May have reached 200k

Thanks for the update. Yeah, it looks like Subaru Solterra is going to be a bargain compared to Toyota bZ4X comes summer/fall this year when they finally hit the market.

 

Just starts the timer

 

Yup, Toyota went over 200K EV sales as of March 31st.

From:
Federal EV Tax Credit Phase Out Tracker By Automaker – EVAdoption
Toyota Motor Corporation
Total Sales 2010 - Dec 31, 2021: 192,342
Number To Reach 200K Sales: 7,658


Toyota sold: 9,139 EVs, between Jan1st and March31st.
Toyota Motor North America Reports March, First Quarter 2022 US Sales - Toyota USA Newsroom
Sales from Jan 1st 2022 to March 31st 2022:
Prius Prime: 2,586
Mirai: 715
Rav4 Prime: 5,233
Lexus NX Plug-In: 605
Total: 9,139

Total EV sales: 192,342 + 9,139 = 201,481

 

Supposedly, the IRS.
The web page:
https://www.fueleconomy.gov/feg/taxevb.shtml

Points to the semi-worthless IRS web page:
IRC 30D – Plug-In Electric Drive Motor Vehicle Credit Quarterly Sales | Internal Revenue Service

 

From:

Plug In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service
============
Qualified Plug-In Electric Drive Motor Vehicle Credit (IRC 30D) Phase Out
The qualified plug-in electric drive motor vehicle credit phases out for a manufacturer’s vehicles over the one-year period beginning with the second calendar quarter after the calendar quarter in which at least 200,000 qualifying vehicles manufactured by that manufacturer have been sold for use in the United States (determined on a cumulative basis for sales after December 31, 2009) (“phase-out period”).

Qualifying vehicles manufactured by that manufacturer are eligible for
50 percent of the credit if acquired in the first two quarters of the phase-out period
and
25 percent of the credit if acquired in the third or fourth quarter of the phase-out period.
Vehicles manufactured by that manufacturer are not eligible for a credit if acquired after the phase-out period.
============



*If* I understand the above correctly, the Federal EV Tax Credit for the PiP is:
If purchased and delivered before June 30th 2022: $4,502
If purchased and delivered between July 1st 2022 and December 31st 2022: $2,251
If purchased and delivered between January 1st 2023 and June 30th 2023: $1,125

NOTE: Unknown, not clear:
Do the above dates require:
A) That the Title is transferred from the dealership to the person (bank, etc) by that date?
B) How about the car being registered by the State "DMV"(/whatever) by that date?

Imho, if someone is close to a date, and the above questions may be relevant, it'd be a good idea to consult a tax professional.


Check back at:
https://www.fueleconomy.gov/feg/taxevb.shtml


.

 

According to what I read on other threads on this topic, there is a 1 quarter grace period before the phaseout starts. So, there is a full credit to be claimed if purchased before the end of June. After that, 50% credit in second half of 2022 and 25% credit in the first half of 2023, unless new tax credit law passes.

I am still waiting to find out the official prices on Solterra and bZ4X. Still, a $3750 credit for Toyota vs a full $7500 credit for Subaru is going to make Solterra a better buy.

 

My understanding is that the date the car is put in service is the day you can claim the tax credit. Yeah, that means you have to have the car in your possession. Having the paperwork all done and paid for it before June 30th will not count if the dealer can not deliver the car by the end of that day.

 

From:
Plug In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service
=========
The vehicles must be acquired for use or lease and not for resale. Additionally, the original use of the vehicle must commence with the taxpayer and the vehicle must be used predominantly in the United States. For purposes of the 30D credit, a vehicle is not considered acquired prior to the time when title to the vehicle passes to the taxpayer under state law.
=========


The bolded section above, appears to imply that the vehicle doesn't need to be registered by the date, just purchased ?with the title issued?.

Fwiw, as I recall, it takes up to a few weeks before the State finishes the official title transfer.
Again, for people on the boarder-line, you may want to consult a tax lawyer.
Yes, as always, consult your tax lawyer for guidance.


For me, it'll be close. But, I'll hopefully make the June 30th date.
Fwiw, after the ship arrives at the dock, some cars get selected/held for random quality inspections.
Some cars get selected/held for quality/damage concerns.
And, there's also the delay from the dock to the dealership.
Thankfully, in New England, no snow storms expected between now and July.

 

It is the date the purchase contract is signed, not when DMV processes your registration. Besides, your registration will show the date you sign your purchase contract.

 

This is a bummer. It looks like it overshot by only 728 vehicles. (Mirai doesn't count as a plug-in vehicle as far as I know.)

 

In California, the registration will show the actual purchase date regardless of when you register the vehicle. Besides, they issue you a temporary paper license plate and registration sheet (a-month-long or so) at the dealer. I would think this is similar in other states, as people would otherwise wait for a month to register to avoid a month's worth of registration fees, but check your individual state's procedure.

 

I believe they check the vehicle records on DMVs. Again, in California, the title will show the date the vehicle was purchased, not the date the title was issued. It is obvious that the transfer of the ownership of the vehicle passes to you when you sign the purchase contract and drive the vehicle off the lot. This is at least important for insurance reasons. You can't claim that you didn't own the vehicle yet if you got into an accident as soon as you exited the lot. If there is a glitch in the DMV records and you get audited, you can always successfully dispute that by showing IRS your purchase contract. I wouldn't worry about this.

 

I think so because I filed for the tax credit twice, and at both times, it delayed my refund by more than three months. I think they are checking the VIN against the vehicle records now.