May have reached 200k

Discussion in 'Prime Main Forum (2017-Current)' started by Marine Ray, Apr 1, 2022.

  1. Marine Ray

    Marine Ray Senior Member

    Joined:
    Mar 21, 2017
    1,016
    838
    0
    Location:
    Sparks, NV
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
    Salamander_King and john1701a like this.
  2. Salamander_King

    Salamander_King Senior Member

    Joined:
    Nov 8, 2015
    10,434
    8,337
    0
    Location:
    New England
    Vehicle:
    Other Hybrid
    Model:
    N/A
    Thanks for the update. Yeah, it looks like Subaru Solterra is going to be a bargain compared to Toyota bZ4X comes summer/fall this year when they finally hit the market.
     
    Marine Ray likes this.
  3. Rmay635703

    Rmay635703 Senior Member

    Joined:
    Oct 16, 2016
    2,359
    1,490
    0
    Location:
    Somewhere in Wisconsin
    Vehicle:
    2013 Chevy Volt
    Model:
    N/A
    Just starts the timer

     
    Tideland Prius likes this.
  4. prius16

    prius16 Active Member

    Joined:
    Nov 3, 2015
    371
    196
    1
    Location:
    New England
    Vehicle:
    2022 Prius Prime
    Model:
    Limited
    Yup, Toyota went over 200K EV sales as of March 31st.

    From:
    Federal EV Tax Credit Phase Out Tracker By Automaker – EVAdoption
    Toyota Motor Corporation
    Total Sales 2010 - Dec 31, 2021: 192,342
    Number To Reach 200K Sales: 7,658


    Toyota sold: 9,139 EVs, between Jan1st and March31st.
    Toyota Motor North America Reports March, First Quarter 2022 US Sales - Toyota USA Newsroom
    Sales from Jan 1st 2022 to March 31st 2022:
    Prius Prime: 2,586
    Mirai: 715
    Rav4 Prime: 5,233
    Lexus NX Plug-In: 605
    Total: 9,139

    Total EV sales: 192,342 + 9,139 = 201,481

     
    #4 prius16, Apr 1, 2022
    Last edited: Apr 1, 2022
    triggerhappy007 likes this.
  5. Marine Ray

    Marine Ray Senior Member

    Joined:
    Mar 21, 2017
    1,016
    838
    0
    Location:
    Sparks, NV
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
    Where does official word come from? Toyota, IRS ?
     
  6. prius16

    prius16 Active Member

    Joined:
    Nov 3, 2015
    371
    196
    1
    Location:
    New England
    Vehicle:
    2022 Prius Prime
    Model:
    Limited
    Marine Ray likes this.
  7. prius16

    prius16 Active Member

    Joined:
    Nov 3, 2015
    371
    196
    1
    Location:
    New England
    Vehicle:
    2022 Prius Prime
    Model:
    Limited
    From:

    Plug In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service
    ============
    Qualified Plug-In Electric Drive Motor Vehicle Credit (IRC 30D) Phase Out
    The qualified plug-in electric drive motor vehicle credit phases out for a manufacturer’s vehicles over the one-year period beginning with the second calendar quarter after the calendar quarter in which at least 200,000 qualifying vehicles manufactured by that manufacturer have been sold for use in the United States (determined on a cumulative basis for sales after December 31, 2009) (“phase-out period”).

    Qualifying vehicles manufactured by that manufacturer are eligible for
    50 percent of the credit if acquired in the first two quarters of the phase-out period
    and
    25 percent of the credit if acquired in the third or fourth quarter of the phase-out period.
    Vehicles manufactured by that manufacturer are not eligible for a credit if acquired after the phase-out period.
    ============



    *If* I understand the above correctly, the Federal EV Tax Credit for the PiP is:
    If purchased and delivered before June 30th 2022: $4,502
    If purchased and delivered between July 1st 2022 and December 31st 2022: $2,251
    If purchased and delivered between January 1st 2023 and June 30th 2023: $1,125

    NOTE: Unknown, not clear:
    Do the above dates require:
    A) That the Title is transferred from the dealership to the person (bank, etc) by that date?
    B) How about the car being registered by the State "DMV"(/whatever) by that date?

    Imho, if someone is close to a date, and the above questions may be relevant, it'd be a good idea to consult a tax professional.


    Check back at:
    https://www.fueleconomy.gov/feg/taxevb.shtml


    .
     
    #7 prius16, Apr 1, 2022
    Last edited: Apr 1, 2022
    Salamander_King likes this.
  8. Salamander_King

    Salamander_King Senior Member

    Joined:
    Nov 8, 2015
    10,434
    8,337
    0
    Location:
    New England
    Vehicle:
    Other Hybrid
    Model:
    N/A
    According to what I read on other threads on this topic, there is a 1 quarter grace period before the phaseout starts. So, there is a full credit to be claimed if purchased before the end of June. After that, 50% credit in second half of 2022 and 25% credit in the first half of 2023, unless new tax credit law passes.

    I am still waiting to find out the official prices on Solterra and bZ4X. Still, a $3750 credit for Toyota vs a full $7500 credit for Subaru is going to make Solterra a better buy.
     
    triggerhappy007 likes this.
  9. Marine Ray

    Marine Ray Senior Member

    Joined:
    Mar 21, 2017
    1,016
    838
    0
    Location:
    Sparks, NV
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
  10. Salamander_King

    Salamander_King Senior Member

    Joined:
    Nov 8, 2015
    10,434
    8,337
    0
    Location:
    New England
    Vehicle:
    Other Hybrid
    Model:
    N/A
    My understanding is that the date the car is put in service is the day you can claim the tax credit. Yeah, that means you have to have the car in your possession. Having the paperwork all done and paid for it before June 30th will not count if the dealer can not deliver the car by the end of that day.
     
    triggerhappy007 likes this.
  11. Marine Ray

    Marine Ray Senior Member

    Joined:
    Mar 21, 2017
    1,016
    838
    0
    Location:
    Sparks, NV
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
    You are correct, IF Toyota reached 200k in Q1 2022. Nothing official yet.
     
  12. prius16

    prius16 Active Member

    Joined:
    Nov 3, 2015
    371
    196
    1
    Location:
    New England
    Vehicle:
    2022 Prius Prime
    Model:
    Limited
    From:
    Plug In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service
    =========
    The vehicles must be acquired for use or lease and not for resale. Additionally, the original use of the vehicle must commence with the taxpayer and the vehicle must be used predominantly in the United States. For purposes of the 30D credit, a vehicle is not considered acquired prior to the time when title to the vehicle passes to the taxpayer under state law.
    =========


    The bolded section above, appears to imply that the vehicle doesn't need to be registered by the date, just purchased ?with the title issued?.

    Fwiw, as I recall, it takes up to a few weeks before the State finishes the official title transfer.
    Again, for people on the boarder-line, you may want to consult a tax lawyer.
    Yes, as always, consult your tax lawyer for guidance.


    For me, it'll be close. But, I'll hopefully make the June 30th date.
    Fwiw, after the ship arrives at the dock, some cars get selected/held for random quality inspections.
    Some cars get selected/held for quality/damage concerns.
    And, there's also the delay from the dock to the dealership.
    Thankfully, in New England, no snow storms expected between now and July. :)
     
  13. Gokhan

    Gokhan Senior Member

    Joined:
    Oct 5, 2008
    2,090
    963
    0
    Location:
    Paramount CA
    Vehicle:
    2021 Prius Prime
    Model:
    Limited
    It is the date the purchase contract is signed, not when DMV processes your registration. Besides, your registration will show the date you sign your purchase contract.
     
  14. Gokhan

    Gokhan Senior Member

    Joined:
    Oct 5, 2008
    2,090
    963
    0
    Location:
    Paramount CA
    Vehicle:
    2021 Prius Prime
    Model:
    Limited
    This is a bummer. It looks like it overshot by only 728 vehicles. (Mirai doesn't count as a plug-in vehicle as far as I know.)
     
  15. Marine Ray

    Marine Ray Senior Member

    Joined:
    Mar 21, 2017
    1,016
    838
    0
    Location:
    Sparks, NV
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
    Good info, thx. Just because I know folks in the Facebook Prius Prime Owners Group will be asking, what's your source?
     
    Gokhan likes this.
  16. Gokhan

    Gokhan Senior Member

    Joined:
    Oct 5, 2008
    2,090
    963
    0
    Location:
    Paramount CA
    Vehicle:
    2021 Prius Prime
    Model:
    Limited
    In California, the registration will show the actual purchase date regardless of when you register the vehicle. Besides, they issue you a temporary paper license plate and registration sheet (a-month-long or so) at the dealer. I would think this is similar in other states, as people would otherwise wait for a month to register to avoid a month's worth of registration fees, but check your individual state's procedure.
     
  17. Marine Ray

    Marine Ray Senior Member

    Joined:
    Mar 21, 2017
    1,016
    838
    0
    Location:
    Sparks, NV
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
    #17 Marine Ray, Apr 1, 2022
    Last edited: Apr 1, 2022
    Gokhan likes this.
  18. Gokhan

    Gokhan Senior Member

    Joined:
    Oct 5, 2008
    2,090
    963
    0
    Location:
    Paramount CA
    Vehicle:
    2021 Prius Prime
    Model:
    Limited
    I believe they check the vehicle records on DMVs. Again, in California, the title will show the date the vehicle was purchased, not the date the title was issued. It is obvious that the transfer of the ownership of the vehicle passes to you when you sign the purchase contract and drive the vehicle off the lot. This is at least important for insurance reasons. You can't claim that you didn't own the vehicle yet if you got into an accident as soon as you exited the lot. If there is a glitch in the DMV records and you get audited, you can always successfully dispute that by showing IRS your purchase contract. I wouldn't worry about this.
     
    dtsexpert and Marine Ray like this.
  19. Marine Ray

    Marine Ray Senior Member

    Joined:
    Mar 21, 2017
    1,016
    838
    0
    Location:
    Sparks, NV
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
    A 2019 Treasury IG report said millions of dollars were claimed wrongly for electric-vehicle tax credits. Among the issues is that the (1) IRS hadn't verified VINs, (2) among tax returns filed by individuals, a total of 1509 people wrongly took $8 million from the federal government by double-claiming the credit (leased cars), and in other cases, (3) EV owners reported credit amounts above the specific threshold allowed for their vehicle at the specific tax filing date. Maybe IRS has clamped down since this 2019 report. https://www.treasury.gov/tigta/auditreports/2019reports/201930072fr.pdf
     
    #19 Marine Ray, Apr 1, 2022
    Last edited: Apr 1, 2022
    prius16 and Gokhan like this.
  20. Gokhan

    Gokhan Senior Member

    Joined:
    Oct 5, 2008
    2,090
    963
    0
    Location:
    Paramount CA
    Vehicle:
    2021 Prius Prime
    Model:
    Limited
    I think so because I filed for the tax credit twice, and at both times, it delayed my refund by more than three months. I think they are checking the VIN against the vehicle records now.
     
    prius16 and Marine Ray like this.
Loading...