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| Name | EV TAX CREDITS: IRS Guidance Released: Loophole for EVERYONE TO GET $7,500?! (Not Financial Advice) |
| Video Uploader | Video From Bearded Tesla Guy |
| Upload Date | This Video Uploaded At 08-10-2023 12:00:30 |
| Video Discription | Yesterday the IRS released guidance on the implementation of the new point of sale ev tax credit that we have all been waiting for. In essence, starting January 2024, you will be able to take the EV Tax credit of up to $7,500 at time of purchase. In doing so, you wouldn't have to wait for tax time to claim this credit. The problem is that this does not match what the law says. Basically the law states that this EV tax credit for individual taxpayers is Non-Refundable. However, through the guidance issued by the Treasury Department yesterday, it essentially is a fully refundable tax credit if you transfer your credit to a dealer at time of purchase. The EV Tax Credit of up to $7,500 was introduced as refundable, but immediately changed to non-refundable and has been labeled as such since. This is still the case in the existing law under the amendments passed with the Inflation Reduction Act of 2022. However, the Treasury Department, through the IRS, have issued guidance that tells taxpayers that as long as they transfer the credit to the purchasing dealer, and do not exceed income caps, the recapture clause in place does not apply to you. This is far from the intent of the original law that was passed last year. The reason that matters is representatives like Joe Manchin are likely to challenge this in court, as he has already threatened to do earlier this year. His argument is that the spirit of the bill was to be non-refundable and this guidance creates a loophole to allow this credit to now be fully refundable in a sense for anyone who transfers the credit over to the selling dealer. The confusion is justified and understandable. There are some who are citing the IRS guidance as the rule to follow, and others arguing the law is clear and in conflict with these rules. In the end, the law says one thing and the institution that upholds those laws says something different. This is likely to be headed to the courts if not changed before becoming effective before the end of this year. It is important to note that this is the "PROPOSED" guidance and not an approved and implemented rule. If this guidance stands, then everyone who elects to take the tax credit at time of purchase will get the full $7,500 as long as they dont exceed income caps. If the guidance is changed, then anyone who would take the $7,500 at time of purchase would owe the difference back to the IRS at time of filing your taxes. Hopefully in the coming days we will have further clarity on what this all means as the Law does not match what the IRS is saying. **NOT FINANCIAL ADVICE** Links: IRS Guidance 10.6.23: https://www.irs.gov/pub/irs-drop/rp-23-33.pdf IRA Law: https://www.congress.gov/117/plaws/publ169/PLAW-117publ169.pdf Amended 30D by IRA: https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26-subtitleA-chap1-subchapA-partIV-subpartB-sec30D.pdf Further IRS Guidance: https://www.govinfo.gov/content/pkg/FR-2023-10-10/pdf/2023-22353.pdf Join this channel to get access to perks: https://www.youtube.com/channel/UCBsANJdoKs-BVz-kLT2BeVQ/join Follow us: Twitter @BeardedTesla https://twitter.com/BeardedTesla Instagram BeardedTesla https://www.instagram.com/beardedtesla/ Accessories DIY PPF Pre Cut Kits Save 20% with code "BTG" https://driveprotected.shop Floor Mats, 3DMAXpider use code BTGMAX for $10 off - https://www.formytesla.com/product/maxpider-all-weather-custom-fit-front-and-rear-seats-and-optional-frunk-and-trunk-floor-liners-for-model-y/ DIY Ceramic Coat use code BTGCC for $10 off - https://www.formytesla.com/product/nanoglass-ceramic-coating-diy-detailing-kit-provides-high-gloss-5-years-durability-model-y/ Mattress use code BTG for $10 off - https://www.formytesla.com/product/portable-tri-fold-6-thick-mattress-sleep-in-tesla-home-guest-bed-model-y/ Hansshow Power Frunk use code BTG for 15% off - https://www.hautopart.com/product/model-y-power-frunk-trunk-kick-sensor/ Matte Screen Protector - https://amzn.to/3o7IaLN Clear Screen Protector - https://amzn.to/35bhD7E Center Console Cover - https://amzn.to/31oIYlO iPad Holder - https://amzn.to/2YLBbgZ Mobile Connector Organizer - https://amzn.to/3iiUkOP Car Seat Covers - https://amzn.to/2Vsc9kX Phone and Glasses Holder - https://amzn.to/2IQcnzb iPhone Charging Cable - https://amzn.to/3svnEG5 Roof Sunshade - https://amzn.to/3geCUVi Filming Equipment Canon M50 - https://amzn.to/3lqNfww Sigma 16mm Lense - https://amzn.to/2SDHE9E 128 GB Pro SD Card - https://amzn.to/3nv242V GoPro Hero 8 - https://amzn.to/38mwltO GoPro Tripod - https://amzn.to/3dPO7GK GoPro Media Mod - https://amzn.to/2YJlbMl GoPro Suction Mount - https://amzn.to/3eI67UO Microphone - https://amzn.to/2ZmZlgN As an Amazon Associate I earn from qualifying purchases If you are ready to order your new Tesla, don't miss out on your free 1,000 miles Supercharging by using my referral code - https://www.tesla.com/referral/justin35851 [QqbjLD3fqLQ] |
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