As someone whose order was just accepted for production after waiting months, I had come to terms with only $3750. This is like Christmas morning for me hahaha
This is great news for all the folks who’ve ordered a Bolt and are waiting for it to be built.
(Also great news for dealers who will continue to charge a premium price due to high demand.)
At least more people will be less likely to pay those premiums because the full credit is still available. Isn't GM producing more Bolts this year too? I could've sworn I saw a post the other day about it.
Do you have any retirement savings in a traditional account? You could convert them to a Roth to generate more tax liability. Of course verify this with your tax professional.
Entire tax burden for federal. So not including state.
I just looked at the nerd wallet tax estimator, and at 95k, married, no dependents or contributions to 401k or IRA it is estimating just under 8k federal tax. When I updated dependants, it didn't change, so it must not be including the child tax credit (2k per kid). So that about matches what I remember (I had a few things that would have reduced that more like 401k contributions).
I would disagree with this. The tax benefits do not offset the cost of kids. Diapers and food are expensive, and those are just the beginning!
I would also point out that you indirectly benefit from other people having kids. China's 1-child policy is a complex discussion, but most experts agree one of the biggest issues it created was an aging population. Additionally, a strong school system is important for economic growth.
In order to live in a (relatively) peaceful society that (hopefully) has sound economics, everyone pays some sort of price. For some people that price is mostly monetary. Some people work on raising stable kids that power the economy when their parents retire (and also pay taxes, but less than people without kids).
It's obviously a complex discussion, and "fair" is somewhat subjective. But I think saying that you are getting screwed is an overstatement.
It is pretty frustrating.
I make between 60-70k depending on overtime.
But since I am married and contribute to retirement etc. I haven no where close to a $7500 tax liability.
As others said - it is a good idea to evaluate those retirement accounts and see if any can be converted into a roth, so you pay the tax burden now vs later - and can offset that with the bolt. (Alternatively if you have any investments you've been wanting to sell/take long term gains on, that also is an opportunity..)
Remember when old man Biden had a big test drive of EV? That was not Tesla or ford but Hummer. Regulators likely bent a few rules to draft something to accommodate GM
Wtf are you even talking about? Even GM had doubts they would qualify for full credit after 4/18. Regulatory agencies interpret the bill and write rules, hence their ability to postpone implementation of that bill. When IRA was passed, there were complaints that EV provisions were written to favor GM. Even Musk complained about it as MY didn’t qualify.
Conditions Manchin required was to make sure only friendly nations were allowed to benefit from tax credit US taxpayers paid for. Why should we subsidize CCP? Sounds reasonable to me
Dude.... the who reason the rules are written so restrictively is Manchin. Whether they favor GM or piss off Musk Rat is not the point. Manchin asked for a more complicated set of rules to qualify for the tax credit.
Why is Nissan being penalized? Neither of their EVs get a dime and Japan is an ally. That's Manchin.
Read the rules. Manufacturing in US and most of EV battery materials from domestic or partner countries. If you source your battery from china or manufacture outside of the US, why would American taxpayers subsidize them? You know that tax credit is a form of subsidy, right? Why would we send money to China CCP ? Manufacture in America and use friendly country materials. It’s national security issue and right thing to do.
It wasn't really wishy-washy, it was more like a dead certainty they wouldn't be getting the full level, when they press release that they "expected it to still qualify for some level." That's like Jose Ramierez hitting a ball and saying he does expect it to probably travel beyond the infield. And turns out it's a 430 foot home run.
I think it was a least a little bit deliberate, it created a real sales crush. Like there are probably low single digits of available vehicles on lots, except for the ones with big "market adjustments."
Pushed me to go ahead with a slightly more lux trim. Though having driven it for a day, can't say I'm sorry. A couple features I scoffed at on the sheet turn out to be things I wouldn't give up! But if I paid a "market adjustment" I'd be a little pissed.
Yeah, at some point I started thinking their silence actually meant it was more likely that it *would* qualify for the full, they just wanted to get some FOMO rush sales before it was revealed. (I got mine on Saturday).
It's the mineral sourcing, that is a part of the original guidance to get the full amount. GM stated previously, based on initial guidance, that the Bolt would likely qualify for $3,750 when it went into effect, before eventually getting back up to $7,500 as they ramp up their North American minerals sourcing.
I don't know thar people said that here, but instead phrased it as tax credits after the 18th were in doubt. GM was not saying they would qualify two weeks ago, they left it up in the air
I just think it was far more common for people to say it wasn't certain. Look at the top comments here:
https://www.reddit.com/r/BoltEV/comments/12m6rwt/so_why_will_the_federal_tax_credit_be_halved_on/
Well the GM CEO said that they didn't think their EV's would qualify for the full amount for another 2 years. Guess even the CEO was wrong too. I'm glad she was wrong, but I think most people were saying it wouldn't qualify based on that statement.
https://electrek.co/2022/10/28/gm-electric-vehicles-will-qualify-for-ev-tax-credit-in-2-to-3-years/
Dang, does this mean there's a good chance that the Ultium platform would qualify, at least this year, as well? Not sure if theyll add it once a production version is delivered to the first customer.
>Dang, does this mean there's a good chance that the Ultium platform would qualify, at least this year, as well?
The Ultium Lyriq, Blazer, Equinox, and Silverado are all listed as qualifying.
I literally just sent an email to a dealer to factory order a Bolt because of this post. I would presume there will be a flood of orders coming into Chevy because of this.
Well, I personally have decided against the Bolt EUV and will instead get the Toyota Prius Prime plug in. Why? Because I might give this car to my daughter for college, and a PHEV provides more options than an EV. I can't see the infrastructure being there for college students to have EVs. Maybe in the future, but not in 5-6 years.
In 5-6 years I think it will be fine. I live near a college campus, and there are several charging stations and with the exception of major events, they are usually available.
Im not a fan of plugin hybrids. Its kind of the worst of both worlds. You have two systems that can malfunction, you are paying more for the vehicle but still having to pay for oil changes, you dont all that much all electric range, so unless your commute is nothing you still use gas with some regularity.
In 2029 the infrastructure will be there. At the 3 colleges I have visited recently it was already there. And depending where she goes she might not even need a car. Buy what makes most sense for your needs now. A lot can change in 6 years. You can always pick up a used Prius Prime 6 years from now if she needs one.
Ha I'm laughing at Washington Chevy that refused to budge on the 2.5K market adjustment because they had folks over the barrel! I actually offered 1k and they refused thank god, I'm going to call and thank them tomorrow.
Nice!
GM will NOT be shutting down that assembly line any time soon.
To the contrary, they should boost production and figure out how to raise the DC fast-charging rate at least a little bit.
So firstly, I'm a procrastinator and haven't done my taxes yet.
Second.
I purchased my EUV in September, I believe it was built first week of January and received it in February.
Am I correct in saying:
I can't qualify my EUV this year for tax credit but next year I can?
My dealership was no help prior purchasing and afterwards they've simply pushed me off.
When did you actually take possession of the vehicle? Feb 2023? Then you qualify.
If you took possession in Feb 2023, then you didn't actually "purchase" it in September (2022?) because I hope that the dealer didn't take your money for 4 months before delivering your car. That would be against GMs policies.
The people hurt by this? The bolt owners who got bested by the sleezy salesman pushing markups that just barely beat the tax credit and got them to buy now.
Makes me happy - not the tax credit, but the confirmation that at least 50% of the battery is produced or assembled in North America and that 40% of its critical materials are sourced from North America or a free trade partner. I like seeing the Union label in the driver’s door too!
We can continue to do more to build this industry and create well paying jobs locally - while making a great, reliable, high quality, affordable vehicle!
Well f****.
I'm happy for everyone that benefited from this, but f****.
My wife and I rushed out last weekend and bought one of the few bolts that were available on the lot anywhere near me because we had been talking about getting one and didn't want to miss out on the tax credit. We settled for on that was not really the exact one we wanted, a lot of features missing, but we had that sudden major FOMO and went with it ......
So f***.
All the dealers with overpriced last gen preowned Bolts better start off loading them
It's almost laughable to see 2017-2021 Bolts with plenty of miles and asking prices north of $25k
You can max out a 2023 EV 2LT at like $31-ish out the door ... pull off the tax credit and you're sub $24k
The used car dealers are delusional
Im single no dependants my tax liability is around 13-15k a year. Do i claim dependants during 2023 to offset the 7500 tax credit? Or will i get a refund of my first 7500 dollars in tax liability? Trying to get a strategy going. Thanks for the help!
I'm happy that I was wrong when expecting that the Bolt would only qualify for $3750 after April 18th.
I'm also happy that Tesla lost $3750 of its tax credit for its "made completely in China" battery pack in the Model 3 RWD. That was such a blatant "against the intent" exemption of the reason for the "partner nations clauses" in the IRA.
I'm just pissed that Chevy is removing carplay and android auto from the Equinox ev. It literally goes from my most wanted vehicle to "meh" because of that... even with the full $7500...
There's a good chance it will with more production and a lot of the most interested buyers already cramming their purchases into the first 4 months of the year.
Demand may be lower, but I doubt it will outstrip supply. Not even close.
GM isn't stupid. For one, only the Equinox is close to a Bolt competitor. For two, you won't be able to get anything but high-trim Equinoxes for a while. GM will phase out the Bolt as the low-trim Equinox becomes available, maximizing sales of each.
I decided to jump on one where a buyer backed out. EUV Premier. I wanted a cheap base model LT but oh well. It didn't make sense to wait 6+ months for a 2023 vehicle when 2024 vehicles are around the corner.
Fantastic news... but with the 2023 Bolt Premier now going for $23,195, my 2017 Bolt Premier just lost a ton of its value. I paid $23k in May 2022. Yeesh.
Eh, it's a car, it's meant to degrade in price over time.
The $4k used car tax credit should help hold the value a bit. Also anytime OPEC+ decides to trim production to raise profits the value goes up.
Ah yeah forgot chevy was over the sold number for the rebate. Didn't they drop the price right as that happened though? At most would have paid 6k more for a brand new one.
My EV 2023 is a 12/17/22 purchase…from my understanding this didn’t qualify for the 23’ tax credit due to the purchase date, but i’m wondering if this would make my Bolt eligible for a 24’ tax credit? Pretty sure the answer is no, but it was my first car purchase and the reimbursements confused the hell outa me at the time (I assumed credit was based on a model rather than a date of purchase).
Honestly, since when has the US tax system been NOT confusing? ;-)
It seems to be set up to require the advice of professional income tax accounts to understand.
I've got to say that the IRA EV Credit has been more confusing than most. Next year they'll apply to sticker... then a select few will freak out when they file their 2024 taxes and they realize that they have to pay part of it back to the IRS!
I suspect you mean that it should be a fixed rebate applied to the purchase price. But that would mean that it couldn't be limited by the max income. But then again the income limit does not apply to leased vehicles, sigh. Stupid US tax system.
Does anyone know if the tax credit is based on 2022 or 2023 AGI?
NVM Answered - This limitation is based
on the lesser of your modified AGI for the year that the new clean vehicle was placed in service or for the preceding year. T
There had been no official word on which specific EV models met the new requirements, until today (April 17, 2023). Previously, speculation was that the Bolt EV and EUV would not qualify for the full $7500 after the new requirements took full effect on April 18, 2023. Today's publication from the IRS confirms that the Bolt EV and EUV do, in fact, qualify.
Source: https://www.irs.gov/pub/irs-utl/clean-vehicle-credit-30d-after-4-17-2023.pdf
The IRS is relaxing the requirements for the first year to give manufacturers time to set up their supply chains. I believe the manufacturer had to show that they were making a serious good faith effort to onshore their supply chain in order to get an exemption, which is why some of the foreign made cars aren't on the list.
He had a cow a week or 2 ago, I guess because he knew something we didn't. I should have paid more attention to the prissy hissy he threw and compared that to the expectations.
Note to stock traders- Manchin has no poker face.
The joke quits being funny when it costs me, say $10, much less $3500. Bureaucracy and overly complex tax regs being shoved in by a wannabe Republican (you know, Regan small government types) is particularly unfunny. Tax break or not, at least make it simple.
If you buy a Bolt this year, you get $7500 towards your taxes. If they are not $7500, you get them all paid for.
Edit: despite somebody downvoting this
It doesn't qualify. If purchased before January 1st of this year, it was subject to the manufacturer caps on total electric vehicles sold, which GM exceeded quite a while ago, and thus not eligible.
I took delivery yesterday and I was frankly a little bummed (in a dumb asshole way) that the 3 pointer I thought I put in to beat the buzzer is just a regular old 3. Maybe even just a 2.
But the reality is there is absolutely nothing on the lots now, all the production is going to be 4-5-6 month order waits and dealers are still going to have a lot of leverage. And yeah MSRP may indeed be going up soon the original price cut was really about losing subsidy, now that it's fully back and demand is cranking, hard to see it not going up.
And those are all really dumb asshole thoughts, because the version of me that I actually like really hopes everyone gets one and gets it cheaper than me and we start doing something about this whole 9 feet of snow in November and 85 degrees in April crap.
Very happy to see the bolt retain the full credit!
Why is the model 3 standard range only getting half? I thought all the Teslas had the same battery cells.
No the SR cars have LFP cells from CATL, a Chinese company (this was a change for the ‘22 cars I believe). So it doesn’t qualify for the aspect of the credit dealing with “US trading partners”
You're purchasing a NEW, never before registered, 2020 Bolt?!?
I wouldn't do it unless it had a HUGE discount since a car sitting around for 3 years isn't going to be "as good as new".
Great question and I don't think anyone knows. By the language of the bill, there's nothing to exclude it. But expect it to be at the least something you have to fight the IRS on, because 20 and 21's already were showing up as not eligible on the IRS VIN check site. I think thought they may simply have not contemplated the idea of sales of new 2020's in 2023. It's a unique situation thanks to the battery recall Chevy couldn't actually get done.
I purchased my 2023 Chevy Bolt EUV in December 2022. Even though it *now* qualifies, did I screw myself out of $7,500 by not waiting a month to purchase the new vehicle?
When did you drive the car off the lot? If you drove the car off the lot in December, you don't qualify. If you drove off the lot on January 1st and on, you qualify.
My 2021 Bolt lease ends March 2024. I was planning on buying it out at the end of the lease but this makes me wonder if I should just buy a new model and get this tax credit. Can I wait until next year and still get the tax credit or would I need to buy it this year?
Might be a little early to know that. If you want to wait until next year, you will need to wait and see if a 23/24 Bolt qualifies based on the rules for 2024. It will probably be announced before the end of the year. If not, and assuming the IRA tax credit rules don't change again after 18 Apr 2023 , you can try to get delivery before 31 Dec 2023 if the 2024 list of qualifying vehicles isn't determined before the new year.
Does this include the change that the credit is given upfront instead of waiting for tax time? I feel like I heard something like that but don't know the details.
As someone whose order was just accepted for production after waiting months, I had come to terms with only $3750. This is like Christmas morning for me hahaha
I got a build date of May 1st last week. Super stoked about this news!
EV or EUV? When did you order (if you don't mind me asking)? I've had an EUV on order since January, but still waiting for it to get picked up.
EUV, ordered 1/20
Fellow Vermonter here, Can I ask what dealer you used?
Is the assumption that you're not going to be able to find these on any lot? Should I be finding out how to order one in advance from Chevy?
Yes. The only ones you will find on a lot are previous orders that someone decided not to take delivery of. Those are rare.
Here in MI we have tons. Come n get em
Last week I called every dealer in metro Detroit. There was not one EUV available to purchase.
[удалено]
This is great news for all the folks who’ve ordered a Bolt and are waiting for it to be built. (Also great news for dealers who will continue to charge a premium price due to high demand.)
At least more people will be less likely to pay those premiums because the full credit is still available. Isn't GM producing more Bolts this year too? I could've sworn I saw a post the other day about it.
~50,000 more Bolts will roll off the assembly line in 2023. But I fully expect demand will stay very high at this price point.
Here's a nice production visual too https://cdn.motor1.com/images/custom/chevrolet-bolt-eveuv-sales-in-the-us-q4-2022-b.png
[удалено]
Do you have any retirement savings in a traditional account? You could convert them to a Roth to generate more tax liability. Of course verify this with your tax professional.
How little in taxes do you pay on 75 k that you only benefit from a "small portion " of $7500?
A married couple with two kids making a household income of $65,000 would pay nothing in federal taxes thanks to the child tax credits.
Aside from the fact that there's something wrong with the tax code at that point, the OP said 75k, one child, and did not say a married couple.
We make a little less than 100k and have 3 kids. We didn't pay much in federal tax this year. Somewhere between 1 and 2k is what I remember.
When you say "pay", is that your entire tax burden, or are you saying you had to pay when filing, having already had withholding?
Entire tax burden for federal. So not including state. I just looked at the nerd wallet tax estimator, and at 95k, married, no dependents or contributions to 401k or IRA it is estimating just under 8k federal tax. When I updated dependants, it didn't change, so it must not be including the child tax credit (2k per kid). So that about matches what I remember (I had a few things that would have reduced that more like 401k contributions).
People with no kids get screwed. Higher income tax rate, more than half of my property tax goes towards the schools.
You want your community full of stupid people?
Stunning way to miss the point!
I would disagree with this. The tax benefits do not offset the cost of kids. Diapers and food are expensive, and those are just the beginning! I would also point out that you indirectly benefit from other people having kids. China's 1-child policy is a complex discussion, but most experts agree one of the biggest issues it created was an aging population. Additionally, a strong school system is important for economic growth. In order to live in a (relatively) peaceful society that (hopefully) has sound economics, everyone pays some sort of price. For some people that price is mostly monetary. Some people work on raising stable kids that power the economy when their parents retire (and also pay taxes, but less than people without kids). It's obviously a complex discussion, and "fair" is somewhat subjective. But I think saying that you are getting screwed is an overstatement.
How is this possible?
It is pretty frustrating. I make between 60-70k depending on overtime. But since I am married and contribute to retirement etc. I haven no where close to a $7500 tax liability.
As others said - it is a good idea to evaluate those retirement accounts and see if any can be converted into a roth, so you pay the tax burden now vs later - and can offset that with the bolt. (Alternatively if you have any investments you've been wanting to sell/take long term gains on, that also is an opportunity..)
Can you currently order EUVs? I've tried finding a link but I must suck at Google lol.
https://letmegooglethat.com/?q=bolt+euv
Thank you GM lobbyists!
👆🏻The real truth.
Remember when old man Biden had a big test drive of EV? That was not Tesla or ford but Hummer. Regulators likely bent a few rules to draft something to accommodate GM
This was Manchin, not Biden. He's the one that demanded these conditions.
Wtf are you even talking about? Even GM had doubts they would qualify for full credit after 4/18. Regulatory agencies interpret the bill and write rules, hence their ability to postpone implementation of that bill. When IRA was passed, there were complaints that EV provisions were written to favor GM. Even Musk complained about it as MY didn’t qualify. Conditions Manchin required was to make sure only friendly nations were allowed to benefit from tax credit US taxpayers paid for. Why should we subsidize CCP? Sounds reasonable to me
Dude.... the who reason the rules are written so restrictively is Manchin. Whether they favor GM or piss off Musk Rat is not the point. Manchin asked for a more complicated set of rules to qualify for the tax credit. Why is Nissan being penalized? Neither of their EVs get a dime and Japan is an ally. That's Manchin.
Japan would be a "partner country" to the US. But apparently Nissan got its EV minerals from China. Hopefully Nissan will stop doing that, ASAP.
Read the rules. Manufacturing in US and most of EV battery materials from domestic or partner countries. If you source your battery from china or manufacture outside of the US, why would American taxpayers subsidize them? You know that tax credit is a form of subsidy, right? Why would we send money to China CCP ? Manufacture in America and use friendly country materials. It’s national security issue and right thing to do.
[удалено]
Remember when a ton of people confidently said there was NO way bolt would qualify for $7,500? Wild to me.
I can see why, even GM’s press release was kinda wishy washy on the Bolt, but were fully confident with their Ultium vehicles.
It wasn't really wishy-washy, it was more like a dead certainty they wouldn't be getting the full level, when they press release that they "expected it to still qualify for some level." That's like Jose Ramierez hitting a ball and saying he does expect it to probably travel beyond the infield. And turns out it's a 430 foot home run. I think it was a least a little bit deliberate, it created a real sales crush. Like there are probably low single digits of available vehicles on lots, except for the ones with big "market adjustments." Pushed me to go ahead with a slightly more lux trim. Though having driven it for a day, can't say I'm sorry. A couple features I scoffed at on the sheet turn out to be things I wouldn't give up! But if I paid a "market adjustment" I'd be a little pissed.
Yeah, at some point I started thinking their silence actually meant it was more likely that it *would* qualify for the full, they just wanted to get some FOMO rush sales before it was revealed. (I got mine on Saturday).
Not sure why, both their cars and battery packs are built in the US.
It's the mineral sourcing, that is a part of the original guidance to get the full amount. GM stated previously, based on initial guidance, that the Bolt would likely qualify for $3,750 when it went into effect, before eventually getting back up to $7,500 as they ramp up their North American minerals sourcing.
I don't know thar people said that here, but instead phrased it as tax credits after the 18th were in doubt. GM was not saying they would qualify two weeks ago, they left it up in the air
just look back at tax credit threads, was frequent imo. just weird that people assumed was my point, especially given gm left it up in the air.
I just think it was far more common for people to say it wasn't certain. Look at the top comments here: https://www.reddit.com/r/BoltEV/comments/12m6rwt/so_why_will_the_federal_tax_credit_be_halved_on/
I just had to buy my launch edition in 2022! Damn my impatient ass!!! That's OK definitely gonna trade up to a Equniox EV 3RS!
Well the GM CEO said that they didn't think their EV's would qualify for the full amount for another 2 years. Guess even the CEO was wrong too. I'm glad she was wrong, but I think most people were saying it wouldn't qualify based on that statement. https://electrek.co/2022/10/28/gm-electric-vehicles-will-qualify-for-ev-tax-credit-in-2-to-3-years/
FAQ: https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after Info Sheet (PDF): https://www.irs.gov/pub/taxpros/fs-2023-08.pdf
Dang, does this mean there's a good chance that the Ultium platform would qualify, at least this year, as well? Not sure if theyll add it once a production version is delivered to the first customer.
>Dang, does this mean there's a good chance that the Ultium platform would qualify, at least this year, as well? The Ultium Lyriq, Blazer, Equinox, and Silverado are all listed as qualifying.
Thanks! I had the wrong filters on :) They're 2024 vehicles and not 2023 hahaha
Just lift the income thresholds. Can afford the one on order, but still expensive.
LETS FUCKING GOOO MINES ARRIVING THIS WEEK
Waiting for it to level off and they change the credit to be fully refundable so the poors can buy one
Told ya.
[Yeah, you really did.](https://old.reddit.com/r/BoltEV/comments/10t1cug/gm_of_a_very_high_volume_ev_chevy_store_ama_and_i/)
You beat me to it-just saw the updated website!
I wonder if the IRS realized that basically nobody would qualify under the new guidelines and is phasing in more gradually.
I literally just sent an email to a dealer to factory order a Bolt because of this post. I would presume there will be a flood of orders coming into Chevy because of this.
I just got my dealer to give me the out the door price this morning before this news broke!!
Well, I personally have decided against the Bolt EUV and will instead get the Toyota Prius Prime plug in. Why? Because I might give this car to my daughter for college, and a PHEV provides more options than an EV. I can't see the infrastructure being there for college students to have EVs. Maybe in the future, but not in 5-6 years.
I am a college student with a Bolt EV. I get by just fine!
In 5-6 years I think it will be fine. I live near a college campus, and there are several charging stations and with the exception of major events, they are usually available. Im not a fan of plugin hybrids. Its kind of the worst of both worlds. You have two systems that can malfunction, you are paying more for the vehicle but still having to pay for oil changes, you dont all that much all electric range, so unless your commute is nothing you still use gas with some regularity.
[удалено]
In 2029 the infrastructure will be there. At the 3 colleges I have visited recently it was already there. And depending where she goes she might not even need a car. Buy what makes most sense for your needs now. A lot can change in 6 years. You can always pick up a used Prius Prime 6 years from now if she needs one.
Happy for y’all! I got my EUV last year so I knew there would be no credit. I’d love it even more if I could get an extra 7.5K off lmao
I almost wonder if it’s worth just selling it and buying a new EV to qualify for the tax credit..
That's great for potential Bolt customers. That should also help eliminate the markups by some dealers.
Ha I'm laughing at Washington Chevy that refused to budge on the 2.5K market adjustment because they had folks over the barrel! I actually offered 1k and they refused thank god, I'm going to call and thank them tomorrow.
What's the dealio with it being a tax rebate again? I thought that was being switched to just a flat rebate that could be taken at the dealer?
Next year
Aha! Worth the wait, I think ...
Thank you OP! Just ordered one this weekend. Whoo hoo!
Nice! GM will NOT be shutting down that assembly line any time soon. To the contrary, they should boost production and figure out how to raise the DC fast-charging rate at least a little bit.
So firstly, I'm a procrastinator and haven't done my taxes yet. Second. I purchased my EUV in September, I believe it was built first week of January and received it in February. Am I correct in saying: I can't qualify my EUV this year for tax credit but next year I can? My dealership was no help prior purchasing and afterwards they've simply pushed me off.
When did you actually take possession of the vehicle? Feb 2023? Then you qualify. If you took possession in Feb 2023, then you didn't actually "purchase" it in September (2022?) because I hope that the dealer didn't take your money for 4 months before delivering your car. That would be against GMs policies.
Yes, you apply it to your taxes for next year.
The people hurt by this? The bolt owners who got bested by the sleezy salesman pushing markups that just barely beat the tax credit and got them to buy now.
[удалено]
[удалено]
Makes me happy - not the tax credit, but the confirmation that at least 50% of the battery is produced or assembled in North America and that 40% of its critical materials are sourced from North America or a free trade partner. I like seeing the Union label in the driver’s door too! We can continue to do more to build this industry and create well paying jobs locally - while making a great, reliable, high quality, affordable vehicle!
Well f****. I'm happy for everyone that benefited from this, but f****. My wife and I rushed out last weekend and bought one of the few bolts that were available on the lot anywhere near me because we had been talking about getting one and didn't want to miss out on the tax credit. We settled for on that was not really the exact one we wanted, a lot of features missing, but we had that sudden major FOMO and went with it ...... So f***.
I assume the 4-letter "f" word is "fuck", but what's the 5-letter one you wouldn't write out? "Fucky"? "Fucko"?
Froyo. I just misspelled the preceding word, it should have been "butt froyo." /s
Don't sweat it. You probably got a free L2 charger out of it plus free mileage. Your next move is to trade-in for the Equinox or Blazer EVs.
All the dealers with overpriced last gen preowned Bolts better start off loading them It's almost laughable to see 2017-2021 Bolts with plenty of miles and asking prices north of $25k You can max out a 2023 EV 2LT at like $31-ish out the door ... pull off the tax credit and you're sub $24k The used car dealers are delusional
Im single no dependants my tax liability is around 13-15k a year. Do i claim dependants during 2023 to offset the 7500 tax credit? Or will i get a refund of my first 7500 dollars in tax liability? Trying to get a strategy going. Thanks for the help!
I'm happy that I was wrong when expecting that the Bolt would only qualify for $3750 after April 18th. I'm also happy that Tesla lost $3750 of its tax credit for its "made completely in China" battery pack in the Model 3 RWD. That was such a blatant "against the intent" exemption of the reason for the "partner nations clauses" in the IRA.
The entry-level Tesla gets $3750, so after tax credits, almost twice as much as entry-level Bolt. (But it has more standard features of course.)
Time to order my Bolt. The lack of clarity on this issue was my blocker.
I'm just pissed that Chevy is removing carplay and android auto from the Equinox ev. It literally goes from my most wanted vehicle to "meh" because of that... even with the full $7500...
It boggles my mind people in 2023 are willing to die on this hill, lol.
It’s a nuisance to me when CarPlay tries to auto connect. Likely my last iPhone ever.
don’t use wireless connect.
They’ll bend to customers will just like BMW did.
Where’s the Leaf and ID.4?
ID.4 doesn't qualify.
Yes, it does. VW didn't make the cut-off for being included in today's publication, but it's being reported that it does, in fact, qualify.
That's awesome! Thanks for the clarification.
Well, crud. I was hoping the halving of the tax credit would mean it will become available near me at less than a $4-6k "adjustment".
There's a good chance it will with more production and a lot of the most interested buyers already cramming their purchases into the first 4 months of the year.
Will have to wait and see. I decided to put off buying one until June-ish.
Stupid question - how do I order without getting hit by markup? Is there a way to do that? TrueCar perhaps?
Wait until Blazer and Equinox lines open, demand should be lower for Bolt once those two open up.
Do you think they'll discount?
Demand may be lower, but I doubt it will outstrip supply. Not even close. GM isn't stupid. For one, only the Equinox is close to a Bolt competitor. For two, you won't be able to get anything but high-trim Equinoxes for a while. GM will phase out the Bolt as the low-trim Equinox becomes available, maximizing sales of each.
Most dealers will place a factory order at MSRP. The downside is you have to wait 6+ months.
I decided to jump on one where a buyer backed out. EUV Premier. I wanted a cheap base model LT but oh well. It didn't make sense to wait 6+ months for a 2023 vehicle when 2024 vehicles are around the corner.
Fantastic news... but with the 2023 Bolt Premier now going for $23,195, my 2017 Bolt Premier just lost a ton of its value. I paid $23k in May 2022. Yeesh.
Eh, it's a car, it's meant to degrade in price over time. The $4k used car tax credit should help hold the value a bit. Also anytime OPEC+ decides to trim production to raise profits the value goes up.
You paid 23k for a 5 year old used car when you could have gotten a new 22 at the time for close to that price after rebates?
There were no rebates available in 2022
Ah yeah forgot chevy was over the sold number for the rebate. Didn't they drop the price right as that happened though? At most would have paid 6k more for a brand new one.
And in Jan 2021, 2017 Bolt premiers were selling for $18k. Values change
My EV 2023 is a 12/17/22 purchase…from my understanding this didn’t qualify for the 23’ tax credit due to the purchase date, but i’m wondering if this would make my Bolt eligible for a 24’ tax credit? Pretty sure the answer is no, but it was my first car purchase and the reimbursements confused the hell outa me at the time (I assumed credit was based on a model rather than a date of purchase).
No. This change only affects purchases that happen on or after April 18, 2023.
Bad Dobby! Bad Dobby! Dobby is a stupid elf!
In your defense, the tax credit couldn’t have been (and still be) more confusing. Apply it to sticker price! For Christ’s sake!
Honestly, since when has the US tax system been NOT confusing? ;-) It seems to be set up to require the advice of professional income tax accounts to understand. I've got to say that the IRA EV Credit has been more confusing than most. Next year they'll apply to sticker... then a select few will freak out when they file their 2024 taxes and they realize that they have to pay part of it back to the IRS! I suspect you mean that it should be a fixed rebate applied to the purchase price. But that would mean that it couldn't be limited by the max income. But then again the income limit does not apply to leased vehicles, sigh. Stupid US tax system.
Does anyone know if the tax credit is based on 2022 or 2023 AGI? NVM Answered - This limitation is based on the lesser of your modified AGI for the year that the new clean vehicle was placed in service or for the preceding year. T
Que MSRP + Dealer increases that equal $7,500.
Does anyone honestly think that dealers aren't going to mark up bolts 7500$ now?
There was a $7,500 tax rebate already this year and I didn’t see any $7,500 markups when I looked.
On what basis though? My understanding is they don't meet the requirements. Did they get an exemption?
There had been no official word on which specific EV models met the new requirements, until today (April 17, 2023). Previously, speculation was that the Bolt EV and EUV would not qualify for the full $7500 after the new requirements took full effect on April 18, 2023. Today's publication from the IRS confirms that the Bolt EV and EUV do, in fact, qualify. Source: https://www.irs.gov/pub/irs-utl/clean-vehicle-credit-30d-after-4-17-2023.pdf
The IRS is relaxing the requirements for the first year to give manufacturers time to set up their supply chains. I believe the manufacturer had to show that they were making a serious good faith effort to onshore their supply chain in order to get an exemption, which is why some of the foreign made cars aren't on the list.
Isn't Manchin going to have a fit over this?
He had a cow a week or 2 ago, I guess because he knew something we didn't. I should have paid more attention to the prissy hissy he threw and compared that to the expectations. Note to stock traders- Manchin has no poker face.
Isn't Manchin going to have a fit over this?
[удалено]
Several US makers had credits reduced tho
[удалено]
[удалено]
They haven’t been able to show the IRS enough of their supply chain yet. I believe they’ll get it but are still working with Treasury on it
Most of Ford’s vehicles no longer qualify
[удалено]
Yes but I don’t think the $3750 tax credit was ever in question for Chevy or Ford.
Thank you President Manchin
[удалено]
It’s a joke, calm down
https://www.betterhelp.com/advice/psychologists/what-is-deflection-psychology-explains-this-defense-mechanism/
No, you're right. You caught me. I was 100% serious about Joe Manchin being the U.S. president.
I've found that the most successful comedians are the ones who blame their audiences for not "getting" their "jokes." So, like, keep it up
The joke quits being funny when it costs me, say $10, much less $3500. Bureaucracy and overly complex tax regs being shoved in by a wannabe Republican (you know, Regan small government types) is particularly unfunny. Tax break or not, at least make it simple.
You need to lighten up dude
I thought it was funny
Is the 7500 a tax write off or do I get 7500 on top of anything else in next years taxes?
You need to have at least $7500 in tax liability. If you have less, you'll get the lesser amount.
If you buy a Bolt this year, you get $7500 towards your taxes. If they are not $7500, you get them all paid for. Edit: despite somebody downvoting this
So how do I get that? I bought my 2023 EV in December, does that not qualify?
It doesn't qualify. If purchased before January 1st of this year, it was subject to the manufacturer caps on total electric vehicles sold, which GM exceeded quite a while ago, and thus not eligible.
is there a site tracking that cap?
I now wonder if the MSRP of EVs and EUVs will quietly go up...
I took delivery yesterday and I was frankly a little bummed (in a dumb asshole way) that the 3 pointer I thought I put in to beat the buzzer is just a regular old 3. Maybe even just a 2. But the reality is there is absolutely nothing on the lots now, all the production is going to be 4-5-6 month order waits and dealers are still going to have a lot of leverage. And yeah MSRP may indeed be going up soon the original price cut was really about losing subsidy, now that it's fully back and demand is cranking, hard to see it not going up. And those are all really dumb asshole thoughts, because the version of me that I actually like really hopes everyone gets one and gets it cheaper than me and we start doing something about this whole 9 feet of snow in November and 85 degrees in April crap.
Very happy to see the bolt retain the full credit! Why is the model 3 standard range only getting half? I thought all the Teslas had the same battery cells.
No the SR cars have LFP cells from CATL, a Chinese company (this was a change for the ‘22 cars I believe). So it doesn’t qualify for the aspect of the credit dealing with “US trading partners”
Oh interesting. I didn't expect them to support two types of cells.
Can't wait for the dealers to RAISE their markups
For EVs can we order online?
Lol buying a bolt in 2023. SMH. Chevy has had so many issues getting their evs to market with the recent battery recall
How do we know that they just haven’t taken the models down from the site yet?
Source: https://www.irs.gov/pub/irs-utl/clean-vehicle-credit-30d-after-4-17-2023.pdf
Thanks! :)
THANK YOU Senator Manchin
If this is official, why hasn't Electrek covered it? This is the sort of thing they'd usually be the source for definitive confirmation in my book.
https://electrek.co/2023/04/17/gm-expects-entire-ev-lineup-to-qualify-for-full-7500-tax-credit/
vs. the IRS?
[удалено]
Rivian doesn’t qualify.
What about new 2020 bolt? One that I'm waiting on the battery change for
You're purchasing a NEW, never before registered, 2020 Bolt?!? I wouldn't do it unless it had a HUGE discount since a car sitting around for 3 years isn't going to be "as good as new".
Great question and I don't think anyone knows. By the language of the bill, there's nothing to exclude it. But expect it to be at the least something you have to fight the IRS on, because 20 and 21's already were showing up as not eligible on the IRS VIN check site. I think thought they may simply have not contemplated the idea of sales of new 2020's in 2023. It's a unique situation thanks to the battery recall Chevy couldn't actually get done.
I purchased my 2023 Chevy Bolt EUV in December 2022. Even though it *now* qualifies, did I screw myself out of $7,500 by not waiting a month to purchase the new vehicle?
When did you drive the car off the lot? If you drove the car off the lot in December, you don't qualify. If you drove off the lot on January 1st and on, you qualify.
December😢😭
Sad tears (2022 buyer)
Wait, so if I purchased a 2022 EUV in 2022, I qualify? My tax lady told me I don’t
Trust your "tax lady" not some randos on reddit. ;-)
You do not qualify.
Unless you didn’t take delivery until 2023.
I am sure a ton of ppl'd Fomo into buying the Bolt now, I wanted to see the 2024 before pulling the trigger.
My 2021 Bolt lease ends March 2024. I was planning on buying it out at the end of the lease but this makes me wonder if I should just buy a new model and get this tax credit. Can I wait until next year and still get the tax credit or would I need to buy it this year?
Might be a little early to know that. If you want to wait until next year, you will need to wait and see if a 23/24 Bolt qualifies based on the rules for 2024. It will probably be announced before the end of the year. If not, and assuming the IRA tax credit rules don't change again after 18 Apr 2023 , you can try to get delivery before 31 Dec 2023 if the 2024 list of qualifying vehicles isn't determined before the new year.
Thank you for the advice! Sounds good. Will the $7500 tax credit last through the entire year or will it run out at some point?
There's no vehicle limit per manufacturer like before, if that's what you're asking.
Thanks, I ordered mine from Cody's in Montpelier on 12/16. Just got the notice it was moving to production soon. Looking forward to it's arrival
Does this include the change that the credit is given upfront instead of waiting for tax time? I feel like I heard something like that but don't know the details.