[nZtiZia]

I did a search, but the last thread inquiring about the federal Hybrid tax credit was posted in 2021.

surprisingly, I may get my 2023 530e before end of this year. it was ordered in September after the signing of the IRA. if I’m reading correctly, I don’t think it qualifies for the tax credit, but I get conflicting info between the IRA articles and the Dept of Energy qualified list of vehicles which includes the 2023 530e

anyone know for sure? of course, I will be financing this vehicle.

[VirtualGuitars]

Note that if you make over 150K per year as an individual or 300K combined (adjusted), you don’t qualify for any EV credits in 2023 through 2033. Another new restriction is the car cannot have an MSRP of over 55K or an SUV over 70K MSRP.

[VirtualGuitars]

Originally Posted by nZtiZia

i did some additional reading and confirmed with a tax lawyer.

the income and MSRP limits go into effect 1/1/2023. as previously mentioned, i purchased this vehicle in Sept 2022, so those limitations don't apply yet. what has gone into effect is the provision that final assembly must be in North America, and the 530e doesn't meet that requirement since it's assembled in Graz, Austria. if it were assembled in the US, i would quality despite making over $300k combined and vehicle MSRP is > $55k.

It wasn’t clear to me when you purchased it based on how you wrote it. After rereading it (knowing that information), I understand what you were trying to say. And yes, the info I provided does not go into effect until January 1, 2023 and will be in effect for the next 10 years - regardless of inflation.

Also note the date that matters is when the deal was completed. Not when it is delivered.

[nZtiZia]

Originally Posted by VirtualGuitars

Note that if you make over 150K per year as an individual or 300K combined (adjusted), you don’t qualify for any EV credits in 2023 through 2033. Another new restriction is the car cannot have an MSRP of over 55K or an SUV over 70K MSRP.

i did some additional reading and confirmed with a tax lawyer.

the income and MSRP limits go into effect 1/1/2023, so that has no bearing on whether or not i qualify for the credit. what has gone into effect is the provision that final assembly must be in North America, but the 530e doesn't meet that requirement since it's assembled in Graz, Austria.

put another way, if i were to have purchased the X5 45e instead, because it's assembled in Spartanburg, SC, i would qualify despite making over $300k combined and vehicle MSRP being > $55k.

[VirtualGuitars]

Originally Posted by nZtiZia

i did some additional reading and confirmed with a tax lawyer.

the income and MSRP limits go into effect 1/1/2023, so that has no bearing on whether or not i qualify for the credit. what has gone into effect is the provision that final assembly must be in North America, but the 530e doesn't meet that requirement since it's assembled in Graz, Austria.

put another way, if i were to have purchased the X5 45e instead, because it's assembled in Spartanburg, SC, i would qualify despite making over $300k combined and vehicle MSRP being > $55k.

Any vehicle I am interested in does not qualify. And the new restrictions suck. They even have a plan for 2033 to 2043. It’s going to get more restrictive through each wave. I watched a lengthy YouTube video on this. I wish I had the link handy. I found it very informative. I will look for it when I get home.

[nZtiZia]

Originally Posted by VirtualGuitars

It wasn’t clear to me when you purchased it based on how you wrote it. After rereading it (knowing that information), I understand what you were trying to say. And yes, the info I provided does not go into effect until January 1, 2023 and will be in effect for the next 10 years - regardless of inflation.

Also note the date that matters is when the deal was completed. Not when it is delivered.

yes, i apologize for that (corrected above). i ordered it in Sept. purchase will be completed when i take delivery

[VirtualGuitars]

Originally Posted by nZtiZia

yes, i apologize for that (corrected above). i ordered it in Sept. purchase will be completed when i take delivery

No need to apologize, man! I should have read it slower. 😂

Here is that video I was talking about that what clearly explains how the EV tax credit is going to start working. I found it to be quite informative.

https://youtube.com/watch?v=HYJ96Y2-...SIkaIECMiOmarE

[Erfar]

Tax credits can be a bit confusing. I had a similar situation with my car. It's essential to check the official IRS website for the most up-to-date information on eligible vehicles. The Department of Energy's list might not always align perfectly. Since you're financing, clarifying any potential tax credit beforehand is crucial to avoid any surprises. Contact a mortgage broker in Blackpool if you need any financial help. Good luck!

[abigaileicher8]

Originally Posted by nZtiZia

I did a search, but the last thread inquiring about the federal Hybrid tax credit was posted in 2021.

surprisingly, I may get my 2023 530e before end of this year. it was ordered in September after the signing of the IRA. if I’m reading correctly, I don’t think it qualifies for the tax credit, but I get conflicting info between the IRA articles and the Dept of Energy qualified list of vehicles which includes the 2023 530e

For accurate information on whether your 2023 BMW 530e is eligible for a tax credit, it is recommended that you check with official sources. They will tell you what the current situation is. I know a lot about tax, I use https://studydriver.com/tax-essay/ for that sometimes. But in your case it is better to ask. You can also consult with a tax advisor.
anyone know for sure? of course, I will be financing this vehicle.

There is usually a list of eligible models for the federal hybrid tax credit that meet certain fuel efficiency and emissions criteria. However, this may change from year to year as legislation and regulations may be updated.