$7500 Credit on 2022 Deliveries ?
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'22 Bentayga S / '25 Range Rover
$7500 Credit on 2022 Deliveries ?
Does anyone know if the EQS SUV would qualify for the $7,500 EV credit like this (and several others) suggest? The dealerships I spoke with were not sure either.https://www.consumerreports.org/cars...s-a7820795671/
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26 EQS 400 SUV, 23 EQS 580 SUV (sold), 19 X7 (sold), 17/14 GLS550 (sold), 13 GL550 (sold)
Does anyone know if the EQS SUV would qualify for the $7,500 EV credit like this (and several others) suggest? The dealerships I spoke with were not sure either.https://www.consumerreports.org/cars...s-a7820795671/
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2022 Mercedes EQS 580
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Non refundable deposits rare, so you are a step ahead of pretty much everyone having that in hand
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Actually, because the EQS SUV is made in the USA, as long as you take delivery in 2022 you don't have to worry about the whole "binding contract" issue. You will get the $7500 no matter what if you take delivery by 12/31/22. The transition contract point only comes into play if delivery occurs after 1/1/23.
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Actually, because the EQS SUV is made in the USA, as long as you take delivery in 2022 you don't have to worry about the whole "binding contract" issue. You will get the $7500 no matter what if you take delivery by 12/31/22. The transition contract point only comes into play if delivery occurs after 1/1/23.
Last edited by bonboon; Sep 8, 2022 at 06:01 PM.
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From: Reading PA
26 EQS 400 SUV, 23 EQS 580 SUV (sold), 19 X7 (sold), 17/14 GLS550 (sold), 13 GL550 (sold)
Not exactly, the EQS SUV qualifies for the tax credit as long as you take delivery by BEFORE January 1, 2023. Afterward, it will no longer qualify due to the price and for some, their income. The EQS sedan is already disqualified for the tax credit because it is not assembled in the US. At least that is what Mercedes told dealerships in a memo last month.
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Not exactly, the EQS SUV qualifies for the tax credit as long as you take delivery by BEFORE January 1, 2023. Afterward, it will no longer qualify due to the price and for some, their income. The EQS sedan is already disqualified for the tax credit because it is not assembled in the US. At least that is what Mercedes told dealerships in a memo last month.
That's why after Jan 1, the EQS SUV won't qualify. The gray area is the binding contract, because if you have a binding contract in 2022 you can still get the credit even if you take delivery after Jan 1. But what qualifies as a "binding contract" is undefined.
On a side note, I heard from one sales person that during EQB training they said EQS SUV may not be released until late Dec or Jan at earliest. Anyone else heard this?
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hey guys, and correct me if i'm wrong, if you had a binding contract (before aug 16) for a vehicle not built in america, and you take delivery of that vehicle in 2022, then that vehicle qualifies as well, right?
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26 EQS 400 SUV, 23 EQS 580 SUV (sold), 19 X7 (sold), 17/14 GLS550 (sold), 13 GL550 (sold)
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That makes sense. Bummer was hoping MB financial would offer the $7500 lease bonus cash like they have on EQS sedan orders.
The credit does not apply to leases, purchases only. The credit reduces your tax liability. For example, if you owe $5,500 in taxes, the credit would wipe that away but you would not get the remaining $2,000 as a tax refund. If you owe $7,500 or more in taxes, the entire credit would be applied.
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From: Reading PA
26 EQS 400 SUV, 23 EQS 580 SUV (sold), 19 X7 (sold), 17/14 GLS550 (sold), 13 GL550 (sold)
I didn't know about a cash bonus for the sedan, but MB Financial could decide to offer a similar promo on the SUV. Our local dealer was asking $50K above MSRP for a 580. They didn't get it of course but still had the nerve to ask that much.
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My dealership in Santa Barbara is selling at MSRP. She told me that they will take the $7500 and use it in reducing the cost of a lease. Which is what I am thinking about doing.
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The credit does not apply to leases, purchases only. The credit reduces your tax liability. For example, if you owe $5,500 in taxes, the credit would wipe that away but you would not get the remaining $2,000 as a tax refund. If you owe $7,500 or more in taxes, the entire credit would be applied.
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First link shows the EQS SUV qualifies based on manufacturing location.
https://afdc.energy.gov/laws/electri...for-tax-credit
Second link explains the tax credit situation from now until the end of the year. It also explains what changes on January 1st, 2023 which will make the EQS SUV no longer qualified.
https://afdc.energy.gov/laws/409
"Vehicle Purchases Between August 17 and December 31, 2022Qualifying EVs purchased and delivered between August 17, 2022, and December 31, 2022, are eligible for the tax incentive as described above but are limited to vehicles with final assembly in North America. Manufacturer sales caps on vehicles apply. Note that for some manufacturers, the build location may vary based on the specific vehicle, trim, or the date in the Model Year when it was produced because some models are produced in multiple locations. The build location of a particular vehicle should be confirmed by referring to its Vehicle Identification Number (VIN) using the U.S. Department of Transportation’s VIN decoder or an information label affixed to the vehicle."
https://afdc.energy.gov/laws/electri...for-tax-credit
Second link explains the tax credit situation from now until the end of the year. It also explains what changes on January 1st, 2023 which will make the EQS SUV no longer qualified.
https://afdc.energy.gov/laws/409
"Vehicle Purchases Between August 17 and December 31, 2022Qualifying EVs purchased and delivered between August 17, 2022, and December 31, 2022, are eligible for the tax incentive as described above but are limited to vehicles with final assembly in North America. Manufacturer sales caps on vehicles apply. Note that for some manufacturers, the build location may vary based on the specific vehicle, trim, or the date in the Model Year when it was produced because some models are produced in multiple locations. The build location of a particular vehicle should be confirmed by referring to its Vehicle Identification Number (VIN) using the U.S. Department of Transportation’s VIN decoder or an information label affixed to the vehicle."
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Some good points made. The dealerships do not have to benefit the buyer with respect to the $7500. I leased a number of BEV cars in the past. Sometimes the dealership extends the full amount as stated above in reducing the cost of the lease. It really depended on how much they wanted to get the sale. As noted above the $7500 is good for the cars delivered in 2022. Mercedes has not yet reached the 200,000 mark as is the case with Tesla. With a cost of $142k, I suspect the lease is going to be expensive. Not sure what the residual will be at 36 months. Also interest rates have been going up so I also think the money factor will be high. Not looking too good.
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From: Reading PA
26 EQS 400 SUV, 23 EQS 580 SUV (sold), 19 X7 (sold), 17/14 GLS550 (sold), 13 GL550 (sold)
If you install a home EV charging station, the tax credit under the Inflation Reduction Act is 30% of the cost of hardware and installation, up to $1,000. Also, beginning in 2023, the tax credit for business and home installations, will apply to other EV charging equipment like bidirectional (two-way) chargers.
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From: Monroe,NJ
EQS SUV 580
I purchased EQS SUV and will be delivered next week but I’m not sure if first the vehicle is qualified for $7500. The list of qualified vehicle from IRS doesn’t include 2023 EQS SUV https://www.irs.gov/businesses/irc-3...vehicle-credit
IRS form 8936 is what I need to file but it requires letter of certificate from the manufacturer. Does any of you get this letter from the dealer?
IRS form 8936 is what I need to file but it requires letter of certificate from the manufacturer. Does any of you get this letter from the dealer?
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I purchased EQS SUV and will be delivered next week but I’m not sure if first the vehicle is qualified for $7500. The list of qualified vehicle from IRS doesn’t include 2023 EQS SUV https://www.irs.gov/businesses/irc-3...vehicle-credit
IRS form 8936 is what I need to file but it requires letter of certificate from the manufacturer. Does any of you get this letter from the dealer?
IRS form 8936 is what I need to file but it requires letter of certificate from the manufacturer. Does any of you get this letter from the dealer?
https://www.irs.gov/businesses/plug-...30-and-irc-30d
On this page there is an updated link "The Department of Energy has provided a list of Model Year 2022 and early Model Year 2023 electric vehicles that may meet the final assembly requirement.". Click that and it will go to:
https://afdc.energy.gov/laws/electri...for-tax-credit
2023 Mercedes EQS SUV is listed here.
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From: Santa Barbara
2017 Acura NSX
Good resources above. Bottom line, there will not be an issue with your taking advantage of the $7500 given you acquired the car prior to Jan 1, 2023. When I have claimed in the past, TurboTax walked me through the process. While the current resource only shows 2022 vehicles, you can understand that the model year 2023 vehicles are still in general not available. The rebate is not tied to 2022 model year cars. So even if let’s say you purchase a 2022 vehicle but take ownership on Jan 1, 2023, you would not be able to take the $7500 from your taxes. The rules change in Jan 1, 2023.
