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Originally Posted by JSH
I'm not going by rumors - I actually read the bill.
In 2024, there will be the option to transfer the tax credit to the dealer. The dealer takes the credit not the buyer so it is no longer dependent on the financial situation of the buyer. This is the same way that leasing works today and under the old tax credit.
The difference between the old and new tax credit is that the law specifically states that if the buyer transfers the credit to the dealer the dealer MUST by law role the full value of the credit into the purchase agreement as a point of sale discount. Under the old law the company leasing the vehicle was under no obligation to roll in the tax credit - it was purely up to them. Most rolled in the full credit so they could advertise a low lease price but some did not and kept a portion or the entire tax credit for themselves as extra profit.
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Which bill? as I cannot find anywhere where it says that.
Here it says
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The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
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https://www.irs.gov/credits-deductio...hicle%20(FCV).
TBH, I don't think we have all the final info on how the IRS really intends to impliment this bill.
What I do see, by comparison, are other tax credits, such as health insurace tax credits under the Affordable Health Care Act. If you get health insurance and the government pays part of it, you can have that applied directly to your insurance provider, or you can just pay full price and then get the tax credit back at the end of the year. But the tax credit is dependant on how much you make. If you you have too much sent to the insurance provider as payment then you have to pay that back to the IRS at the end of the year.