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BREAKING LIVESTREAM: Climate Bill Agreed, Tax Credits Are Here?!?!?!?!



Just this evening it has been made public that after all the drama, Joe Manchin has agreed to climate reform as a part of a slimed down version of Build Back Better. This new legislation will be called “Inflation Reduction Act of 2022.”

Right now, Chuck Schumer is preparing the bill draft to be presented to the Senate, which would then move on to a vote through the Budget Reconciliation Process. In this process the Democrats are able to pass a bill outside of the filibuster with a simple majority, which with the Vice President, makes this a slide through pass.

More to come once final details are released!

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22 Comments

  1. So, I am still confused… I see clearly on page 386, line 1 that this new tax credit apply to purchases after Dec 31st 2022. However, on page 386, line 20 there is a provision for a "Transfer of Credit" which is confusing me. Does it mean that if I buy a Tesla Model Y in lets say Sept (after the signing of this new bill), I can apply the old tax credit of $7500 to that purchase in Sept even though Tesla was no longer qualified for the old tax credit? Very confused….

  2. Does this mean EVs like the Ioniq 5 and EV6 won't be included even though they are included this year and the companies are not close to the current 200,000 cap?

  3. NOT RETROACTIVE! So if you've purchased an EV this year you're out! This may/will hurt those of us that have an EV currently on order!

  4. I have a MYLR on order and so far the delivery date has changed for a 3rd time to Nov 27-Jan 23rd! . AT this point, I do not care about the credit, I rather have my car sooner than later plus, who knows what interest rates will be in Q4!! After all, I am sure most buyers purchased the car not b/c of the credit…

  5. I have a Model Y on order with an EDD of Aug 12th – Sep 9th, if I take delivery anytime in that window will I qualify? If not I will cancel my order and order a new one even after the $2K price increase since I ordered I’d be getting $5500 from the feds and another $4K from IL.

  6. The government is using our tax dollars to audit us to take even more money. We need to pass a law so that we the people can dictate where and how we want our personal tax dollars used. I would put a check mark next to education, defense, healthcare, Medicare, physical infrastructure.

  7. So, if I bought an EV in 2022, I can apply for the EV for my 2022 return that I file in April?

  8. I have a Model 3 RWD on order since March. I’m set to get a VIN sometime next month. Without the credit, I may have to cancel my order. But if I cancel and reorder, Tesla already upped the price by $2k since my order. Why is out government so quick to hand out $40B to Ukrain, Leave $80B of equipment in Afghanistan, but take forever to agree to help Taxpayers buy and EV when gas prices are at record highs.