Toyota BZ Forum banner
1 - 14 of 14 Posts

·
Registered
Joined
·
8 Posts
Discussion Starter · #1 ·
Hello Folks!! I have an offer to pick up BZ4X...but have some questions on Federal Tax credit. The IRS site has not been updated since May 6th and does NOT include BZ4X(on the contrary Solterra is in ) and also Toyota has a link on the 2022 RAV4 Prime on Federal and State incentives BUT none on BZ4X.....is that because

a) It is over for Toyota(given it has exceeded the limit of 200K vehicle) and so BZ4X has no reference both Federal and at Toyota web site on the tax credit??
b) On the contrary I see the State mentioning Clean Fuel rewards of $750 + 2000 + HOV sticker
c) My wife read that manufacture has to apply for Federal rebate on newer model and is pending because they are close to 200K and or in review....please note as mentioned earlier Federal IRS site has not been updated since May 6, 2022

Kindly help, please my offer to pick up expires this Friday I have a deposit and car is there at my dealership


Thanks in advance
IRC 30D New Qualified Plug-In Electric Drive Motor Vehicle Credit | Internal Revenue Service (last update May 6, 2022)
https://www.fueleconomy.gov/feg/taxevb.shtml(last update May 11, 2022)
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #3 ·
Can you call the IRS for an update?
Good pointer...will try...maybe a loooong hold time lol. But it seems that at least implicitly BZ4X (based on what I shared at Federal and Toyota) will not get federal rebate....unless someone here might have seen similar situation/scenario(for example Tesla 2018) where in IRS take time to update/refresh the list...and my observation is simply impetuous
 

·
Registered
Joined
·
17 Posts
Very likely the bZ4X will be added to the list for a few months, at least.
I'd buy at this point, but not in August or September.
See the ongoing discussion here at
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #6 ·
Very likely the bZ4X will be added to the list for a few months, at least.
I'd buy at this point, but not in August or September.
See the ongoing discussion here at
Thank you!!! I have the opportunity to buy BZ4x this Friday but my BIG concern BZ4X is not on IRS list as of yet....nor federal tax incentive at Toyota(like they have done for RAV4 prime)....
any further thoughts will be appreciated!
🙏🙏🙏
 

·
Registered
Joined
·
8 Posts
You should get the full $7,500 tax credit if you purchase this quarter and in to the next quarter (July - September) if Toyota reaches 200,000 total plug-in or electric vehicles sold by June 30. If Toyota doesn't reach that 200,000 total until July, then the full $7,500 tax credit is in effect for July - September and the quarter after (October - December). Also important to note that the $7,500 tax credit is not a refundable credit. You can only claim the credit up to your tax liability. So if you are only on the hook to pay $5,000 in federal taxes, you can only claim $5,000 of the $7,500 potential tax credit. You would lose out on $2,500. I'm not an accountant or tax expert, but this is my understanding.
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #8 ·
You should get the full $7,500 tax credit if you purchase this quarter and in to the next quarter (July - September) if Toyota reaches 200,000 total plug-in or electric vehicles sold by June 30. If Toyota doesn't reach that 200,000 total until July, then the full $7,500 tax credit is in effect for July - September and the quarter after (October - December). Also important to note that the $7,500 tax credit is not a refundable credit. You can only claim the credit up to your tax liability. So if you are only on the hook to pay $5,000 in federal taxes, you can only claim $5,000 of the $7,500 potential tax credit. You would lose out on $2,500. I'm not an accountant or tax expert, but this is my understanding.
Understand and totally get how tax rebate work! However there is NO official communique either at IRS nor Toyota (like they did for RAV 4 Prime) for BZ4X??
 

·
Registered
Joined
·
106 Posts
Understand and totally get how tax rebate work! However there is NO official communique either at IRS nor Toyota (like they did for RAV 4 Prime) for BZ4X??
Considering the Subaru Solterra just popped up on the IRS listing and that vehicle was made public before the BZ4X, I would say it's just the normal delay in getting published. If the Solterra is good for the $7,500, the BZ4X will be too (at least for this quarter - assumed to be for the next quarter as well from comments that they did not reach 200,000 cars by end of first quarter).
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #10 ·
Considering the Subaru Solterra just popped up on the IRS listing and that vehicle was made public before the BZ4X, I would say it's just the normal delay in getting published. If the Solterra is good for the $7,500, the BZ4X will be too (at least for this quarter - assumed to be for the next quarter as well from comments that they did not reach 200,000 cars by end of first quarter).
Thank you rfrancis073....but my wife read somewhere that the car manufacturer needs to initiate the update/refresh to the list with the Feds. I was past hour with Toyota, they have opened a case and promised to get back to me...and after 45 minutes back and forth on the call they refer me to this article by AP.....and I strongly requested official communique not he said she said....but if you read the article it is all there but not sure if "we" can bank on it.. Federal tax credits will soon be phased out for Toyota EV customers in the US
 

·
Registered
Joined
·
106 Posts
Thank you rfrancis073....but my wife read somewhere that the car manufacturer needs to initiate the update/refresh to the list with the Feds. I was past hour with Toyota, they have opened a case and promised to get back to me...and after 45 minutes back and forth on the call they refer me to this article by AP.....and I strongly requested official communique not he said she said....but if you read the article it is all there but not sure if "we" can bank on it.. Federal tax credits will soon be phased out for Toyota EV customers in the US
I wrote the EPA and they quickly responded that the vehicle manufacturer and the IRS work together to determine eligibility. I have now written Toyota corporate relations to see if they can drill down for a response.
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #12 ·
I wrote the EPA and they quickly responded that the vehicle manufacturer and the IRS work together to determine eligibility. I have now written Toyota corporate relations to see if they can drill down for a response.
Thank you rfrancis073!!

Earlier when I had called them they seemed to indicate BZ4X is eligible and will qualify for the rebate. Will keep you posted and look forward to your update.

Given Solterra is approved, I am very sure BZ4x will qualify with only real gate is 100% or will it be phase out before June 2022 my 2 bits
 

·
Registered
Joined
·
106 Posts
Thank you rfrancis073!!

Earlier when I had called them they seemed to indicate BZ4X is eligible and will qualify for the rebate. Will keep you posted and look forward to your update.

Given Solterra is approved, I am very sure BZ4x will qualify with only real gate is 100% or will it be phase out before June 2022 my 2 bits
Sort of a canned response but here it is nonetheless....

-----------------------------------------------------------------------------------------------------
Thank you for contacting Toyota Motor Sales, U.S.A., Inc. We appreciate your interest in the 2023 Toyota bZ4X and for your inquiry on the federal income tax credit.

Availability of the federal tax credit program is based on the number of electrified vehicles sold by an automotive manufacturer. Once a manufacturer’s electrified vehicle sales reach 200,000, the program begins to phase out.

Based on sales projections and current federal tax incentive availability, Toyota’s phase out is anticipated to begin on October 1, 2022. This means that any bZ4X sold on or before September 30, 2022 is anticipated to qualify to receive the full (100%) federal tax credit of $7,500. Beginning October 1, 2022, purchases are anticipated to qualify to receive 50% of the federal tax credit, which will be $3,750. An additional decrease to 25% of the federal tax credit is expected to take place in April 2023 before being completely phased out ($0) in or around October 2023.

Please note, government incentives are not within Toyota’s control and all persons considering using the available incentives should consult with their own tax professional to determine eligibility, specific amount of benefit available, if any, and further details. All credits and rebates are subject to approval by issuing entity. Please check with your local state or federal agency (IRS website) and a tax professional for eligibility requirements.

In addition, these websites can provide more information:

• EPA - Federal Tax Credits for Electric and Plug-in Hybrid Cars
• IRS - IRC 30D New Qualified Plug-In Electric Drive Motor Vehicle Credit | Internal Revenue Service

We hope this information was helpful. Your comment has been documented at our National Headquarters. If we can be of further assistance, please feel free to contact us.

Sincerely,

Garrett
Toyota Brand Engagement Center
-------------------------------------------------------------------------------------------------------

I suspect that if I write the IRS, they will tell me that Toyota has to do something on their end to get it published, lol. He said, she said.....

It's also worth noting that the IRS website listing has not been updated since May 6th.
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #14 ·
Sort of a canned response but here it is nonetheless....

-----------------------------------------------------------------------------------------------------
Thank you for contacting Toyota Motor Sales, U.S.A., Inc. We appreciate your interest in the 2023 Toyota bZ4X and for your inquiry on the federal income tax credit.

Availability of the federal tax credit program is based on the number of electrified vehicles sold by an automotive manufacturer. Once a manufacturer’s electrified vehicle sales reach 200,000, the program begins to phase out.

Based on sales projections and current federal tax incentive availability, Toyota’s phase out is anticipated to begin on October 1, 2022. This means that any bZ4X sold on or before September 30, 2022 is anticipated to qualify to receive the full (100%) federal tax credit of $7,500. Beginning October 1, 2022, purchases are anticipated to qualify to receive 50% of the federal tax credit, which will be $3,750. An additional decrease to 25% of the federal tax credit is expected to take place in April 2023 before being completely phased out ($0) in or around October 2023.

Please note, government incentives are not within Toyota’s control and all persons considering using the available incentives should consult with their own tax professional to determine eligibility, specific amount of benefit available, if any, and further details. All credits and rebates are subject to approval by issuing entity. Please check with your local state or federal agency (IRS website) and a tax professional for eligibility requirements.

In addition, these websites can provide more information:

• EPA - Federal Tax Credits for Electric and Plug-in Hybrid Cars
• IRS - IRC 30D New Qualified Plug-In Electric Drive Motor Vehicle Credit | Internal Revenue Service

We hope this information was helpful. Your comment has been documented at our National Headquarters. If we can be of further assistance, please feel free to contact us.

Sincerely,

Garrett
Toyota Brand Engagement Center
-------------------------------------------------------------------------------------------------------

I suspect that if I write the IRS, they will tell me that Toyota has to do something on their end to get it published, lol. He said, she said.....

It's also worth noting that the IRS website listing has not been updated since May 6th.
Wonderful news!!! As for IRS I am sure Toyota is filing the paperwork for BZ4x;-) and as we note IRS web site has not been updated since may 6....and fueleconomy site since May 11....this confirmation is as good as it gets I would think:)
 
1 - 14 of 14 Posts
Top