Electric Car credit for 2022

[Pacun]

I have not done any research... does any one know if a 2022 Chevrolet Volt gets any "electric" credit on 1040/W2 filing?

[Lee B]

https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before

[Pacun]

So based on that link... the sales people know that Chevrolet/General Motors doesn't qualify for the credit since a couple of years ago and yet they tell people that their tax preparer will get them a credit. Am I reading it right?

[Sara EA]

Just like all the sales people who entice people about the tax credits for solar panels.  Nice credit if you buy them; not eligible if you lease them like many people do.

[Medlin Software, Dennis]

I think GM had met the volume restrictions and was ineligible. Jan 1, 2023 the volume restriction went away. Currently, we are in a time/loophole window while the battery restrictions are being developed and published  

Written as I smile while waiting to pickup  our new Tesla. The 9500 total (fed and state) credit /rebate was too much to ignore. 

[Pacun]

"Jan 1, 2023 the volume restriction went away"

So, if someone purchased a car Dec 31, 2022, no credit but if someone purchased it a day later, s/he will be the credit?

 

[Medlin Software, Dennis]

Correct, depending on the vehicle. The unknown is when the battery spec restrictions will start.