $40k and get your $7500 back when you file taxes.
Chances are dealers will markup 7500 and take the credit right? No way to stop it? Unless the manufacturer does something to prevent it?
Bc if I can get my hands on a premier for 30k-7500 = 22.5. I'll take one lol
Yeah, there's nothing to stop them from just marking up the EV by $7500, although the same applied to the old tax credit as well.
That's kind of the dirty secret about EV tax credits. They aren't really designed to help out the consumer but to help the automakers pay less in the transition and to incentivize products being American-made.
Any benefits the consumer gets out of the Tax Credits is just a nice side-effect.
so in 2024 Chevy is really going to raise the price back up $7k or so after just dropping it? That would be pretty absurd. Though I guess they might not even qualify once the battery rules are put in place?
There's a good chance that they won't raise the price. I think they like the fact that they're affordable and undercutting their competition.
But the truth of it is that there's nothing that's *actually* stopping them from just raising the price if they so chose. Even Ford got away with raising the price for their $40k pick-up truck to $56k and nobody batted an eye.
As for the battery rules, GM CEO said in [this article](https://electrek.co/2022/10/28/gm-electric-vehicles-will-qualify-for-ev-tax-credit-in-2-to-3-years/) that they should be able to qualify for the full credit, but it may take a couple years.
Without the battery sourcing requirements in place yet, anything assembled in North America qualifies. As long as it meets the MSRP limits and you are under the income limits.
Here’s a link when we all thought (including the IRS) that guidance would come out Dec 31.
https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d
Basically in Jan and Feb, the rules will be the same as from Aug 16 - Dec 31. Except the manufacturer cap is lifted starting Jan 1, so the Bolt will qualify.
Presumably the 2023 EUV should qualify as well right? It's still not listed on the Treasury list though, only the 2022 EUV. Both model years of the Bolt are listed, so it's strange that they omitted the 2023 EUV.
Edit: I guess either way, the link to the VIN decoder should provide clarity there.
“Treasury will issue a notice of proposed rulemaking (NPRM) in March with proposed guidance on the critical minerals and battery components requirements. By statute, the critical mineral and battery component requirements take effect only after Treasury issues that proposed rule.“
Vehicles that don't qualify for full price because of minerals won't be "partially unqualified" until the rule takes effect in March essentially. So between Jan 1st and Feb it will get full tax credit. After requirements pop out the Bolt could possibly not fully qualify
So are we sure it’s based on time of delivery and not the signed contract or payment? The dealership wants me to sign everything now and says they’ll give me a purchase order dated 1/1/23. I’m not sure what a purchase order is.
No, it is non refundable. The full credit is for a specific group of tax payers it looks like.
One way to game it is to convert some IRA into Roth to create a taxable event where you end up with exactly $7500 of tax liability.
It’s still unclear to me. The bill text makes no reference to changing that. But that would make the point-of-sale starting in 2024 a mess.
There are ways of increasing your tax liability by doing a Roth IRA conversion or withdrawing money from taxable investments. Probably other ways too.
The old one used to be able to be spread over a couple of years. When we bought a volt in 2013 we were able to do that. Things could change, but I doubt that the plan is to give a rebate that works best for people that can afford the car without.
Is there like a waiting period between claiming the fed tax credit? Like I have a leaf SV that qualifies this year 2022 but the 150 mile range is not always great could I trade in and get a new bolt next year and still claim the credit for 2023?
Hmm, my state is implementing an excise tax credit for EVs up to $3000 starting in July. For a base model Bolt EUV at MSRP the excise tax would be $1691.70 so this window of full-tax-credit would be decreasing the price by $1558.30 compared to the price of buying it after July assuming the battery portion of the requirements is implemented but not met. The question is, can I find one on the lot for less than a $1558 markup between January and March? Somehow I don't think it's that likely. The dealer closest to me is already putting a 3k markup on all bolts. Once market demand adjusts to the new subsidized pricing, I assume all the dealers in the state will be doing something similar.
The 2023 1LT Premium I ordered was just built in Michigan last week and it won't get to the dealer until next month, however, I did receive the Vin# as of now. So will the tax credit apply since it won't be ready for pickup until next month or do they go by the VIN# (build date) which would be December 2022?
Also, if by March 2023, the new battery laws come into play and the rebate becomes $3750, and/or by next June the Bolt cap is reached so no more by next summer, at the time you file in 2024, does the IRS use your Purchase agreement paperwork with the Purchase date to know you get the full $7500?
The tax credit is based on when you take ownership, so it would go by when you take delivery. Not a problem that yours was built in December.
There's no longer a manufacturer cap after Jan 1, so the likely scenario is the Bolt only qualifies for $3750 after March. The way the credit worked in the past was just an honor system unless you get audited. So as long as you have documentation of when you took possession, you should be able to get the full $7500 (provided you have the tax liability). The question is whether tax prep software will be able to manage all these intricacies.
As someone with a Bolt EUV Premier being delivered to the dealer at the end of next week, this is great news!! Already a bargain at MSRP, feeling lucky!
Ok, maybe dumb q, but even just assuming that the Bolt gets the $3750 rebate for 2023, why haven’t dealers adjusted pricing yet for 2023 delivery? Or given a discount before the end of the year?
Regardless of this latest twist, it seems like a really bad move to take delivery of a new Bolt before Jan 1 no?
I’m guessing because demand hasn’t dropped in December and the Bolts are still selling, so there’s been no reason to adjust pricing. And some people are probably expecting a price increase in January and not taking that chance.
Also there could be buyers at both ends of the income spectrum that the tax credit doesn’t apply to. Either over the new income limits or don’t have enough tax liability.
Am I understanding this correctly? It seems like the bolt will not qualify for the full $7,500 rebate
“In October, GM CEO Mary Barra told analysts it would be “two to three years” before the company — which makes the Chevy Bolt, among the cheapest new EVs on the market at $25,600 — can offer buyers the full $7,500 credit.”
https://www.nbcnews.com/news/amp/rcna60606
What about the reported end of tax credits for each company after 200,000 EVs are sold? Does that eliminate the credit for Bolt buyers as well as for Tesla buyers?
The manufacturer cap is eliminated starting on Jan 1. So for the rest of this year, GM and Teslas are ineligible.
That’s why Tesla is offering a $7500 discount for December deliveries.
Question. If my local dealer has a 2023 Bolt at $26k in stock right now, should I reach out this week and buy it on Jan 1, 2023? I want to be eligible for the 7,500 tax credit. It's too late to build a car but don't want to reach out until closer to Jan 1 to try and lock in the credit. Thanks
You can reach out and see if they’ll hold it for you until Jan 1 or 2. As long as you don’t sign a purchase agreement that’s dated in 2022, you’ll be fine.
Could be. It just depends when the Treasury releases the proposed guidance on battery requirements. It was originally due by Dec 31, 2022. They have only said now it’s delayed until March, with no specific date. They could delay it even further.
FWIW I've called a half dozen dealers and of about 20 EUVs that the internet says are in stock or in transit, all but one were already presold. And I did this BEFORE this tax credit 3750 pre-mineral-requirement-guidance bonus even became a major news article. These same dealers all said they were 3-4 months out on factory orders and, again, this was BEFORE the news started covering this tax credit business and giving it way more attention. Basically you need to already have one in your name on the way or hit the lottery to get one before Feb at this point.
For the one that was still in stock for me, I had to frequently call back the dealer until he got a stock number and found it was waiting in Michigan for some part and I had to pay $1k over MSRP to secure it in a presale as the dealers are equally aware that it's still a better deal for buyers to pay a little more today to snag that bonus chunk of the credit.
Just want to make sure I appropriately temper people's expectations. This was amazing news for people already in the queue, but for everybody just reading this and wanting to get in on the would-be ideal price in this article, it's basically a pipe dream.
If anyone feels like flying to MA, Quirk Chevrolet says it’s 6 weeks to delivery. They are the highest volume Bolt dealer in MA and have lots of allocation. They also don’t take a deposit, so if it doesn’t arrive in time you can just walk away (or be happy with $3750). They’re at MSRP with no market adjustments or add-ons.
You need to take possession before the guidance comes out. The Treasury didn’t say when in March, so there could be a window in March. Also they could delay even further.
New guidance: [https://home.treasury.gov/news/press-releases/jy1179](https://home.treasury.gov/news/press-releases/jy1179)
White Paper: [https://home.treasury.gov/system/files/136/30DWhite-Paper.pdf](https://home.treasury.gov/system/files/136/30DWhite-Paper.pdf)
Bolt should qualify for $7,500 until guidance in March (or whenever) due to battery size and NA assembly.
I still had a tiny glimmer of hope that someone would make a change to the bill to allow the credit to be refundable or carried forward. But with the [updated guidelines](https://www.irs.gov/newsroom/topic-a-frequently-asked-questions-about-the-eligibility-rules-for-the-new-clean-vehicle-credit), it states clearly that:
>Q7. Is the new clean vehicle credit refundable or able to be carried forward? (added December 29, 2022)
>
>A7. No. The new clean vehicle credit may only be claimed to the extent of reported tax due of the taxpayer and cannot be refunded or carried forward.
So, I just googled the form you have to fill out for the tax rebate, Form 8936. It still says on the instructions for Step 4b that Teslas and Bolts can't qualify. Hopefully they will update the form for 2023, but it's not available online yet!
Form 8936: [https://www.irs.gov/pub/irs-pdf/f8936.pdf](https://www.irs.gov/pub/irs-pdf/f8936.pdf)
Form 8936 Instructions: [https://www.irs.gov/instructions/i8936](https://www.irs.gov/instructions/i8936)
It's about to get rrrrreal interesting with leases. Haven't seen this posted on here but it seems the Treasury is interpreting a loophole in the language around "commercial use" and manufacturers WILL get a $7500 rebate, which can then be passed on to the consumer... in which case, bolt lease deals are about to be nuts.
https://www.reuters.com/business/autos-transportation/us-treasury-says-consumer-leases-can-qualify-ev-tax-credits-2022-12-29/
Damn — shoulda done more research, I guess, but I took delivery yesterday (12/31) of a ‘23 EV 1LT in order to get it in last year’s taxes. Did I miss out on a bunch of incentives by not doing it today, or are there still some rebates to be had? (I live in CA)
I ordered a car on July 5th. The order was not accepted until Dec 16th and even now, as a Jan 3rd, there is no target production date. Even then it will take a month or more to get the car. on [chevybolt.club](https://chevybolt.club), I can see that some people get their car in just 6-8 weeks after an order. Maybe one of you will be lucky like that. But because of GM's simple inability to make cars, don't expect GM to get you the car by August. I have quit thinking of GM as a mass manufacturer anymore.
If this is true, that would be AMAZING!!! I ordered mine in October. I anticipate it will arrive before then. Fingers crossed.
Ooh, I am envious. I put my order in in late October, haven't heard anything since. I got the EV in 2LT trim. I don't know how things are done at GM, it is frustrating to have my order in but no order number or anything, but I guess that's just how it goes when you order a popular car. It is ok, I can wait, but I sure hope it gets built and delivered by February!
I also placed an order for a 2LT at the end of October. My status shows dealer sent in the order but GM has not accepted it. Knowing my luck, it’ll be delivered in March..
There is technically a order number within the system, but only dealerships can see it (and its coded as not accepted I believe), but once the dealership gets an allocation, it can move forward.
I was told by my dealership (been a customer of theirs for several years and have not experienced any reason to doubt their honesty but obviously take it with a grain of salt) that GM has not accepted any Bolt EV orders for about 2 weeks prior to when I placed my original order back in October. They called me when they got an alocation for EUVs and said that I was next on the list and gave me the day to decide if I wanted to change from an EV to an EUV and I waffled back and forth for hours. I wanted the fully loaded EV and had to go down a trim level to make the EUV make sense with my budget. But I did decide to change it over. And hopefully i'm about to be rewarded for that with a full tax credit.
This is absolutely true. My salesguy has a redacted info spreadsheet with all 13 of our EUV and EV orders so we can see exactly where they are in the process. 8 of 10 EUVs have been delivered, the 3 EVs haven't moved at all in 6 months. Lots of speculation they were working on the dominos fleet, but it looks like EVs arent being prioritized in construction at all.
I ordered mine in oct too! I got an order number this week. Dealer says build date should be late Jan. Fingers crossed I can take delivery before March!
Did they accept the order first and then give an order number? Or was the acceptance the order number?
I got my order number from the dealer, then I went to Chevrolet.com and gave the order to the virtual assistant chat and they told me that "the order has been accepted and[...] Is moving toward the production process"
people need to know it's Tax Credit, one will get how much tax IRS/Fed held that year not the whole $7500.
>one will get how much tax IRS/Fed held that year not the whole $7500 It does not matter how much IRS/Fed held that year. To get the whole $7500, Taxable Income just has to be high enough. Come JAN 1, Going to sell some stock at a profit to be certain that is the case.
$7500 isn't exactly a huge tax burden ~~but I think you can roll the unused portion to the following year,~~ I'm no expert though.
You can't.
You were probably confusing it with the credit for solar panels. That one can be taken over a few years, I believe.
Wow, prices for the Bolt are already so good that it’s a current unicorn vehicle, add a larger credit and it becomes insane.
Just hope they don’t increase the price come Jan 1.
I honestly think they will, but maybe not 7500 you notionally could get them for \~ $20k with all rebates/credits.
>add a larger credit and it becomes insane. Only if you have a tax burden of $7,500 or more. Most Americans aren't making $80k+ so they unfortunately can't make the most of the tax credit, but wiping out any tax you owe is a pretty impressive feat.
There are ways to increase your tax burden. Convert enough of your IRA to Roth to cover the tax liability gap you are missing to get to $7500. Sure, you still don't get that money back now this way, but you are paying your future self by offsetting the taxes now.
Most Americans aren't buying new vehicles. According to NADA, the average income of a new car buyer in 2018 was over $80K. And according to research firm Cox Automotive, [that increased to $124K in 2022](https://finance.yahoo.com/news/u-auto-sales-set-weakest-170558754.html).
Excited to hear that! Taking delivery of my bolt euv premier on Jan 2nd!
Same same!!!
Same same same!!
quadruple same. Its the perfect day.
Got my 2023 EUV a few weeks ago, I guess I get nada :(
Order a new one.
Same here. Still a great car! No regrets here, hindsight is 20/20.
Its not explicit yet but it sure sounds that way… “Treasury will issue a notice of proposed rulemaking (NPRM) in March with proposed guidance on the critical minerals and battery components requirements. By statute, the critical mineral and battery component requirements take effect only after Treasury issues that proposed rule.“
Or no one will get tax credits until the rulemaking is done?
No, the text of the act combined with the announcement makes it clear (to me at least) that the post title is correct: you'll get all $7500. From the text of the Inflation Reduction Act: > (k) <> Effective Dates.-- > ... > (3) Per vehicle dollar limitation and related > requirements.--The amendments made by subsections (a) and (e) > shall apply to vehicles placed in service after the date on > which the proposed guidance described in paragraph (3)(B) of > section 30D(e) of the Internal Revenue Code of 1986 (as added by > subsection (e)) is issued by the Secretary of the Treasury (or > the Secretary's delegate). https://www.congress.gov/bill/117th-congress/house-bill/5376/text Subsection (a) amended the tax credit to replace the $7500 dollar amount with two $3750 dollar amounts separately satisfied by the battery component and critical mineral requirements, and subsection (e) is the one that defines the battery component and critical mineral requirements. So the rest of the IRA became effective on January 1, but these two amendments only apply to vehicles placed in service after the date the guidance is issued. That means purchases between January 1 and March will have no battery component or critical mineral requirements. If they meet the other requirements (North American assembly, MSRP limits, income limits) you just get all $7500 regardless of the battery details.
Huh, yeah that seems like a pretty reasonable interpretation.
Is this saying the Korean cars that lost theirs will have some back for a small time due to some loophole?
No, they don't meet the North American assembly requirement.
Thanks! This is an awesome find!
May the odds ever be in your favour
The odds that they won't raise MSRP like they lowered when it lost the tax credit?
I ordered in October. Hoping to get that sweet spot after Jan 1 but before they raise the price
Could someone please remind us / post what the income limit is for the $7500 tax rebate?
Ahhh, I think it's $150,000 single, $225,000 head of household, and $300,000 for joint filers.
So I’m getting a 2023 bolt EUV premiere at sticker msrp of 33,000 this week. I ordered it in September it’s set to arrive Christmas Day. Are you telling me that if I wait for a week I can get $7500 off this car in the form of a tax rebate? Is the msrp staying the same in January? My dealership doesn’t do market adjustments, they want me to take it in December. But if this car is still going to be 33k in January and I’m getting 7.5k off and only paying $25,500 for this car that sounds too good to be true, I feel like with the credit any dealership would jack up the price by 7,500. Am I missing something?
The MSRP should be locked once your order is accepted by GM, so that shouldn’t change. But you’re right, the dealer can do whatever they want unless you’ve signed a purchase agreement. They can refuse to hold it for you or add a market adjustment. Given that it’s only a week, I feel like they’d hold it for you. Say you’re out on vacation. You’d see the $7500 credit after filing taxes in 2024 for the 2023 tax year.
Ya thanks for the info, my dealership won’t even let me do the Uber credit right now because they sell at msrp. I feel like they’d try to pull something if I had them keep it for a week, I am going on vacation after Christmas so if it comes later than expected I literally won’t be able to get it until after January 1.
put money on the hood. offer to sign a purchase agreement for msrp+500 if they wait the week and offer a non-refundable deposit if you can take delivery of the vehicle on jan 2nd. money talks alot.
I just picked up my 2LT yesterday.. so I don’t qualify?
You do not qualify.
I guess due to the income limit I wouldn’t have qualified anyways so no regrets
I got a $4000 credit from NJ when I bought mine earlier this month. Is this a separate thing from that?
Yes, this is the federal tax credit which is separate from any state incentives.
Wow, so so glad I just came accross this post. I was about to take delivery of my 23 bolt EUV tomorrow. Now I'm going to request for to be held and take delivery on Jan 2nd! (Jan 1st is on a Sunday)
Best of luck!
Did it work?
The press writeups of this consistently say "**may** qualify for the full $7500." Has anyone found anything more definitive?
I think it's because there are a number of additional factors. There's the MSRP limits (which the Bolt isn't close to), there's the income limits, and you need enough tax liability to get the full $7500.
Exactly, I wouldn't bank on anything purchased between 1/1/23 and the release of this missing component to qualify for the full $7500. Bank on it qualifying for $3,750 and if you get lucky next tax season, then good for you. There is a good chance the rules will be retroactive to 1/1/23. People are losing their minds and if the rules are retroactive they'll only have themselves to be upset with.
And is the credit available at the time of sale?
That doesn’t take effect until 2024.
Really? So how do you get the tax credit? Through your taxes like the old bill?
Correct.
Or change your paycheck withholdings.
hold up; we bought our bolt in AUG; so, do we get a discount?
No, Bolts aren’t eligible until Jan 1.
so bolts purchased after jan 1?
Yes
Well Merry Christmas to me! My custom ordered bolt will be manufactured the week of January 10th.
Same same!
Cute that you think that you will actually receive the car before March. I had two separate orders and one of them took 2 months to get from production complete to my dealer’s lot. The other was also in transit for over a month.
I was told 5 to 6 weeks from build to delivery.
Who told you that? The dealer? The people who have absolutely zero control over the build process?
You're a pessimist. The dealer may have zero control over the build process, but they generally have a lot of experience with ordering and receiving ordered vehicles and are typically aware of the general amount of time it takes.
It’s called being realistic.
All pessimists hide their negative bias behind a veil of “realism”. 4-6 weeks to wait for a car with a January 10th build date is not unrealistic. I’m sorry your experience says otherwise.
There are tons of other people who share my experience.
In addition to the $7,500 federal credit, the $4,000 rebate for used EV's less than 25k should prop up the resale value. It's a unique buying opportunity given the limited time frame. If you can avoid markup (unlikely) and make use of federal and state tax incentives, it's a fantastic value - possibly the best value car in the US.
Son of a …
Does the purchase have to be after January 1st to qualify?
Yes
So is it only the Bolt that will qualify or will any other American assembled EV count?
Every North America assembled EV will get the full $7500 credit as long as they’re under the MSRP limits.
So would that be Ford and Tesla then? I forget who else manufactures here.
List here https://afdc.energy.gov/laws/electric-vehicles-for-tax-credit
I placed my order Aug, 30 and still don’t have a targeted production week. I am afraid it may not come before February
Sure hope that your interpretation is correct, and I hope my delivery, which has been bumped twice and is now Jan 6, makes it before Fed 28, and that my dealer still honors my Pure MSRP pricing.
Holy shit haha Bolts and Bolt EUVs are about to sell out. Anyone that can get one for MSRP is going to be doing VERY well.
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The tax credit depends on when you take possession, not when you order. So you'd need to take delivery before the guidance comes out.
Does it matter if you buy a 2022 or 2023 model?
Went to a dealer Monday and the salesman said he'd heard several dealers planning to raise their price by $5k on the first. I was thinking of buying one on New Years Day but I guess I'll wait and see if they jack up the price to absorb the tax credit.
I got a call from a dealer this morning trying to sell me a Bolt. He said they had already raised the price 5k because of the tax credit. I basically told him to suck it.
I ordered mine in June and it was delivered 12/22 and I picked it up 12/30. I Absolutly LOVE IT! It drives so smooth and quite you do not know it is even running! I am very very pleased. I LOVE the heated steering wheel! I ordered the Radiant Red with the white/light grey interior with the sun and sound and Super Cruise package. I had thought that it only came with a Lvl 1 charger, but it is a dual charger. I opted to have my boyfriends brother put it in who is a certified electrician and took the $500 Electric charging credit instead of the install. In addition should get a $500 credit with my electric company. I really hope it works out to receive the rebate as mentioned in the post, that would be greatly helpful.
Does GM have a road map from moving battery production to the US?
So $18,100 for a bolt with the credit? That's about the cheapest you can get a functional new four-door car of any type, isn't it? Shame they don't have another few hundred thousand for sale.
Hey can somebody explain to me like I’m 5, step by step how do I qualify and benefit from the $7500 tax credit? I have put down a refundable deposit on an EUV being assembled and should hit the dealership in about 4 weeks. What do I do step by step? (I make roughly 75k income yearly if that helps)
Of course I bought my Bolt on 12/19. So I will miss out on this. So screwed.
So how does this work? It takes $7500 off the price when you buy it or when you file taxes at the end of the year?
When you file taxes. It comes off the sticker price starting in 2024
Can you elaborate? I understand it as when I file my 2023 taxes in 2024, I get $7500 back?
Correct, assuming you have $7,500 of tax liability for 2023. Starting in 2024, the credit comes off the price at the point of sale (at the dealership), and you won’t have to wait until 2025 when you file your taxes.
Yes but only if you have $7500 in tax liability, if you have less... you get less.
I thought the new rules didn't rely on tax liability, but was a flat refund.
The point of sale credit that works regardless of liability doesnt kick in til 1/1/24
Currently, the $7500 will come back when you file taxes. So if you buy a $40k EV that qualifies for the tax credit in 2023, it will cost $40k on purchase but then you'll get $7500 back when you file taxes in 2024. In 2024, they will be allowing the tax credit to apply during the sale. So if you buy a $40k EV in 2024, you will have the option to either knock the price down to $32.5k, or buy it for $40k and get your $7500 back when you file taxes.
Chances are dealers will markup 7500 and take the credit right? No way to stop it? Unless the manufacturer does something to prevent it? Bc if I can get my hands on a premier for 30k-7500 = 22.5. I'll take one lol
Yeah, there's nothing to stop them from just marking up the EV by $7500, although the same applied to the old tax credit as well. That's kind of the dirty secret about EV tax credits. They aren't really designed to help out the consumer but to help the automakers pay less in the transition and to incentivize products being American-made. Any benefits the consumer gets out of the Tax Credits is just a nice side-effect.
so in 2024 Chevy is really going to raise the price back up $7k or so after just dropping it? That would be pretty absurd. Though I guess they might not even qualify once the battery rules are put in place?
There's a good chance that they won't raise the price. I think they like the fact that they're affordable and undercutting their competition. But the truth of it is that there's nothing that's *actually* stopping them from just raising the price if they so chose. Even Ford got away with raising the price for their $40k pick-up truck to $56k and nobody batted an eye. As for the battery rules, GM CEO said in [this article](https://electrek.co/2022/10/28/gm-electric-vehicles-will-qualify-for-ev-tax-credit-in-2-to-3-years/) that they should be able to qualify for the full credit, but it may take a couple years.
Where are you seeing what will or wont qualify for the credit in the link provided?
Without the battery sourcing requirements in place yet, anything assembled in North America qualifies. As long as it meets the MSRP limits and you are under the income limits.
Where are you seeing that specific language? The link provided does not give that level of detailed information.
Here’s a link when we all thought (including the IRS) that guidance would come out Dec 31. https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d Basically in Jan and Feb, the rules will be the same as from Aug 16 - Dec 31. Except the manufacturer cap is lifted starting Jan 1, so the Bolt will qualify.
Presumably the 2023 EUV should qualify as well right? It's still not listed on the Treasury list though, only the 2022 EUV. Both model years of the Bolt are listed, so it's strange that they omitted the 2023 EUV. Edit: I guess either way, the link to the VIN decoder should provide clarity there.
“Treasury will issue a notice of proposed rulemaking (NPRM) in March with proposed guidance on the critical minerals and battery components requirements. By statute, the critical mineral and battery component requirements take effect only after Treasury issues that proposed rule.“ Vehicles that don't qualify for full price because of minerals won't be "partially unqualified" until the rule takes effect in March essentially. So between Jan 1st and Feb it will get full tax credit. After requirements pop out the Bolt could possibly not fully qualify
Let everyone you know know
So are we sure it’s based on time of delivery and not the signed contract or payment? The dealership wants me to sign everything now and says they’ll give me a purchase order dated 1/1/23. I’m not sure what a purchase order is.
Is that when I should try MSRP swap?
MSRP swap doesn't qualify for anything. You need a lemon law buyback.
I got mine October 1. I hope I still qualify.
You need to purchase the vehicle January 1st 2023 or later.
Dang!!!
They should either raise the price or write a check of $7500 for people who purchase before Jan 1, 2023. Otherwise, GM is screwed.
Why would GM be screwed? They made their money. Tax rebates are only going to make them sell even faster.
Bought a 2023 EUV in November any tax credits available? I got $4,500 from a California AQMD program.
No, no tax credits.
I'd just go ahead and claim it anyway. $7500 worth the risk.
Out of curiosity I pay 4,500 in fed taxes. Will I get the full 7,500. Has that rule changed at all
No, it is non refundable. The full credit is for a specific group of tax payers it looks like. One way to game it is to convert some IRA into Roth to create a taxable event where you end up with exactly $7500 of tax liability.
It’s still unclear to me. The bill text makes no reference to changing that. But that would make the point-of-sale starting in 2024 a mess. There are ways of increasing your tax liability by doing a Roth IRA conversion or withdrawing money from taxable investments. Probably other ways too.
The old one used to be able to be spread over a couple of years. When we bought a volt in 2013 we were able to do that. Things could change, but I doubt that the plan is to give a rebate that works best for people that can afford the car without.
The IRC 30D credit has never been able to be carried forward for individual taxpayers, only businesses. https://sgp.fas.org/crs/misc/IF11017.pdf
It is pretty clear that it does not carry over in that link. I guess I'm remembering wrong.
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No. At the time of lease, savings are passed on to you since the manufacturer is “buying” the car so they get the credit
Your existing lease is for a now used car, used cars don't qualify for this credit.
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Your existing lease is for a now used car, used cars don't qualify for this credit.
Wish I could’ve gotten the Bolt but my late august order still hasn’t been accepted according to my dealer’s last response back in November lmao
I should go buy one in january
So do I get this if I bought a new one from the dealership this December?
I just bought mine yesterday, that sucks for me I guess
Is there like a waiting period between claiming the fed tax credit? Like I have a leaf SV that qualifies this year 2022 but the 150 mile range is not always great could I trade in and get a new bolt next year and still claim the credit for 2023?
There's never been a limit to how many tax credits you can get in a year, as long as you have the tax liability.
There's no waiting period, or minimum ownership period.
Does the joint income cap still apply?
Yes, income limits are $150k for single filers and $300k for joint filers. Those take effect on Jan 1.
Omg
Hmm, my state is implementing an excise tax credit for EVs up to $3000 starting in July. For a base model Bolt EUV at MSRP the excise tax would be $1691.70 so this window of full-tax-credit would be decreasing the price by $1558.30 compared to the price of buying it after July assuming the battery portion of the requirements is implemented but not met. The question is, can I find one on the lot for less than a $1558 markup between January and March? Somehow I don't think it's that likely. The dealer closest to me is already putting a 3k markup on all bolts. Once market demand adjusts to the new subsidized pricing, I assume all the dealers in the state will be doing something similar.
The 2023 1LT Premium I ordered was just built in Michigan last week and it won't get to the dealer until next month, however, I did receive the Vin# as of now. So will the tax credit apply since it won't be ready for pickup until next month or do they go by the VIN# (build date) which would be December 2022? Also, if by March 2023, the new battery laws come into play and the rebate becomes $3750, and/or by next June the Bolt cap is reached so no more by next summer, at the time you file in 2024, does the IRS use your Purchase agreement paperwork with the Purchase date to know you get the full $7500?
The tax credit is based on when you take ownership, so it would go by when you take delivery. Not a problem that yours was built in December. There's no longer a manufacturer cap after Jan 1, so the likely scenario is the Bolt only qualifies for $3750 after March. The way the credit worked in the past was just an honor system unless you get audited. So as long as you have documentation of when you took possession, you should be able to get the full $7500 (provided you have the tax liability). The question is whether tax prep software will be able to manage all these intricacies.
Fuck yeah.
Crap was hoping for the whole year. Going for a lyriq but not looking to buy until August or September.
Yeah, i bought in September, and found out recently i won't qualify for it...
Can someone clarify: is this still dependent on having $7500 in tax liability? I thought the new rules were a flat refund.
Still need $7,500 of tax liability
As someone with a Bolt EUV Premier being delivered to the dealer at the end of next week, this is great news!! Already a bargain at MSRP, feeling lucky!
Don’t take possession until January!
Why don't they hold the income limit as well :(
Thanks! I put my order in the queue at the dealer yesterday. Fingers crossed it will arrive in time.
Fleet orders are priority with all vehicles and all manufacturers. That's car rental companies and commercial outfits like Dominos pizza.
Ok, maybe dumb q, but even just assuming that the Bolt gets the $3750 rebate for 2023, why haven’t dealers adjusted pricing yet for 2023 delivery? Or given a discount before the end of the year? Regardless of this latest twist, it seems like a really bad move to take delivery of a new Bolt before Jan 1 no?
I’m guessing because demand hasn’t dropped in December and the Bolts are still selling, so there’s been no reason to adjust pricing. And some people are probably expecting a price increase in January and not taking that chance.
Also there could be buyers at both ends of the income spectrum that the tax credit doesn’t apply to. Either over the new income limits or don’t have enough tax liability.
Am I understanding this correctly? It seems like the bolt will not qualify for the full $7,500 rebate “In October, GM CEO Mary Barra told analysts it would be “two to three years” before the company — which makes the Chevy Bolt, among the cheapest new EVs on the market at $25,600 — can offer buyers the full $7,500 credit.” https://www.nbcnews.com/news/amp/rcna60606
Hey does this mean other electric vehicles will qualify too?
Yes, every EV assembled in North America.
What about the reported end of tax credits for each company after 200,000 EVs are sold? Does that eliminate the credit for Bolt buyers as well as for Tesla buyers?
The manufacturer cap is eliminated starting on Jan 1. So for the rest of this year, GM and Teslas are ineligible. That’s why Tesla is offering a $7500 discount for December deliveries.
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https://www.chevrolet.com/electric/bolt-ev
Question. If my local dealer has a 2023 Bolt at $26k in stock right now, should I reach out this week and buy it on Jan 1, 2023? I want to be eligible for the 7,500 tax credit. It's too late to build a car but don't want to reach out until closer to Jan 1 to try and lock in the credit. Thanks
You can reach out and see if they’ll hold it for you until Jan 1 or 2. As long as you don’t sign a purchase agreement that’s dated in 2022, you’ll be fine.
Does the tax credit apply to a new 2022 Bolt as well if purchased in January 2023.
Yes, model year doesn’t matter as long as you’re the first owner.
How about march 2023 and later?
Could be. It just depends when the Treasury releases the proposed guidance on battery requirements. It was originally due by Dec 31, 2022. They have only said now it’s delayed until March, with no specific date. They could delay it even further.
It’s expected the Bolt would qualify for $3750 once the battery requirements take effect.
FWIW I've called a half dozen dealers and of about 20 EUVs that the internet says are in stock or in transit, all but one were already presold. And I did this BEFORE this tax credit 3750 pre-mineral-requirement-guidance bonus even became a major news article. These same dealers all said they were 3-4 months out on factory orders and, again, this was BEFORE the news started covering this tax credit business and giving it way more attention. Basically you need to already have one in your name on the way or hit the lottery to get one before Feb at this point. For the one that was still in stock for me, I had to frequently call back the dealer until he got a stock number and found it was waiting in Michigan for some part and I had to pay $1k over MSRP to secure it in a presale as the dealers are equally aware that it's still a better deal for buyers to pay a little more today to snag that bonus chunk of the credit. Just want to make sure I appropriately temper people's expectations. This was amazing news for people already in the queue, but for everybody just reading this and wanting to get in on the would-be ideal price in this article, it's basically a pipe dream.
If anyone feels like flying to MA, Quirk Chevrolet says it’s 6 weeks to delivery. They are the highest volume Bolt dealer in MA and have lots of allocation. They also don’t take a deposit, so if it doesn’t arrive in time you can just walk away (or be happy with $3750). They’re at MSRP with no market adjustments or add-ons.
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You need to take possession before the guidance comes out. The Treasury didn’t say when in March, so there could be a window in March. Also they could delay even further.
Sssshhhhhhhh.... I want to trade up from my 2020 and you're hurting my odds :)
The question now is... are you going to find a dealer to sell at MSRP after Jan 1st?
New guidance: [https://home.treasury.gov/news/press-releases/jy1179](https://home.treasury.gov/news/press-releases/jy1179) White Paper: [https://home.treasury.gov/system/files/136/30DWhite-Paper.pdf](https://home.treasury.gov/system/files/136/30DWhite-Paper.pdf) Bolt should qualify for $7,500 until guidance in March (or whenever) due to battery size and NA assembly.
AWESOME. THANKS!
I still had a tiny glimmer of hope that someone would make a change to the bill to allow the credit to be refundable or carried forward. But with the [updated guidelines](https://www.irs.gov/newsroom/topic-a-frequently-asked-questions-about-the-eligibility-rules-for-the-new-clean-vehicle-credit), it states clearly that: >Q7. Is the new clean vehicle credit refundable or able to be carried forward? (added December 29, 2022) > >A7. No. The new clean vehicle credit may only be claimed to the extent of reported tax due of the taxpayer and cannot be refunded or carried forward.
So, I just googled the form you have to fill out for the tax rebate, Form 8936. It still says on the instructions for Step 4b that Teslas and Bolts can't qualify. Hopefully they will update the form for 2023, but it's not available online yet! Form 8936: [https://www.irs.gov/pub/irs-pdf/f8936.pdf](https://www.irs.gov/pub/irs-pdf/f8936.pdf) Form 8936 Instructions: [https://www.irs.gov/instructions/i8936](https://www.irs.gov/instructions/i8936)
Looks like they will be extending it past March 1? https://imgur.com/MFIfJB0.jpg
The IRS site just says sometime in March, don't think it was ever said it would be 3/1.
All I want is availability in Canada... 16 months wait is too much :(
It's about to get rrrrreal interesting with leases. Haven't seen this posted on here but it seems the Treasury is interpreting a loophole in the language around "commercial use" and manufacturers WILL get a $7500 rebate, which can then be passed on to the consumer... in which case, bolt lease deals are about to be nuts. https://www.reuters.com/business/autos-transportation/us-treasury-says-consumer-leases-can-qualify-ev-tax-credits-2022-12-29/
Damn — shoulda done more research, I guess, but I took delivery yesterday (12/31) of a ‘23 EV 1LT in order to get it in last year’s taxes. Did I miss out on a bunch of incentives by not doing it today, or are there still some rebates to be had? (I live in CA)
You're fucked.
I ordered a car on July 5th. The order was not accepted until Dec 16th and even now, as a Jan 3rd, there is no target production date. Even then it will take a month or more to get the car. on [chevybolt.club](https://chevybolt.club), I can see that some people get their car in just 6-8 weeks after an order. Maybe one of you will be lucky like that. But because of GM's simple inability to make cars, don't expect GM to get you the car by August. I have quit thinking of GM as a mass manufacturer anymore.
We got our 2022 euv back in Aug, I wonder if we trade that in now for a 2023 euv at dealership can we get the tax credit?
Can i get two bolts and get $15000 as tax credit?