Fisker enables new order system for qualifying US-based Fisker Ocean reservation holders to retain eligibility for the $7,500 Federal tax credit.
Today, Fisker implemented its plan in advance of the Inflation Reduction Act’s passage. This new bill would eliminate the $7,500 EV tax credit for the Fisker Ocean.
Fisker created a new ordering process to allow customers to convert existing Fisker Ocean reservations to non-refundable orders. This enables qualifying Fisker Ocean reservation holders in the United States to retain potential eligibility for the current Federal tax credit of up to $7,500.
In advance of the legislation’s passage, US customers can enter a binding contract with Fisker to purchase the Fisker Ocean.
“Many of our reservation holders are looking forward to the tax advantages of purchasing an electric vehicle. Therefore, we acted swiftly and proactively to protect access to existing tax credits for qualifying Fisker Ocean buyers should the Inflation Reduction Act become law. We are focused on a clean future for all, so we are building the Fisker Ocean in one of the world’s most sustainable production facilities, Magna’s carbon-neutral factory in Graz, Austria.Henrik Fisker, Chairman and CEO
Changes to EV Tax Credit System
Qualifying reservation holders in the United States are eligible for a $7,500 tax credit under existing law, but the proposed legislation, as currently drafted, would make the Fisker Ocean, built in Austria, ineligible. The current draft of the Inflation Reduction Act includes a North American production requirement that renders Fisker Ocean buyers ineligible for the proposed $7,500 tax credit. The current $7,500 tax credit would be unavailable should Congress pass the Inflation Reduction Act of 2022 and President Biden signs the legislation into law. Furthermore, the bill imposes new household income caps of $150,000 for single filers and $300,000 for couples filing jointly.
Fisker Taking Action
Fisker believes US-based customers may be able to retain eligibility for the full $7,500 credit for the 2022 tax year by following the their new process. You can do this by converting your existing reservations into a binding sales contract for the purchase of the Fisker Ocean.
Fisker’s new process for qualifying US-based reservation holders will allow you to retain access to the existing Federal tax credit. Fisker is not requesting additional payments from reservation holders. That means you are not required to commit additional funds to convert deposits to non-refundable orders.
Instead you need to convert your existing $250 deposit to a non-refundable order. If you reserved two Fisker Oceans, you can also convert your second deposit of $100 to a non-refundable order. This ordering system will remain in effect until the Inflation Reduction Act is passed and signed into law. At that time, this new order process will close for US-based customers.
Take Action Now
Fisker’s new ordering system opened today at 9am Pacific Time. You can access it on the the Fisker site and mobile app. Existing reservation holders can convert your reservation to a non-refundable order. Also, new customers can reserve a Fisker Ocean using the new ordering system to create a non-refundable order. You can read the company’s press release for additional details. As always, contact your legal or tax professional for personal tax advice.
Reserve Your Fisker Ocean
You can reserve your Fisker Ocean or PEAR by visiting https://fiskerinc.com/reserve. Use referral code DDK87H.
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