All-Things Fisker Forum
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Topic starter
March 31, 2023 10:07 AM
April 18th is the date to watch.
Highlights:
The IRS has updated the rules on what electric vehicles qualify for purchase tax credits.
According to guidance the Treasury Department provided Friday, an EV must be assembled in North America to qualify for a full credit. That hasn’t changed, but requirements regarding the sourcing of critical minerals “and/or” battery components were added.
The full credit remains $7,500. Half is dependent on a vehicle meeting rules governing battery materials, while the other half is based on requirements for battery components.
To qualify for the materials portion of the credit, the share of critical minerals “extracted or processed in the United States, or in any country with which the United States has a free trade agreement in effect, or…recycled in North America” must be above a certain level. The percentage to pass muster begins at 40% in 2023 and increases 10 percentage points a year to 80%, says Willens.
Batteries also can’t contain critical materials sourced from a foreign entity of concern. That includes China, Iran, North Korea, and Russia. That requirement appears to be going into effect after Dec. 31, 2024.
To qualify for the battery component portion, a certain share of parts must be manufactured or assembled in North America. The number for 2023 is 50% and wll rise by 10 percentage points a year till it reaches 100%.
The new rules go into effect on April 18, when the IRS will publish a list saying which models will qualify for what credits. That is the most important information for car buyers and investors.
https://www.barrons.com/articles/irs-updae-ev-purchase-tax-credits-e6ea27ca?siteid=yhoof2
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🌊 Ocean One #469 | Night Drive | Black Abyss Plus | 22” F3b SlipStreams
June 7, 2023 11:41 AM
@seancallahan I see no mention of FISKER for EV tax credit at https://www.fueleconomy.gov/feg/tax2022.shtml. So am ambiguous , confused and still don't get a proper direct answer if FISKER ocean one shall be eligible for EV Tax Credit. Can some one throw some light if we shall be eligible and get EV tax Credit
Topic starter
June 7, 2023 11:45 AM
@seancallahan I see no mention of FISKER for EV tax credit at https://www.fueleconomy.gov/feg/tax2022.shtml. So am ambiguous , confused and still don't get a proper direct answer if FISKER ocean one shall be eligible for EV Tax Credit. Can some one throw some light if we shall be eligible and get EV tax Credit
We talked about this a while back. Always best to speak to your local tax professional. However, it's our understanding that EV tax credits depend on what is available when the vehicle is delivered (e.g., Federal and State incentives). Based on what the IRS has recently shared, Ocean One customers should be able to amend 2022 tax returns to claim the EV tax credit under the old rules.
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🌊 Ocean One #469 | Night Drive | Black Abyss Plus | 22” F3b SlipStreams
June 7, 2023 1:29 PM
@seancallahan I see no mention of FISKER for EV tax credit at https://www.fueleconomy.gov/feg/tax2022.shtml. So am ambiguous , confused and still don't get a proper direct answer if FISKER ocean one shall be eligible for EV Tax Credit. Can some one throw some light if we shall be eligible and get EV tax Credit
Fisker is shown on the site you referenced.
https://www.fueleconomy.gov/feg/tax2022.shtm
Just make sure you click, "Vehicle purchased before August 17, 2022, and placed into service before January 1, 2023. OR Entered into a written binding contract to purchase vehicle before August 16, 2022, but did not take possession of the vehicle until on or after August 16, 2022." (It's confusing as it looks like the "OR" breaks up the two options but it is the first bubble)
🌊 Fisker Ocean One #1541 | VIN 0020XX | Mariana | Sea Salt | 20” F7 AeroStealth
🚗 '21 VW ID.4 Pro S AWD | '18 Tesla Model 3 LR RWD (sold) || 🌞 22 SunPower X22-360 Panels - 7.92 kW System
Sean Callahan reacted
June 7, 2023 3:53 PM
I believe there is a chance that some of us who placed an order prior to the August 2022 deadline may not get delivery until early 2024 (gut feel; I am thinking of the Ocean Ultra for example).. In that case, would we be pretty much out of luck with the EV Tax credit?
Ocean Ultra │ Sun Soaked │ Black Abbys Plus │ 22"AirGlider Black
June 7, 2023 7:07 PM
@captainamericas not if the order was converted to a binding agreement before aug 17,2022.
Will I get my Fisker One delivered before my VW needs its 100K service?? The race is on..
and…… will we still get the $7500 tax credit? Only HF knows…
Sean Callahan and CaptainAmericas reacted
June 7, 2023 9:05 PM
I believe there is a chance that some of us who placed an order prior to the August 2022 deadline may not get delivery until early 2024 (gut feel; I am thinking of the Ocean Ultra for example).. In that case, would we be pretty much out of luck with the EV Tax credit?
You would just amend your 2022 taxes when the car arrives.
Fisker Ocean One #2185 VIN 4947 | Mariana | MaliBlu | 22” F5 Black AirGliders | 7/9/22 Order | 3/13/23 Lock
2018 Tesla Model 3 LR RWD | 2020 Volvo XC60 Inscription | 2015 Nissan Murano SL | 2012 Chevy Volt (no longer own)
Stock ownership disclosure: Long positions on FSR, QS, RIVN, SLDP, TSLA
DMan1953 and CaptainAmericas reacted
June 8, 2023 8:00 AM
@MTN Ranger Do you have a YouTube link for Ocean View?
Fisker Ocean One #2300 Silver Lining/Sea Salt/F5 Airstreams
June 8, 2023 9:38 AM
@MTN Ranger Do you have a YouTube link for Ocean View?
My channel has not transitioned yet to Ocean Views, but the URL will be the same. I already do have some Fisker content: https://www.youtube.com/@mtnranger
Fisker Ocean One #2185 VIN 4947 | Mariana | MaliBlu | 22” F5 Black AirGliders | 7/9/22 Order | 3/13/23 Lock
2018 Tesla Model 3 LR RWD | 2020 Volvo XC60 Inscription | 2015 Nissan Murano SL | 2012 Chevy Volt (no longer own)
Stock ownership disclosure: Long positions on FSR, QS, RIVN, SLDP, TSLA
DMan1953 reacted
July 25, 2023 11:28 AM
@seancallahan Congrats for your Fisker one. 🙂 Now that you received your Fisker One any first hand update on the EV credits we can expect to get for Fisker One or its all talk and no EV Tax Credits for Fisker Ocean One. A credit of near 10K is huge difference it makes to the pocket of any buyer.
Topic starter
July 25, 2023 11:32 AM
@seancallahan Congrats for your Fisker one. 🙂 Now that you received your Fisker One any first hand update on the EV credits we can expect to get for Fisker One or its all talk and no EV Tax Credits for Fisker Ocean One. A credit of near 10K is huge difference it makes to the pocket of any buyer.
Explore Fiskerati for the latest Fisker news, reviews, and analysis.
Reserve your Fisker Ocean, PEAR, Alaska, or Ronin at https://fiskerinc.com/reserve using referral code DDK87H.
🌊 Ocean One #469 | Night Drive | Black Abyss Plus | 22” F3b SlipStreams