Kia EV6 Forum banner
1 - 20 of 21 Posts

·
Registered
Joined
·
64 Posts
Discussion Starter · #1 ·
Any tax professionals on this forum?

Under the current tax code, any Kia EV6 model is eligible for the $7500 tax credit (subject to each person’s individual tax situation).

Under provisions of the BBB, the $7500 tax credit is only applicable to cars (I believe the EV6 is classified as a car or wagon) with an MSRP under $55k. MSRP on the GT-Line AWD is a hair over $55k. This means that this particular trim would not be eligible under the changes outlined in BBB.

While BBB as a whole is basically dead, I believe the goal is to pass pieces of it. This means that tax credit changes are not off the table. My question is what if one buys a GT-Line AWD before any tax changes pass, but this piece of the BBB passes retroactively back to 1/1/2022. Does that mean owners are out the tax credit, or will purchase date play a factor?

I am pursuing a purchase this year and the $7500 tax credit plays a part in my decision. I would hate to make a purchase under the assumption of receiving the credit, only to have the tax credit changed mid year.

Thoughts?
 

·
Registered
Kia EV6 First Edition Matte Grey
Joined
·
33 Posts
Actually listed as truck/SUV under the bill so current upper limit is I believe 80K.
According to EPA, which uses the standard US goes by for car sizes, the Kia EV6 is a small station wagon. The Hyundai Ioniq 5 and Mustang Mach-e are also not considered SUVs but the Tesla Model Y and VW ID.4 are considered small SUVs
 

·
Registered
Joined
·
54 Posts
What leads you to think a "tax professional" would have any clue as to what the folks in Congress might do? Details such as whether tax law changes in a new bill would apply retroactively would be in the yet-to-be-written (and unlikely-to-make-it-through-a-divided-Congress) bill. It's safe to assume the lobbyists for the auto manufacturers who would be excluded would be hard at work buying the best law they can.
 

·
Registered
Joined
·
280 Posts
If BBB passes and becomes retroactive it will screw EV6 buyers, along with thousands of PHEV buyers, Porsche buyers, Mach-E buyers, Polestar buyers, etc. and who benefits? Tesla owners who bought EVs since Jan 1st. GM can't even sell Bolts. Nobody else benefits retroactively because there's no union built EVs.

So the likelihood of BBB being retroactive is zero. Terrible optics. It would be a gift to Tesla owners... oh wait... that would be me... Thank you for a free $7500!!!!

Also BBB is dead. As for pieces of it.. I'm not convinced of it in the near term.
 

·
Registered
Joined
·
254 Posts
If BBB passes and becomes retroactive it will screw EV6 buyers, along with thousands of PHEV buyers, Porsche buyers, Mach-E buyers, Polestar buyers, etc. and who benefits? Tesla owners who bought EVs since Jan 1st. GM can't even sell Bolts. Nobody else benefits retroactively because there's no union built EVs.

So the likelihood of BBB being retroactive is zero. Terrible optics. It would be a gift to Tesla owners... oh wait... that would be me... Thank you for a free $7500!!!!

Also BBB is dead. As for pieces of it.. I'm not convinced of it in the near term.
Have you read the proposed BBB the only ones that will be truly hurt are the ones that make over $
 

·
Registered
2022 Kia EV6 GT-Line RWD
Joined
·
139 Posts

What's New
The alternative motor vehicle credit expired for vehicles purchased after 2021. However, if you purchased the vehicle in 2021, but placed it in service during 2022, you may still be able to claim the credit for 2022. Do not report vehicles acquired after 2021 on Form 8910 unless the credit is extended.

.
This is an Image: caution.gifAt the time these instructions went to print, Congress had not enacted legislation on expired provisions. To find out if legislation has been enacted, go to IRS.gov/Extenders.
 

·
Registered
Joined
·
280 Posts
Have you read the proposed BBB the only ones that will be truly hurt are the ones that make over $
Yes.

PHEVs get their credits chopped from $7500 to the $4000 range. This is been discussed on the RAV4 Prime forums.

Polestar 2 and Porsche are sedans and thus cost too much (over $55K) to be eligible. Same with most Mach-Es and EV6s if the EPA classification (which many suspect will be) is used.

Have you read it? So many weird rules. The used EV tax credit is basically for used Bolts, Leafs, Fiats and for those making under $75K.

The whole bill just needs to die. Let the current EV tax credits phase out for all manufacturers.
 

·
Registered
Joined
·
254 Posts
Yes.

PHEVs get their credits chopped from $7500 to the $4000 range. This is been discussed on the RAV4 Prime forums.

Polestar 2 and Porsche are sedans and thus cost too much (over $55K) to be eligible. Same with most Mach-Es and EV6s if the EPA classification (which many suspect will be) is used.

Have you read it? So many weird rules. The used EV tax credit is basically for used Bolts, Leafs, Fiats and for those making under $75K.

The whole bill just needs to die. Let the current EV tax credits phase out for all manufacturers.
When did the PHEV ever get a $7500 rebate?
Mach-Es and EV6s if the EPA classification
THE EPA ????? the EPA Is classifying them. For what ?

The full list of eligible EVs is maintained by the Department of Energy, and another list can be found on the IRS website.

update
FHWA categorizes vehicles as Light Duty (Class 1-2), Medium Duty (Class 3-6), and Heavy Duty (Class 7-8). EPA defines vehicle categories, also by GVWR, for the purposes of emissions and fuel economy certification. EPA classifies vehicles as Light Duty (GVWR < 8,500 lb) or Heavy Duty (GVWR > 8,501 lb).
 

·
Registered
Joined
·
280 Posts

·
Registered
Joined
·
51 Posts
Yes.

PHEVs get their credits chopped from $7500 to the $4000 range. This is been discussed on the RAV4 Prime forums.

Polestar 2 and Porsche are sedans and thus cost too much (over $55K) to be eligible. Same with most Mach-Es and EV6s if the EPA classification (which many suspect will be) is used.

Have you read it? So many weird rules. The used EV tax credit is basically for used Bolts, Leafs, Fiats and for those making under $75K.

The whole bill just needs to die. Let the current EV tax credits phase out for all manufacturers.
Polestars start at $44K
 

·
Registered
Joined
·
280 Posts
1) If you are self-employed, remember the $7500 only applies to income tax and not the social security portion (Tax Credit Surprise)

2) Toyota and Ford will be hitting 200K soon then BMW maybe in early 2023. Hyundai and Kia will continue to be eligible for 2022 and probably all of 2023 unless they sell Tesla Model Y like numbers (180K+ per year).

 

·
Registered
Snow White Pearl GT-Line AWD
Joined
·
1,406 Posts
Look at your form 1040 line 24. If that number exceeds $7500 then you'll get the full $7500. If its less, then you'll get an amount less than $7500 but should be equivalent to that number.
 

·
Registered
First Edition #77
Joined
·
46 Posts
Serious?

RAV4 Prime for one. There are a bunch or more arriving with larger batteries. I can drive 42 EV miles up to 85 mph with the RAV4 Prime. It's 0 to 60 is faster than a base Model 3.

BBB chops many of these to $4K or less.


View attachment 2166


View attachment 2165
Sorento gets $6,587 tax credit too. We’re averaging right around 80 mpg combined for daily driving too.
 

·
Registered
Joined
·
609 Posts
1) If you are self-employed, remember the $7500 only applies to income tax and not the social security portion (Tax Credit Surprise)

2) Toyota and Ford will be hitting 200K soon then BMW maybe in early 2023. Hyundai and Kia will continue to be eligible for 2022 and probably all of 2023 unless they sell Tesla Model Y like numbers (180K+ per year).

According to Insideevs.com, Toyota will hit 200K units this quarter.
 
1 - 20 of 21 Posts
Top