NEW Tesla Tax Credits | They Changed Everything
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- เผยแพร่เมื่อ 10 ส.ค. 2022
- Tesla Tax Credit confirmed, but complicated, new Tesla Canada Factory, Elon confirms Cybertruck Price Increase, Tesla Bot teaser and more!
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Ryan, this is the most thorough and complete explanation of the government tax credit program that I have heard. Excellent job.
Great breakdown brother just happened to find your channel through my thread and because you were so thorough I’m now a subscriber. Keep it up!
Hi there Ryan... love your content and information about Tesla and their constant updates. Do you know by any chance if the tax credit is available for Puerto Rico? Thank You and keep up the awesome work you do for us.
hey Ryan great video.
I dont know if you take requests, but can we please have a video about Rivian and Lucid's recent earnings call, and possibly the future of both companies?
you always have great coverage for your videos, and this could be a great topic that not alot of people talk about.
The rewrite was a good though to remove out that union-workers only stipulation. To help EV customers, all the manufactures should update their websites to state which of their EVs qualify for this tax credit (depending on income). Does this bill still need to be passed in the House?
Not even the manufacturers have any clue which vehicles will qualify. Best they can do is submit all their vehicles for certification and line as many pockets as possible
House still has to vote. Could potentially get hung up if Reps add any amendments, but unlikely that will happen as it will likely be a straight up-or-down vote.
Thanks, Ryan. I might suggest Tesla rather build a chip fab to improve vertical integration.
Well researched and useful. The EV credit budget is for one million cars over 10 years, and for about 360000 used EVs. Much smaller than the anticipated demand.
Excellent job on explaining the IRA Tax Credit!
your videos are the best detailed on Tesla and EV market. Im in the market for a Model Y or 3 but i am thinking of waiting until 2023. Great Video!
This is why we come here. Just the facts that matter, well-presented & clearly explained. Subscribed!
Thanks for explaining the tax credit. It was confusing due to the amount of rules and the battery requirement
All this guys videos are so helpful, thanks ryan
Question: if I finance the car before pickup … but then pickup after January 2023. Does that qualify for the tax credit (my model y is scheduled to be ready between Jan and Feb).
Yep
I’ve been waiting for my model y. Estimated delivery is dec 2022. Should i push back delivery date to qualify for tax credit? Advise is appreciated. Thank u!
Any advice? we have a delivery date for tesla 3 LR this October. Thinking of upgrading to MY for next year's delivery for tax rebates. We are not in a hurry. Yay or Nay?
Agree with Jim H. Excellent job!
Question would you like to delay your model y and wait for tax credit come out ?
Following
as far as logistics is concerned, since they're working with vale to get most of their nickle in canada for north america, it would be more convenient to find a good spot in canada for another factory.
Love how you stay up to date in all EV news, and yes let us know what vehicles actually qualify when the bill is official!
Jesus Loves You 🙏
If I put in an order for a Tesla model y in feb but don’t take possession till Jan 2023 do I get the new or old credit?
Good summary Ryan👏
I’m amazed you were able to summarize the green car bill! Touché!
I ordered my 2WD/RWD model 3 in June 2022 and should get it around November 2022. Some are saying I may be able to get my credit while doing my taxes for 2022, some say I will get nothing. Any more info??
If you accept the delivery in 22, you get no credit.
I think it makes sense to include hybrids for those not willing to full dive into the EV lifestyle, especially since we're barely at the beginning stages of transitioning to fully electric cars as the standard vehicle for everyone with infrastructure
Ryan, will model 3 RWD qualify the new tax credit if delivered in 2023?
Question - I ordered my Tesla Model 3 RWD back in July 2022. Expected Delivery is Nov-Dec 2022. Would I still qualify if I took delivery in 2023? Or would my order have to be placed in 2023? (Battery components aside)
IF the battery somehow qualifies then yes you'd qualify (as long as delivery day is after 12/31/2022) but it's not looking good for the RWD as of now.. I guess we will see as far as the battery
I thought they will review battery components in January 2024
I'm in the same situation as you...ordered M3RWD in July with a Nov-Dec 22 pickup window. Seriously considering canceling the order...lose my $250 deposit...and re-order around Thanksgiving.
Even if you take the tax credit up front it's predicated on it working with your taxes! It can be greatly affected when you do your taxes later, AND THERE'S A CLAWBACK CLAUSE--the dealership can get the difference from you if you didn't get the full amount or made one dollar over the max income!
You will have to pre apply with the IRS to get the Point of sale credit to confirm you qualify so that won’t happen
@@doomsday9973
Except, if it's before the end of the year you could end up making more money and being out of the bracket, regardless of where you are at when you pre-applied. Unexpected bonus, raise, other income...
@@TheCritic-MMA I get what you are saying I believe there is an answer for that
So EVs ordered in 2022 but delivered after Jan. 1, 2023 could qualify for the tax credit? Just want to make sure because, i cancelled my pending Tesla model 3 order just to get credit.
Yes
So I ordered my MY 7 seater back in December 2021, and im expected to get delivery between August 21 - Sept 18th. Does this mean I won’t qualify for the tax credit as of right now?
Correct! Can't take delivery before 1/1/23.
Question:
Which model Y’s would qualify for full tax $7500 purchased in 2023 ?
They would all qualify for at already sone of the credit. The battery composite issue is the big questions
Ryan, are there any other sources besides this CR article that point to waiting until 2024 to have the tax credit at time of purchase? The article also points to the opinion of an EV analyst on the battery composition part of the bill. It just seems like at this point it's more speculation rather than established facts.
issue with model 3 rear wheel isn't assembled in USA so that wouldn't qualify
I own an Ioniq 5. This will definitely affect my next purchase in 2 years! Most likely an id4. Hopefully they improve range!
I saw some math on Reddit showing that in order comply “made in North American clause” and completely move EV supply chain from China, it will increase average EV price by $14.3k, nearly doubling $7.5k tax credit. Not sure the math is correct but the underlying theme is there… if additional cost to move supply chain is greater than the tax credit itself, the bill will simply be ignored by most manufacturers b/c it doesn’t make economic sense.
They’re probably just going to print money and hope for the best
Exactly what I was thinking except my belief is the car won't even qualify under the price cap of the bill if they have to move everything out of China. Costs in China are like 1/5 of what they are in the US.
Yeah, the government doesn't seem to have that much power or intention to make companies do what they want. They only hand over _incentives_ such as the no-strings-attached billions they just gave the chip companies, which they didn't really need, to manufacture chips in the U.S. Who pays for the incentives?
This bill is fighting the market with pennies.
How does assembly in NA isn't the same as in the U.S? Ford E-Mach does assembly in Mexico if quoted right and it's still in the tax off. So the goal that i understand is keep more at home for investing.
Can building another giga factory directly alleviate part and material shortage? If no for what purpose ?
Will model y configuration under 80k, delivery taken before Dec 31,2022 will be applicable for tax credit?
It will not. Only starting Jan 1st, and still not 100% confirmed
@@RyanShawtech thanks for quick response. So if I possibly delay my delivery and hope they get me new VIN after Jan 1? In that case, will that EV will be applied, I believe so, right?
What if you add fsd and wheel land go over 80k?
Great video. I miss being a subscriber 😭, you’re soooo gooood. Not too many commercials. I’ll subscribe again
So I bought my model Y 2021 November do I qualify?
No
Tax credits should go solely to battery manufacturers and EV charging infrastructure. Demand for cars does not need any incentive. The tax credit will just make automakers increase the price of the cars, essentially putting taxpayer money directly into car makers' pockets.
Totally agree!
Agree, that's why they need to never raise the cap on this bill. It's time that even EV manufacturers get creative. I'm not a big fan of Aptera but would definitely buy one if the credit applied towards it. And if more people think like me, maybe Tesla and others will follow suite to be competitive.
I wouldn't say the demand for cars doesnt need incentives, Tesla isn't the only manufacturer. They are trying to push the industry along ... no incentive just means it would take longer to achieve the goal
Took delivery on August 4th of my model Y after waiting for almost one years. The car came with too many defects. The car needs service until the August 17th, no loaner car, no ride. I’m so disappointed of the service, they just don’t care. No quality control, no customer service…
What are the defects?
So you waited almost a year for delivery, but can’t go without for another ~2 weeks while they fix all the “defects” within warranty for free? I know it’s frustrating, but you’ll end up with a great car in just a few more days time. As soon as you begin your drive home from service center, you’ll forget all about this minor inconvenience.
How does this work? Do you have to accept the delivery before they start to fix the issue? Have you already paid the car?
Welcome to Tesla…
Always informative.👍
what about the Harley Livewire One? EV bike?
Many tesla options are OTA activated...right?
I booked my tesla MYP last week, should I cancel because of this tax rebate. M worried about the price rise in near future.
U wont get it if u receive in 2022
If you want to draft the most complicated bill possible, just give the task to the U.S. government, they're the best at that sort of thing, example the U.S. income tax code.
Would M3LRs be eligible if you purchased at a MSRP below 55k? They were selling at 51k & 54k earlier this year.
Yes but ONLY if you take delivery in 2023
@@doomsday9973 😫😫😫
Hmmmmm
Sourcing within US will make the cost higher which drives up MSRP, this makes the ev credit not reasonable anymore.
Are the income limits based on taxable income? Or gross?
I suspect net.
Taxible income is usually AGI.
I question how effective this will be to bring battery jobs in if the benefits end by 2033 which is only 10 years away. That's just too close for the supply chain to be made.
Where can we find information about how many EVs a manufacture has made? I am trying to figure out how close Ford is to the cap.
If you have a reservation for an eligible Model Y now, and take delivery in January, any idea if you'll be eligible for the credit?
im in the same boat as you but est delivery is in feb-apr 2023
@@asdf3k Its going to be really interesting to find out. Sounds like we are guaranteed to NOT get the "At time of purchase," tax credit/discount. But hopefully we'll be eligible for the credit when filling 2023 taxes.
@@alexdavis6508 🤞
The key may be to not have to take a car that was scheduled for a November delivery that the reservation holder canceled and then reordered.
Is the new ev tax credit going to be deducted from the price at purchase or is it going to be added to our income taxes when filed?
Point of sale tax credit so your dealer can apply it to the deal at time of purchase.
@@slmorlan44 Can but the "rebate" doesn't go into effect until 2024. They get a whole year to figure it out. So basically it will probably be a tax credit for the 2023 year.
Thanks for the video. I have a question, I heard the M3 RWD, may not qualify because of the 50% rule because of the battery being built in North America. Will the M3 RWD Standard get the full 7500 tax credit?
My best guess (still a guess), is that the M3 RWD will get the full tax credit if bought in 2023. Come 2024, unless Tesla switches batteries, I think it'll be intelligible.
To delay or not delay, that is the question…
@@RyanShawtech I believe the US M3 RWD uses a LFP battery made by CATL in China. I think at best, it might be eligible for half of the credit (the $3500 on battery components), or potentially none of it (the 3 RWD is assembled in the US, but I think the battery is also built in China.) I'm really curious as Tesla has yet to say anything on what vehicles qualify (other EV companies are putting out guidance now.)
I put an other for a M3 RWD back in April, expected delivery date of December 2022 to January 2023. Question, what is the best way to go about delaying the car so that I can get it in January. Seems like I’d only need a couple weeks delay in order to get the credit assuming the car qualifies.
@@egcruzer I'm curious about this too. I just placed an order 2 days ago for RWD model 3. Is there a way to delay the car without placing another order?
So...no credit for any bought before the bill? Nothing retroactive?
Nope
On June 2 2021 I bought a long range Model 3 and I live in Oregon. Did not get federal help but the state of Oregon gave me $5000 (2 PROGRAMS 2,500 EACH). Instead of relying on future
help from the feds I am buying Tesla stock which ought to put me in good shape to buy a cybertruck which I have put down my $200. Thanks for your vids. Best on the internet.
You didn't mention Aptera and if it would be included or excluded and why.
Isn't that the one with only 3 wheels? I THINK I read that it specified the vehicle has to have 4.
@@anasazi6906 yes and it's very cheap like starts 25K. That said, I thought they were trying to somehow make it qualify, despite the lack of the 4th wheel. It's also solar powered.
I said this in the last video that the bill would either get gutted to the point of uselessness or take a million years to pass. This feels like it's aimed directly for the cyber truck
Do you know how many times a order can be delay before tesla will cancel the order?
Once and they DO NOT like it! I put my order on hold a week ago. The person I talked to said I had until September 1st to reactivate it. I got an email yesterday saying I need to change the status of my order to "active" by August 21st, or they will cancel my order. Also, if I put it on hold again they will cancel my order. This is before being assigned a VIN#. After you obtain a VIN you can only delay once for 30 days, if I remember correctly. Although, that may change as well.
@@jarredrodriguez6740 I’m scheduled for delivery on end of October to beginning of December. Trying to delay it till next year for the tax credit. 🤞🏼
Here is the pertinent section from the sales agreement. Didn't know you could put an order on hold. Good to know.
Delivery; Transfer of Title. If you are picking up your Vehicle in a state where we are licensed to sell the Vehicle, we will
notify you of when we expect your Vehicle to be ready for delivery at your local Tesla Delivery Center, or other location
as we may agree to. You agree to schedule and take delivery of your Vehicle within three (3) days of this date. If you do
not respond to our notification or are unable to take delivery within the specified period, your Vehicle may be made
available for sale to other customers. For new vehicles, if you do not take delivery within thirty (30) days of our first
attempt to notify you, Tesla may cancel your order and keep your Order Fee.
@@youtubemusic2700 I appreciate the info. Cheers!
So my model 3 is due this November-December which will have the LFP battery will not qualify? Also, why is this so confusing? Lol
Is the income threshold AGI?
Usually
My model Y LR is which is signed for 60k will arrive Jan-Mar will it qualify for 7500?
Yes, as long as it is classified as an SUV.
To add to this, you may only qualify for half of the credit. You get like $3750 for the auto being manufactured in North America and the other $3750 if 40% of the materials are sourced from the list of countries we have free trade with. And depending on if you make less than $150k per person.
If the goal is to get more EVs on the road, there shouldn’t be MSRP limits or income limits. We were able to afford two EVs in 2013. Those two are still on the road and our continued use of EVs has led to a total of 7 EVs now on the road. If someone buys an ICE vehicle because of the MSRP and income limits, you are defeating your purpose.
I agree with you 100%, though I would guess that the MSRP ceiling is the government's way of attempting to manipulate pricing, which in turn if successful, would further fuel demand for purchase across brands.
This is to make sure the automakers have a reason to keep costs down
So all of the upper class is going to stop buying electric premium status symbols because of $7500?
😂 😂😂😂
what happened to the union requirement?
Gone.. Thank the gods.
The 7 kWh requirement is a joke. That the sourcing threshold is NOT met is actually the reason why this is needed, that’s what subsidy’s are for.
I have reserved my Car with Tesla Model Y , expected to deliver by end of December 2022 . Do I still eligible for EV tax credit ??
Sorry, no. Lets hope the delivery date is 1/1/23 or after. To add to this, you may only qualify for half of the credit. You get like $3750 for the auto being manufactured in North America and the other $3750 if 40% of the materials are sourced from the list of countries we have free trade with. And depending on if you make less than $150k per person.
I’m gonna say yes just to further disinformation
Model 3 and Y should at least qualify for the $3750. I'm expecting delivery in January 2023. I'll take whatever I can get. Got a signed binding agreement from Rivian and good to go.
Glad I got my EV6 but man seems this bill really hurts too many EVs. They should hold off the manufacture requirements for like at least 3 years. Takes a long time to build facilities and get them running. If Kia and Hyundai and Genesis wanted to qualify I see no way they could get up and running in NA by 2023.
I just read the bill. The income caps are not pro-rated. If you have an AGI of $1 over the cap, in either the current or last year... you don't get any benefit.
I knew Tesla's pricing was not going to be achievable the moment they unveiled it in 2019. They should not even have showed that pricing considering they did not even have a place to build the truck.
One winner in this is the BMW i3. A CPO 2017 i3 can still be picked up for under $25k so it would qualify for the 4k
I have a model 3 preordered before they closed the orders. I might not qualify for the deductible so I might get 2022 or 2023 model.
So if I bought in 2022, can I qualify for a tax credit?
No
so does that mean if you buy a tesla next Year you will not pay sales tax?
This is a federal tax bill. It will not impact what you pay for state sales tax
The US doesn’t produce enough raw materials needed for the whole supply chain. There will be a bottleneck for supplies and will drive up cost.
Since Tesla does not sell cars through a dealership how will Teslas receive the $7500 at the dealer?
So, if I took delivery this past May, do I qualify for the credit? Or is it only sales after the bill is passed?
January 1st
Nope, begins in 2023.
@@coldham77 "all around me are familiar faces..."
The House of Representatives needs to make the credit proportional to the battery capacity and only include plug-in hybrids (PHEVs) with at least 15 kWh's of usable battery capacity for the engine-off, EV mode. Giving PHEVs the same credit as actual, 100% battery-powered EVs will definitely hold back the adoption of EVs and be counterproductive for cleaning the air of toxic pollutants and reducing CO2 emissions that are overloading our atmosphere and the ocean.
They are not going to change it all, not one Amendment being proposed from any Democrats. It will pass the House on Friday, Rose garden ceremony at the White House on Saturday or Sunday
I would like them to just stop stealing money . If the house thinks this is such a great bill why don’t they reach into their own bank accounts.
Until battery production becomes cleaner, even the HEV beats EV in emissions until about the 7-10 year mark depending on local energy sources.
@@physicsteachr What's your source? Studies are showing that even if theoretically correct in some limited way, a majority of the PHEV's bought in Germany are never plugged in, so savings in emissions with PHEVs could be largely theoretical, but not true on practice.
Get rid of all of the tax credits. Then the problem is solved.
You talking sbout the mark-ups for the tax incentives is already late. Ford announced they're raising their lightning price by $8500.
If most of your income is in stocks or income property that is not counted, only your salaried or hourly job so you could be making millions and still meet the income requirements. (as "unearned" income is not counted as income by the IRS, and why rich people pay little to no taxes and get all the tax credits meant for low income).
It'll be based on your AGI. Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income.
@@billweberx what about stock options like CEOs get or if you haven't sold the shares yet, so you can buy the car first, get the tax credit and then sell your shares next year.
@@abc123fhdi That's perfectly fine. You don't pay taxes on stock until you sell them. There's no other way to do that as stocks constantly go up and down. It would be a huge accounting mess to pay taxes on changing stocks. Since you can't really use the value of the stocks until you sell them, the stock sale seems like a good time to tax the gains or deduct the losses.
Seems like model y is a big winner
Wow, nice news
The sceptic in me thinks this tax credit will be a precursor for US to start another Pacific free trade deal.
You think prices are high now, wait for them to be subsidized.
So that bit about the credit being applied up front if purchased from a "dealer", will that exclude purchases made directly from Tesla as they don't officially have dealerships?
Tesla is licensed to operate as a dealer.
If they keep raising the prices the tax break won’t mean shit cuz ppls saleries aren’t being raised as fast as these prices are going up
Elon come to Puerto Rico let’s make something like a Beach buggy.
This is not a good bill. It is too limited. PHEVs should not be included.
This is not a good bill. Money should not be stolen from working citizens to pay for the luxury vehicles of others. Period.
dealer price gouging markup will be held in check as cars that would qualify base on msrp would be disqualified after the markup.
That's not how it works. A car costing $46,900 (Model 3 SR) can now be marked up to $54,400 (still under $55k cap) and the dealer just pockets the tax credit while you still get the car for $46,900. Essentially, the dealer is getting a bonus and you don't benefit at all. Your theory only works if the car's MSRP is right up against the cap and can't be increased without disqualification. Government subsidies almost never work. (College tuition anyone?)
Manufacturers do not have access to tX credit the ev buyers do .... its an important distinction.
Thank you for your channel! It's great! I have to say that the portion pertaining to the proposed ev tax credit is too positive when you say that it's not all bad. It is all bad. What a stupid piece of legislation!
Hi Ryan, greetings from the U.K. Our EV incentive was discontinued earlier this year, and I am happy about this, an incentive made sense 10 years ago, but EV adoption has enough momentum to no longer need an incentive now. I think this is just a waste of tax payers money.
People on the 2022 Tesla list must be cancelling. My 2023 Model Y was estimated at April to June delivery. Now I’m January-February. If I drop to 2022 I’ll cancel my order too, then reorder so I get a 2023 delivery, unless Tesla comes out with a plan to address this.
Same here!
In the same boat. When I first placed the order, my est delivery date was March-July. Now it's Jan-March. So, yeah, we can cancel and reorder, but Tesla may have raised the price by $10k at that point on the Y and lowered the price of the long range M3 by $4k. I haven't completed my financing. Will they not build my car until I finish that step first, thus pushing my delivery date back?
Imagine using a EV to tow a trailer in the Canadian winter…you’d be lucky to get 100 miles range
Mini Cooper SE not even mentioned.
It no longer qualifies it’s made in the UK
I’m trying to understand if it’s refundable or non refundable? If I owe Uncle Sam only let’s say 3,000 do I get the difference 4500 back in the form of a refund?
Appears to be an attempt by political interests to pick ice manufacturers over EV manufacturers as hybrids will receive the same $7500 credit with a tiny battery and gas engine.
from an economic point of view for the consumer a hybrid is the best thing to purchase.
@@davidkaplan5517 from an auto dealer point of view yes, two times the systems to maintain. I.e. more to go wrong.
@@GT-22 a hybrid is cheaper and doesn’t need as much gas. An EV is prohibitively expensive and doesn’t break even on that expense like a hybrid does.
For now. One thing about laws, they can be changed to reflect more current scenarios.
@@davidkaplan5517 depends on how much your drive.
But if people bought vehicles based on operating costs Things would be drastically different
8:20 - Very interesting about assembly lines in “North America”!
Pricing is killing the EV market .
How so? Basically every EV car produced is going to be sold immediately. Dealers are able to freely mark up everything because market demand is so strong.
If anything is killing the EV market, it's the lack of supply to appease all of the people who want to buy EVs (even at ridiculous prices).