Fisker Ocean One and Your US Federal EV Tax Credit Eligibility

Fisker Ocean One

Fisker reaches out to those who pre-ordered Ocean One about retaining eligibility for US Federal EV tax credits in tax year 2022.

Today, Fisker sent out an email communication to Ocean One customers in the United States about the $7,500 Federal EV tax credit. The company heard concerns from Ocean One customers wondering if they needed to do anything else to retain eligibility.

The company wanted to reassure customers who pre-ordered Ocean One. Fisker said customers don’t need to do anything else at this time to retain eligibility to the Federal EV tax credit in tax year 2022. Below, you can read the email Fisker shared this morning with Ocean One customers including a link to the legislation.

Fisker Ocean Reservation Holders

Fisker Ocean One
Fisker Ocean One

Yesterday, the company issued a press release about how Fisker Ocean reservation holders can take action to retain their eligibility for the $7,500 Federal EV tax credit.

The company gave customers the option to convert their Fisker Ocean reservation to a non-refundable pre-order. That press release didn’t address customers who pre-ordered Ocean One rather existing reservation holders.

It a nutshell, it was a similar process customers went through to pre-order the Fisker Ocean One. The only difference, when pre-ordering Ocean One, customers had to put down additional funds. However, that is not the case at the moment for US customers submitting non-refundable pre-orders for Ocean Extreme, Ultra, or Sport. This morning, we detailed the process from reserving to pre-ordering the Fisker Ocean Sport.

Waiting for Congress

Currently, there is a lot of gray area and things are still unclear around the proposed Federal EV tax legislation, which passed the US Senate on Sunday. For example, we don’t know how the IRS (Internal Revenue Service) will interpret the new legislation.

Next, the Inflation Reduction Act is headed to the House of Representatives for another vote later this week. There is a possibility it gets changed and heads back to the US Senate for another vote. However, if it passes in the House, it will be sent to the US President’s desk for signature.

Until then, we need to wait for the final language of the bill to see how this plays out. As a Fisker customer, we’re very appreciative for how the company has been proactive around this matter. Let us know your thoughts in the comments.

In Fisker’s words…

Retaining Your Eligibility for Tax Year 2022 EV Tax Credits

Congress is currently moving quickly to pass The Inflation Reduction Act of 2022 (IRA)– historic legislation to address the climate crisis and promote clean energy, including billions of dollars in electric vehicle (EV) infrastructure funding. 

What does this mean for you, our valued Fisker Ocean One customer?

Fisker believes the signing of the IRA into law is positive news. For US residents holding a pre-ordered Fisker Ocean One, when you secured your Fisker Ocean One pre-order with a $5,000 deposit and signed the Fisker Ocean Order Agreement Terms and Conditions, you committed to purchasing a Fisker Ocean One in the 2022 tax year, even if delivery occurs after the enactment of the IRA.

The IRA will amend the current rules for taxpayers to qualify for the federal $7,500 EV tax credit, in part by requiring that the EV be assembled in North America and imposing certain income caps for eligibility. The Fisker Ocean is designed and engineered in California. Consistent with Fisker’s aim to deliver the world’s most sustainable vehicle, the Fisker Ocean is assembled at Magna’s carbon-neutral plant in Graz, Austria.

To learn more about the proposed federal EV tax credits, click here. Details regarding the federal EV tax credits are in Part 4 – Clean Vehicles, Section 13401 Clean Vehicle Credit.

Although we cannot predict either the final language of the legislation or how the IRS will interpret it, we believe you entered into a binding agreement to purchase the Fisker Ocean One. This may allow you to take advantage of the existing $7500 federal tax credit scheme for which you may qualify under the Transition Rule if the Inflation Reduction Act is enacted*.

We hope this provides clarity and leaves you even happier about your decision to pre-order a Fisker Ocean One!

We thank you for your continued support, and we reaffirm our commitment to deliver the world’s most emotional and sustainable vehicles.
* On page 386, of the August 6, 2022 draft, a ‘Transition Rule’ allows a qualifying taxpayer that entered into a written binding contract for a qualifying vehicle prior to enactment of the Inflation Reduction Act, and takes delivery of such vehicle after enactment of the Act, to elect to treat the vehicle has having been placed in service on the day prior to enactment of the Act in order to take advantage of the current $7,500 tax credit structure. Please note that Fisker is not providing legal or tax advice regarding whether you will be eligible for any tax credit by placing your order now. Further note that the Inflation Reduction Act has passed the Senate but has not yet been passed by the House of Representatives as of today’s date and remains reported in draft form. Please consult with your tax professional to determine whether you would qualify for any federal tax credit under the Transition Rule and do not rely upon the availability of such tax credit when making your purchase decision.

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