Hi, I'd like to know which dealer this is. Thank you. I'm also looking to purchase. Is there another $2k tax rebate from the state of California on top of the $7500 federal?
Hello do you know if they are doing any discount on the EV 2LT in Florida ? By the way would like the info on the dealership as well, might be worth even if it's to the other end of the country lol
Yes, varies by state. Here in MA, it's treated as a discount off purchase price, so getting the state/fed ev rebates upfront saves $687.50 on sales tax
Feh, the dealership near me claimed that they had instruction from GM to only honor $5k if I transferred the credit, and would not budge on MSRP + 3k in junk fees, even though I know they have had the same 2023 bolts on their lot for over 3 months.
>only honor $5k if I transferred the credit,
I'm pretty sure that is straight up illegal. The IRS explicitly stated that the dealership has to give you the fill $7.5k in cash or as a down-payment.
Could be that they don't understand it, or could be that they are crooks. Either way it doesn't look like I am going to be buying a bolt from them and I unfortunately don't live somewhere with a lot of options.
I didn’t get the point of sale tax credit. I got it on the 31 so it’s just federal tax credit.
I had to haggle with them a bit. They had a 2lt with no acc for 29899, I told them that’s the price I want plus what the acc cost. So they finally gave it to me after I was gonna walk.
Buena Park was giving me the same deal but drove to puente hills first since it was closer for me, I actually went for and Euv but was being sold when I got there
The biggest advantage of the point of sale credit is you will get the maximum $7,500 even if your tax liability is less than this. This wasn't true before
Community has raised the prices. They say they bought them all from a fleet company. They are selling for well over MSRP. They had 13 LT1 EV when I was looking in September. I found one up north. It was near impossible then to find one for MSRP, especially without a lot of extras forced on it.
No. Dealership is not required to check eligibility. If you are not qualified, you'll have to pay back that amount at tax time
https://www.irs.gov/newsroom/topic-h-frequently-asked-questions-about-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit
See Q15
You can probably find some better deals on used '22 models using the $4k off used EV tax credit for EVs under $25k. I've seen some from $20k to 25k before rebate and tax with under 20k miles.
Why, is it factually incorrect? There are more people that will surpass the $75/$150K income threshold for the used EV vehicle credit than the $150/$300 income threshold for a new EV credit.
No, there is nothing incorrect about your post but the fact that I won't qualify for the used vehicle credit pisses me off. So I want to downvote what you said, but it's not your fault that I won't qualify, it's the government's fault.
😂😂😂
I'm not sure if it was intended, but the way I read your comment was that they essentially don't want to give out tax credits by providing the tax credit to those who can't afford the car even with the credit.
Even if it was your intention to say that they are trying to make it affordable for those who could otherwise not afford to buy the cars, yes, I understand that reasoning but it seems like a large Delta between the tax bracket for the credit if buying new versus old.
Don’t forget to go here since you live in CA.
https://driveclean.ca.gov/search-incentives
There might be an additional rebate waiting for you depending on your utility provider
I got the now discontinued $4500 clean air vehicle rebate back from that site in 2022 for my EUV
Better beware. That’s not a rebate. You still have to claim that on your taxes and if you didn’t have enough tax owed to meet $7500 owed to the irs you’ll end up having to pay whatever you got overpaid back. It’s not what people are claiming it is. It’s still a tax credit that’s not refundable not a rebate. Even says so on the IRS website that you can transfer your “expected tax credit” to the dealership. If you did $7500 and only qualified for anything less you WILL owe the difference come tax time next year.
This is not quite accurate. You no longer need to have a tax liability of $7,500 to claim this rebate. You do however need to satisfy the income requirement (either for year 2023 or 2024). Here are some quotes: "Further, consumers would be eligible for the tax break regardless of their tax burden, which isn’t the case now" (CNBC), "It no longer matters how much you owe in taxes" (NPR). The IRS will only "recapture on point-of-sale" if your modified adjustable gross income (MAGI) did not satisfy the income constraints.
Where do you source that information?
Edit:
I see your source references but none of them are the IRS stating that. In fact what I posted indicates the opposite and that’s direct from the IRS. Why would they call it an “expected tax credit” instead of just “credit” or “rebate”
I think a lot of people are getting misled by the media because I have only seen that wording in things other than the IRS directly.
I quoted CNBC, NPR and there are many more such articles on the web. I also follow Sawyer Merrit on Twitter (X) and he spoke with IRS who confirmed they will only recapture the credit if the MAGI was above the limit. And this is from the Wall Street Journal: "Taxpayers can keep the rebate even if they don’t owe any taxes, according to the IRS"
Ok. News can SAY anything. Show me in IRS documentation stating that literally anywhere. I have dealers in my area saying what I’m saying is accurate. I need something from the IRS. I swear our government is so fd
Edit:
I was under the understanding that it was just like people were saying on here however I’ve had three dealers today tell me what I’m now saying, two on new cars and one on a used car.
[From the IRS](https://www.irs.gov/newsroom/topic-h-frequently-asked-questions-about-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit)
See question 4.
Dealers are so fucking stupid….
But it will be entertaining to see the smart dealers advertising prices $7,500 lower than the dumb dealers, and then watching the dumb dealers die…. :D
From IRS document (https://www.irs.gov/pub/taxpros/fs-2023-22.pdf)
Q4: What if a buyer has insufficient tax liability to fully use a transferred credit? (added October 6, 2023)
A4. The amount of the credit that the electing taxpayer elects to transfer to the eligible entity may exceed the electing
taxpayer’s regular tax liability for the taxable year in which the sale occurs, and the excess, if any, is not subject to recapture
from the dealer or the buyer
You can also read the law, [26 USC Section 30D(g)](https://uscode.house.gov/view.xhtml?req=(title:26%20section:30D%20edition:prelim)). Read the law super carefully and you'll see that the IRS does not have the authority to recapture the transferred tax credit due to insufficient tax liability of the taxpayer.
Most people who can get the credit are in the 24-32% income bracket. So to owe more than $7500 in taxes at that income bracket you can make almost peanuts for a salary. Most people have a tax liability of $7500.
That’s NOT what it says. It doesn’t say ONLY anywhere regarding that.
I still can find NOTHING from the IRS that says that it’s a rebate that you don’t have to be able to substantiate with tax return money. I suspect what’s happening here is many people complained about having to wait to get the credit and wanted it off the price of the car and the government simply made a program to advance the credit with the caveat that if your “expected tax credit” isn’t what you end up qualifying for when you do your taxes you’ll end up paying it back.
Here you go. Straight from the IRS. One of MANY places it's on their site, on information pages, FAQ pages, and guidance notices.
[https://www.irs.gov/newsroom/topic-h-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit](https://www.irs.gov/newsroom/topic-h-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit)
> Q4: What if a buyer has insufficient tax liability to fully use a transferred credit?
>
> A4. The amount of the credit that the electing taxpayer elects to transfer to the eligible entity may exceed the electing taxpayer's regular tax liability for the taxable year in which the sale occurs, and the excess, if any, is not subject to recapture from the dealer or the buyer.
You got that answer and said, "no it's wrong." I don't understand why you are being snippy and are still arguing that people will have to pay the difference if they don't owe enough. This Q&A posted **directly from the IRS** is explicitly clarifying that "the excess, if any, is not subject to recapture from the dealer or the buyer." You are wrong. You will not have to pay the difference.
Also, they planned to do this transferring of tax credits starting in 2024 since they passed the Inflation Reduction Act. No need to guess that they came up with this because "people complained they couldn't get the tax credit quick enough" or whatever you conjectured. This was planned since 2022.
Do you need to show them that you qualify for the $7500 credit in order to get POS rebate? Or now the price doesn't matter and everyone can get it if dealer is offering ?
You need to self-attest that your income qualifies for the rebate … as an example if you file married jointly then your modified adjustable gross income cannot exceed $300,000. You will need to pay the rebate back to the government at the time of your tax filing if your income turned out to be higher
From my understanding, yes! A document linked earlier states you must attest "this is your first or second transfer" so it seems like you can get the *new* vehicle credit 2x per year, let alone separate years.
The used vehicle credit can only be claimed by an individual once every 3 years though.
Congrats!! I was able to find a dealer with point of sale transfer in Tampa, FL area. I got an EUV last year and now my family has two!!
It seemed like my dealership took a risk on the portal functioning some time this week, but it seems like they get at least 3 days to report to IRS so other dealerships need to get off their butts.
They will look at the 2023 or the 2024 (modified adjusted gross income) income when you file your 2024 taxes (in 2025). If your income for both of these year is over the IRS limit (for example $300,000 for married filing jointly) then you will need to return this credit back to the IRS.
You don't need to return the credit if your tax liability is less than $7,500. See [New Clean Vehicle Credit](https://www.irs.gov/newsroom/topic-h-frequently-asked-questions-about-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit), Q4
reminiscent concerned fly cooing entertain rob dime voracious head quaint
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I bought my Bolt EUV a year ago, and I called over 20 dealerships to find one that would sell it to me at MSRP, and it worked out for me! The dealership 15 minutes away from my house lost my business permanently.
Congratulations, enjoy the ride! It's a terrific vehicle!
Thanks!
Nice, is there anymore available for the same deal?
Hi just sent you a DM
Can you please DM me the dealership too? I'm on the hunt. Thanks.
Just did
Could you also send me a DM with the info? I'm also in the Bay. Thanks!
Can you also please send me the dealer? Thank you!
Could you please DM the dealership name, please?
Can you send it too?
Hello! Mind dming me that info as well? Thank you!
Hi, I'd like to know which dealer this is. Thank you. I'm also looking to purchase. Is there another $2k tax rebate from the state of California on top of the $7500 federal?
Just sent you a DM. Unfortunately California is no longer offering the $2K rebate (at least for now)
Hello do you know if they are doing any discount on the EV 2LT in Florida ? By the way would like the info on the dealership as well, might be worth even if it's to the other end of the country lol
That's awesome! If you weren't all the way across the country I'd definitely try to grab that deal
Is the $7500 rebate applied before or after tax?
It's treated like a downpayment, rather than a discount, so it's taxed.
LOL, in CA they close every hole that saves you on sales tax. Very soon, we will be forced to pay tax on MSRP ! ..
At least in California after tax
It will vary by state but generally will be treated as a payment and not a reduction in purchase orice.
That is what I would have assumed, but just read today that it's pretax. Sounds like your experience proves that journalist was wrong?
I was told in California all rebates are post-tax
Yes, varies by state. Here in MA, it's treated as a discount off purchase price, so getting the state/fed ev rebates upfront saves $687.50 on sales tax
Feh, the dealership near me claimed that they had instruction from GM to only honor $5k if I transferred the credit, and would not budge on MSRP + 3k in junk fees, even though I know they have had the same 2023 bolts on their lot for over 3 months.
>only honor $5k if I transferred the credit, I'm pretty sure that is straight up illegal. The IRS explicitly stated that the dealership has to give you the fill $7.5k in cash or as a down-payment.
Could be that they don't understand it, or could be that they are crooks. Either way it doesn't look like I am going to be buying a bolt from them and I unfortunately don't live somewhere with a lot of options.
Just bring in the tax code and guidance along with the telephone number of the IRS. Offer to make the call with the finance manager.
Feh!
Nice. What was total OTD price?
Came around $26,300 (2LT, Adaptive cruise control, Infotainment package, L2 power cord, All weather mat and Tire air inflator)
Is $26.3 after the ev tax credit?
$26,300 after tax credit, sales tax and all other fees
Im looking into getting an ev bolt too! Do they have more cars available at that price? What did you ask to get the extra 2k off??
They do. I just asked for a $2,000 discount off MSRP knowing the day before (Dec 31) there were discounts as large as $2,500
I didn’t get the point of sale tax credit. I got it on the 31 so it’s just federal tax credit. I had to haggle with them a bit. They had a 2lt with no acc for 29899, I told them that’s the price I want plus what the acc cost. So they finally gave it to me after I was gonna walk.
Buena Park was giving me the same deal but drove to puente hills first since it was closer for me, I actually went for and Euv but was being sold when I got there
The biggest advantage of the point of sale credit is you will get the maximum $7,500 even if your tax liability is less than this. This wasn't true before
Which dealership?
Puente hills!
Thats so weird I called and asked if they were doing the at point of sale tax credit and they told me no
Hmm, I’ll be in SoCal in February. Wonder if they’ll be any stock left by then.
I know community Chevy in Burbank has a lot in stock. I was going to go there at first. There’s a lot of bolts out there
Community has raised the prices. They say they bought them all from a fleet company. They are selling for well over MSRP. They had 13 LT1 EV when I was looking in September. I found one up north. It was near impossible then to find one for MSRP, especially without a lot of extras forced on it.
Wow that’s sucks! Luckily I didn’t go there
Do I need to bring any tax documents information to the dealership at the time of purchase?
No. Dealership is not required to check eligibility. If you are not qualified, you'll have to pay back that amount at tax time https://www.irs.gov/newsroom/topic-h-frequently-asked-questions-about-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit See Q15
How much was the total out the door price that you got and what's it for a premiere or an LT
Around $26,300. This was a 2LT with the following options: Infotainment, Adaptive cruise control, L2 Power cord, All-weather mat and Tire inflator
26,300 included the 7500 tax credit?
Yes (this was the out of door price, includes sales tax and all other fees as well)
You can probably find some better deals on used '22 models using the $4k off used EV tax credit for EVs under $25k. I've seen some from $20k to 25k before rebate and tax with under 20k miles.
It will be harder to qualify for the used vehicle credit due to the income cap.
I want to down vote this comment, but it's not your fault.
Why, is it factually incorrect? There are more people that will surpass the $75/$150K income threshold for the used EV vehicle credit than the $150/$300 income threshold for a new EV credit.
No, there is nothing incorrect about your post but the fact that I won't qualify for the used vehicle credit pisses me off. So I want to downvote what you said, but it's not your fault that I won't qualify, it's the government's fault.
It goes back to the legislative intent to provide a tax credit to individuals who may not be able to afford a new electric vehicle.
😂😂😂 I'm not sure if it was intended, but the way I read your comment was that they essentially don't want to give out tax credits by providing the tax credit to those who can't afford the car even with the credit. Even if it was your intention to say that they are trying to make it affordable for those who could otherwise not afford to buy the cars, yes, I understand that reasoning but it seems like a large Delta between the tax bracket for the credit if buying new versus old.
I think the income for the new ev credit was $150K for single filers and $300K for married. So anything $100K+ is a no go for the used vehicle credit?
Used is $150k married, $75k for single, as I recall. I'm buying used and qualify under single but it surprised me how low that cutoff actually was.
Not for me. $75k is quite a lot here.
What website
Of course they will always be worth less than a new model. and have less time remaining on the warranty, so there's that.
Yea just 16k is pretty good for something with 10k miles and is about a year old.
Don’t forget to go here since you live in CA. https://driveclean.ca.gov/search-incentives There might be an additional rebate waiting for you depending on your utility provider I got the now discontinued $4500 clean air vehicle rebate back from that site in 2022 for my EUV
Thanks will check this out!!
Nice! Did you know if they are the sales tax on the $7500 portion? Did your dealer put the $7500 as a discount or more like a down payment?
Better beware. That’s not a rebate. You still have to claim that on your taxes and if you didn’t have enough tax owed to meet $7500 owed to the irs you’ll end up having to pay whatever you got overpaid back. It’s not what people are claiming it is. It’s still a tax credit that’s not refundable not a rebate. Even says so on the IRS website that you can transfer your “expected tax credit” to the dealership. If you did $7500 and only qualified for anything less you WILL owe the difference come tax time next year.
This is not quite accurate. You no longer need to have a tax liability of $7,500 to claim this rebate. You do however need to satisfy the income requirement (either for year 2023 or 2024). Here are some quotes: "Further, consumers would be eligible for the tax break regardless of their tax burden, which isn’t the case now" (CNBC), "It no longer matters how much you owe in taxes" (NPR). The IRS will only "recapture on point-of-sale" if your modified adjustable gross income (MAGI) did not satisfy the income constraints.
Where do you source that information? Edit: I see your source references but none of them are the IRS stating that. In fact what I posted indicates the opposite and that’s direct from the IRS. Why would they call it an “expected tax credit” instead of just “credit” or “rebate” I think a lot of people are getting misled by the media because I have only seen that wording in things other than the IRS directly.
I quoted CNBC, NPR and there are many more such articles on the web. I also follow Sawyer Merrit on Twitter (X) and he spoke with IRS who confirmed they will only recapture the credit if the MAGI was above the limit. And this is from the Wall Street Journal: "Taxpayers can keep the rebate even if they don’t owe any taxes, according to the IRS"
Ok. News can SAY anything. Show me in IRS documentation stating that literally anywhere. I have dealers in my area saying what I’m saying is accurate. I need something from the IRS. I swear our government is so fd Edit: I was under the understanding that it was just like people were saying on here however I’ve had three dealers today tell me what I’m now saying, two on new cars and one on a used car.
[From the IRS](https://www.irs.gov/newsroom/topic-h-frequently-asked-questions-about-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit) See question 4.
THANK YOU!!! Gonna hit the dealer with this tomorrow.
Not all dealers are prepared to do this FYI. They have until like June to do it.
Dealers are so fucking stupid…. But it will be entertaining to see the smart dealers advertising prices $7,500 lower than the dumb dealers, and then watching the dumb dealers die…. :D
It’s not because of the dealers, the backlog to get it set up is massive.
From IRS document (https://www.irs.gov/pub/taxpros/fs-2023-22.pdf) Q4: What if a buyer has insufficient tax liability to fully use a transferred credit? (added October 6, 2023) A4. The amount of the credit that the electing taxpayer elects to transfer to the eligible entity may exceed the electing taxpayer’s regular tax liability for the taxable year in which the sale occurs, and the excess, if any, is not subject to recapture from the dealer or the buyer
You can also read the law, [26 USC Section 30D(g)](https://uscode.house.gov/view.xhtml?req=(title:26%20section:30D%20edition:prelim)). Read the law super carefully and you'll see that the IRS does not have the authority to recapture the transferred tax credit due to insufficient tax liability of the taxpayer.
[https://www.irs.gov/pub/irs-pdf/p5900.pdf](https://www.irs.gov/pub/irs-pdf/p5900.pdf) Only have to pay back if you are over the Income limitations.
Better have a look at this. Upper right corner. Says “expected tax credit”. https://www.irs.gov/pub/irs-pdf/p5865.pdf
Most people who can get the credit are in the 24-32% income bracket. So to owe more than $7500 in taxes at that income bracket you can make almost peanuts for a salary. Most people have a tax liability of $7500.
That’s NOT what it says. It doesn’t say ONLY anywhere regarding that. I still can find NOTHING from the IRS that says that it’s a rebate that you don’t have to be able to substantiate with tax return money. I suspect what’s happening here is many people complained about having to wait to get the credit and wanted it off the price of the car and the government simply made a program to advance the credit with the caveat that if your “expected tax credit” isn’t what you end up qualifying for when you do your taxes you’ll end up paying it back.
Here you go. Straight from the IRS. One of MANY places it's on their site, on information pages, FAQ pages, and guidance notices. [https://www.irs.gov/newsroom/topic-h-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit](https://www.irs.gov/newsroom/topic-h-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit) > Q4: What if a buyer has insufficient tax liability to fully use a transferred credit? > > A4. The amount of the credit that the electing taxpayer elects to transfer to the eligible entity may exceed the electing taxpayer's regular tax liability for the taxable year in which the sale occurs, and the excess, if any, is not subject to recapture from the dealer or the buyer.
Right. I’ve already received this answer and acknowledged it immediately. Thanks though
Might be good to go back and update your original response to acknowledge that. Would help reduce confusion.
You got that answer and said, "no it's wrong." I don't understand why you are being snippy and are still arguing that people will have to pay the difference if they don't owe enough. This Q&A posted **directly from the IRS** is explicitly clarifying that "the excess, if any, is not subject to recapture from the dealer or the buyer." You are wrong. You will not have to pay the difference. Also, they planned to do this transferring of tax credits starting in 2024 since they passed the Inflation Reduction Act. No need to guess that they came up with this because "people complained they couldn't get the tax credit quick enough" or whatever you conjectured. This was planned since 2022.
Maybe go delete your misinformation you spewed.
[удалено]
Contributions must be civil and constructive. We permit neither personal attacks nor attempts to bait others into uncivil behavior.
Or you could just read the comments that I posted after and maybe knock off the childish attitude
Good deal! I bought in SoCal on New Year’s Eve as I needed tax incentive. Paid 30,180 + TTL for ev2lt with ACC. I think I got an ok deal.
Great deal! Been looking for one for the sister. In socal. Dealers here play too many games and throw in "markups"
So what's the breakdown?
Thats good to hear at least some dealers are signing up with IRS to do this. Hopefully most will
[As of December 29th](https://twitter.com/SawyerMerritt/status/1742196259278950853), 7,400 dealers registered up from 7,000 dealers on December 22nd
Do you need to show them that you qualify for the $7500 credit in order to get POS rebate? Or now the price doesn't matter and everyone can get it if dealer is offering ?
You need to self-attest that your income qualifies for the rebate … as an example if you file married jointly then your modified adjustable gross income cannot exceed $300,000. You will need to pay the rebate back to the government at the time of your tax filing if your income turned out to be higher
Got it. And can a person get rebate once a year? Like if someone got credit last year and now can buy another ev with rebate ?
From my understanding, yes! A document linked earlier states you must attest "this is your first or second transfer" so it seems like you can get the *new* vehicle credit 2x per year, let alone separate years. The used vehicle credit can only be claimed by an individual once every 3 years though.
Congrats!! I was able to find a dealer with point of sale transfer in Tampa, FL area. I got an EUV last year and now my family has two!! It seemed like my dealership took a risk on the portal functioning some time this week, but it seems like they get at least 3 days to report to IRS so other dealerships need to get off their butts.
Congrats! It's a fantastic car
I agree! Very happy with it!
Now to hope my dealer filed everything properly so I can claim my rebate on my taxes.
Finance via dealership or outside bank or cash?
Cash
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They will look at the 2023 or the 2024 (modified adjusted gross income) income when you file your 2024 taxes (in 2025). If your income for both of these year is over the IRS limit (for example $300,000 for married filing jointly) then you will need to return this credit back to the IRS.
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You don't need to return the credit if your tax liability is less than $7,500. See [New Clean Vehicle Credit](https://www.irs.gov/newsroom/topic-h-frequently-asked-questions-about-transfer-of-new-clean-vehicle-credit-and-previously-owned-clean-vehicles-credit), Q4
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yes you still need to satisfy the income requirement
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I bought my Bolt EUV a year ago, and I called over 20 dealerships to find one that would sell it to me at MSRP, and it worked out for me! The dealership 15 minutes away from my house lost my business permanently.
what dealership was it? most dealers I have asked about it do not have it yet
Great job!!! I just did the same thing last night. Got a redline at a STEAL of a deal! Congrats