I thought the cap for luxury autos changed from $18,200 to $20,200 in 2023 but I have some autos still showing 18,200. I did confirm PIS dates, so I am not understanding why so of my autos are not showing the max bonus amount.
I thought the cap for luxury autos changed from $18,200 to $20,200 in 2023 but I have some autos still showing 18,200. I did confirm PIS dates, so I am not understanding why so of my autos are not showing the max bonus amount.
Hello Lauren,
Yes, $20,200 is the auto limit for 2023 assets, if you are not getting that, that means you are not on 2023.1 version of the program. The auto limits are based on the Consumer price index, and they do not get added to the program until it has been officially announced.
~Delray
Hi, we are in the 2023.1 version, and these are autos PIS 1/1/23 that are showing the 18,200. Should we open a ticket?
OK, then that means the assets were not entered into the 2023.1 version. You will need to change the depreciation method from MA200 to MF200 (resetting to the Placed-in Service date) and back again to get the program to recalculate the bonus.
~Delray
*Community Hub is the new name for Sage City