Instead of a $7500 tax credit for the F-150 Lightning, you may get $12,500 if this passes.

[Raptor911]

https://www.cnet.com/roadshow/news/ev-tax-credits-legislation-tesla-gm/

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[SwankyTiger]

those only apply if you have 7500+ of taxes to be paid to be able to use the credits. Last year and likely this year i will have max $5k worth of taxes to be paid. So i would be able to at max use 5k of the tax credits

 

[Raptor911]

You are stating the obvious BUT anyone buying the lightning is paying a lot of taxes.

BTW .. I am well over 35k.

those only apply if you have 7500+ of taxes to be paid to be able to use the credits. Last year and likely this year i will have max $5k worth of taxes to be paid. So i would be able to at max use 5k of the tax credits

 

[AZ_Liberty]

Before folks get to exited, remember that the EV tax credit is a "non-refundible" credit. That means you need $7500 (or in this case 12,500) of tax liability.

I make pretty decent money as an engineer, but my total fed taxes last year were $6600. So either way, the maximum savings I could get from the credit would be $6600. Someone with two kids under 17 (instead of one) loses out on another $1500 in tax savings.

To take full advantage of the credit, one needs to make over $100k/year with no kids, or about 135k with 2 kids. (for the $7500 credit, it's about $170k for the 12,500 credit)

 

[cardinalsfan]

Heck, I paid $12k just a couple weeks ago as extra tax on top of the deductions from my paycheck which is set to married but withhold at higher single rate AND taking out extra on top of that and we still owed over $12k.

Just bought a house with solar and an EV charger so I'm on the EV bandwagon sooner than later. Likely with a Alpha Wolf+ if it's not just vaporware.

 

[Broncodave]

I don't want a pickup truck. I only want to be able to borrow someone's pickup truck.

 

[MannyFrescoSC]

The new tax credit will be refundable

 

[Raptor911]

see above! You are stating the obvious. GRRRR!!!!!!!!!!!!!!!

Before folks get to exited, remember that the EV tax credit is a "non-refundible" credit. That means you need $7500 (or in this case 12,500) of tax liability.

I make pretty decent money as an engineer, but my total fed taxes last year were $6600. So either way, the maximum savings I could get from the credit would be $6600. Someone with two kids under 17 (instead of one) loses out on another $1500 in tax savings.

To take full advantage of the credit, one needs to make over $100k/year with no kids, or about 135k with 2 kids. (for the $7500 credit, it's about $170k for the 12,500 credit)

 

[Broncodave]

Here Come the Electric Rednecks

"With the introduction of Ford’s new battery-powered version of its popular F-150 pickup truck, the electric vehicle has reached an important milestone for any great American consumer product: Formerly a fetishized item of conspicuous consumption for the high-management caste, the EV is now, finally and unquestionably, déclassé.
Hide the liquor and lock up your DC fast charger — here come the electric rednecks."

https://www.nationalreview.com/magazine/2021/06/14/here-come-the-electric-rednecks/

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