Tax incentive at time of purchase?

[relxn88]

Does any one know if the TAX rebate is applied at time of purchase or are the income tax forms, associated with the TAX rebate, only applied with the next years income tax application. From what I’ve read, the rebate is up to $7500, IF, you owe over $7500 in the next years income tax. If you only owe $5000, you’d get a $5000 ev rebate, with the proper income tax form filed.
The second question is, does anyone know “for sure” whether the federal government has qualified the Ford lightning for rebate?

 

[jcmiii3]

Does any one know if the TAX rebate is applied at time of purchase or are the income tax forms, associated with the TAX rebate, only applied with the next years income tax application. From what I’ve read, the rebate is up to $7500, IF, you owe over $7500 in the next years income tax. If you only owe $5000, you’d get a $5000 ev rebate, with the proper income tax form filed.
The second question is, does anyone know “for sure” whether the federal government has qualified the Ford lightning for rebate?

You are correct. That is the way the current $7500 tax incentive works. There are rumors of changes as a part of the larger infrastructure bill bouncing around in Congress. However, until that bill actually passes I would consider everything you hear as speculation and nothing more.
The Mach-E qualifies, therefore the Lightning will also. The only concern among buyers is when will Ford reach the 200,000 vehicle sold mark. When that occurs, under the current rules, the tax incentive will decrease. By how much depends on the size of the battery. Exactly when the decrease occurs, of course, depends on when that 200,00th vehicle is sold.
Hope this helps.

 

[relxn88]

You are correct. That is the way the current $7500 tax incentive works. There are rumors of changes as a part of the larger infrastructure bill bouncing around in Congress. However, until that bill actually passes I would consider everything you hear as speculation and nothing more.
The Mach-E qualifies, therefore the Lightning will also. The only concern among buyers is when will Ford reach the 200,000 vehicle sold mark. When that occurs, under the current rules, the tax incentive will decrease. By how much depends on the size of the battery. Exactly when the decrease occurs, of course, depends on when that 200,00th vehicle is sold.
Hope this helps.

Thanks for the info. The more I read, the less optimistic I am of getting the Lightning. I didn’t sign up until the beginning of June, which would put me around the 100,000 mark. If they’re only making 15000 the first year and 40000 the second, chances are it would take a couple of years before my turn came due. By then Chevrolet and other manufacturers will be in the game.

 

[jcmiii3]

Thanks for the info. The more I read, the less optimistic I am of getting the Lightning. I didn’t sign up until the beginning of June, which would put me around the 100,000 mark. If they’re only making 15000 the first year and 40000 the second, chances are it would take a couple of years before my turn came due. By then Chevrolet and other manufacturers will be in the game.

I signed up at the end of the reveal and I, too, am not optimistic! That said, I'm going to hold on to my reservation and see where all of this goes. One of the key things in the new bill is a removal of the 200,000 vehicle cap. That would change things considerably. Another provision of the new bill is that the incentive is $4,500 more IF the vehicle is made in the U.S. by union workers. The Lightning would qualify, some of the others may not. (For example, the VW ID.4 is made in Tennessee, but by non-union workers AND those workers recently voted NOT to unionize. So no telling where the Silverado or RAM will be made or by whom...).
I'm ready to replace my current truck ('14 Tacoma) with a full-size truck, but I'm in the, perhaps, enviable position that I don't need to replace my truck. My Taco will easily go for another couple of years. I believe that six months from now the entire field will look different. So, if it takes a while for Ford to get full production going, all the better.
I spoke with my dealer's "truck guy" last week and he repeated the Ford mantra of "ordering will open in the Fall". But, he also said that I should go ahead and order my Lightning and if I don't want it, they'll buy it from me. So, I figure I really have nothing to lose. I recommend that you hang in there and see how this unfolds. Good luck!
{{My apologies to any of you out there that don't have the luxury of waiting, there was no slight or jab intended.}}

 

[corradoborg]

15000 the first year and 40000 the second

These numbers are known to be inaccurate. They came from an unnamed source, and Darren Palmer, Ford EV boss, later said 1) 15-18k for 2022 is wrong, and 2) Ford is ramping up to 80k/year for 2023. That leaves 2022's number up for interpretation, but he also said "we're not getting into EVs to make just a few." It sounds to me like they're going to make as many as they can as quickly as they can, but just aren't ready to make any solid numerical promises for 2022.

That being said, even the rosiest of estimates won't get you a Lightning before last quarter of 2023 if you're around 100k on the list.

 

[jcmiii3]

These numbers are known to be inaccurate. They came from an unnamed source, and Darren Palmer, Ford EV boss, later said 1) 15-18k for 2022 is wrong, and 2) Ford is ramping up to 80k/year for 2023. That leaves 2022's number up for interpretation, but he also said "we're not getting into EVs to make just a few." It sounds to me like they're going to make as many as they can as quickly as they can, but just aren't ready to make any solid numerical promises for 2022.

That being said, even the rosiest of estimates won't get you a Lightning before last quarter of 2023 if you're around 100k on the list.

Well stated. The opinions shared on here (and other forums) are great, keep 'em coming. But, when it comes to what Ford will or will not do, it's good to see someone sharing information that actually came from directly from Ford (in this case a Ford exec). I would downplay your "That being said" just a little bit. As you stated no one knows what the actual production numbers and no one knows how many reservations are actually going to be converted to orders and no one knows how those orders are going to be prioritized. Add to that, the fact that Chevy is revealing the Silverado EV in January at CES which could have a huge impact on Lightning reservations. Ford has stated almost 3/4 of the reservation holders are first time Ford buyers and some of those "Chevy" guys and gals may switch when they see the Silverado EV. My recommendation to everyone who has a reservation for a Lightning is to just leave the $100 with Ford until the facts are in. We just don't know where this is all going, so hang in there until we do and try not to get too worked up over the rumors.