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With the hopeful deliveries of the Hummer EV1 to reservation holders in the coming months, I was wondering if anyone had any advice on any tax incentives for the EV? Should you register the car with your business LLC ? -OR- any other tax advice?
 

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As a “heavy vehicle,” the Hummer EV should qualify for the section 179 tax deduction when purchased and used for business purposes.

More clear here... As I understand $25K on the Hummer could be deducted, Full deduction requires a 6' bed length.

  • Other heavy “non-SUV” vehicles and trucks with a cargo area at least six feet in interior length (this area must not be easily accessible from the passenger area.) To give an example, many pickups with full-sized cargo beds will qualify for a full deduction (although some “extended cab” pickups may have beds that are too small to qualify).
 

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Hi all,

I just came across this article from Forbes, Updated: Oct 6, 2021, that talks about tax deductions. Unfortunately, not sure if we will be able to collect on it, according to this article. Pay attention to the last line in the last paragraph of the article. Here is the link if you want to read the article: https://www.forbes.com/wheels/advice/ev-tax-credit-calculator/

"When you buy an electrified vehicle—battery electric vehicle (BEV) or plug-in hybrid electric vehicle (PHEV)—most people are entitled to a credit on your federal taxes of $2,500 to $7,500. In addition, about 20 states offer credits or rebates plus intangible benefits such as free charging, free municipal poking, lower highway tolls or single-occupant access to high-occupant vehicle (HOV) highway lanes.

There are exceptions, explained in the FAQs below. You have to buy not lease a vehicle although there are ways to collect while leasing, you have to be the very first person to buy (title and register) the vehicle and under current rules General Motors and Toyota/Lexus vehicles aren’t covered because they passed the current cap of 200,000 vehicles eligible for rebates."

Having said that, I don't know if that applies to the company as a hole or if it referring to 200,000 of an individual vehicle, which the Hummer EV has not reached.

Does anyone have any clarification on this?
 

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Hi all,

I just came across this article from Forbes, Updated: Oct 6, 2021, that talks about tax deductions. Unfortunately, not sure if we will be able to collect on it, according to this article. Pay attention to the last line in the last paragraph of the article. Here is the link if you want to read the article: EV Tax Credit Calculator

"When you buy an electrified vehicle—battery electric vehicle (BEV) or plug-in hybrid electric vehicle (PHEV)—most people are entitled to a credit on your federal taxes of $2,500 to $7,500. In addition, about 20 states offer credits or rebates plus intangible benefits such as free charging, free municipal poking, lower highway tolls or single-occupant access to high-occupant vehicle (HOV) highway lanes.

There are exceptions, explained in the FAQs below. You have to buy not lease a vehicle although there are ways to collect while leasing, you have to be the very first person to buy (title and register) the vehicle and under current rules General Motors and Toyota/Lexus vehicles aren’t covered because they passed the current cap of 200,000 vehicles eligible for rebates."

Having said that, I don't know if that applies to the company as a hole or if it referring to 200,000 of an individual vehicle, which the Hummer EV has not reached.

Does anyone have any clarification on this?
Hummer gets no rebates of any kind from the federal government, also does not qualify for full section 179 deduction for business.
 

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I’ll be surprised if they don’t get this changed this year.
Even if Congress passed the new proposals Hummer would still not qualify for federal rebates as they were all capped at $80K, and the Hummer is the reason the section 179 changed to only vehicles with longer then 6' beds or longer. Too many realtors, and others bought the old Hummers and fully deducted what was essentially a family vehicle, not a "work" vehicle.
 

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Even if Congress passed the new proposals Hummer would still not qualify for federal rebates as they were all capped at $80K, and the Hummer is the reason the section 179 changed to only vehicles with longer then 6' beds or longer. Too many realtors, and others bought the old Hummers and fully deducted what was essentially a family vehicle, not a "work" vehicle.
There's still a chance they could renew it and take the caps out, but I'm not holding my breath on either of those things.
 
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