Ask a Wise Ape

Share this post
🦧 going ev?
www.wiseape.fyi

🦧 going ev?

Ape of Omaha
Sep 5, 2022
Share this post
🦧 going ev?
www.wiseape.fyi

😳 the tax credit that you probs can’t get

 

it was less than six weeks ago when i got excited about the inflation reduction act

  • signed into law in august, the law is intended to reduce us’ emissions by 40% below 2005 levels

    • this may limit warming to 1.5 degrees celsius

  • $350b+ are expected to be poured into climate chane and clean energy initiatives

 

one area of the law that excites me – ev tax credits

  • but i remain doubtful

  • qualifying for the tax credit, arguably, is harder than buying an electric vehicle itself!

 

first off: check where it’s assembled

  • ā€œchina, that’s where things are made these daysā€ – says a good ol’ line from The Office way back, but the new law does not like that

  • as of 8/16/2022, a purchase of a new model-year ev or phev, to require for the tax credit, has be for a vehicle assembled in north america

    • one way to check is to use this vin decoder tool, and yes, i agree, it’s not the prettiest or comfiest interface…

 

it’s not over though: probs wait till jan-2023

  • there's a cap, meaning that for a number of brands, upto 200k vehicles are eligible for the credits

  • after that, the credit would drop by 50% and zero for the rest

    • notably, for that reason, gm and tesla cars being made, as of writing, do not even qualify for the clean vehicle credit

 

oh, and battery too

  • where the battery is manufactured and where the battery materials are coming from

    • you guessed it – has to be ā€œnot foreignā€

 

there’s more – income cap, sticker price cap, etc.

šŸ’” something im thinking about

anyone heard of popsy? (click image)

that's all, folks šŸ’

 
as always, i’m no financial advisor! (i’m no substitute for professional financial services)
 

thanks for reading Ask a Wise Ape – if you’re enjoying our content, please share with your friends to check it out and subscribe!

Share

buy me a coffee :)

Share this post
🦧 going ev?
www.wiseape.fyi
Comments
TopNewCommunity

No posts

Ready for more?

© 2023 Ape of Omaha 🐵
Privacy āˆ™ Terms āˆ™ Collection notice
Start WritingGet the app
SubstackĀ is the home for great writing