No tax credit for Rivian (effective April 18, 2023)

[xyskis]

The IRS on Tuesday released an updated list of cars that will qualify under thew new battery guidelines on FuelEconomy.gov. It goes into effect on Tuesday.

Overall, General Motors and other U.S. auto makers stand to benefit the most from the revamped rules.

Several of the most popular models — like the Tesla Model Y and Chevy Bolt — will still get the full $7,500.

But starting Tuesday, a half a dozen models will get a $3,750 credit instead, and vehicles including the VW ID.4, Nissan Leaf and Rivians will lose the credit altogether.


https://www.npr.org/2023/04/15/1169763545/electric-cars-vehicles-tax-credit-climate-bill

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[Hankenstein]

Some interesting rules. It looks like if you got your Rivian before April 18th you qualify. After you don't

https://fueleconomy.gov/feg/tax2023.shtml

 

[TXR1S]

Would love to see Rivian come up with a lease-buyout option to utilize that loophole. No way this doesn’t hurt the conversion rate somewhat.

 

[Jac]

Thank you once again Rivian for jumping through hoops last summer to get us binding purchase agreements to sign before the Inflation Reduction Act was enacted.

 

[jakef801]

Why does the article above say "Qualified vehicles purchased before 2023 MAY be eligible for a tax credit of $7500" and then the form doesn't allow you to enter a time frame of "into service" prior to 2023?? I took delivery of a 2022 model in August of 2022 (pre March 22 order), so I cannot verify my planned and expected $7500 credit for 2022 taxes. WTF?

I'm not too concerned, and expect I will get the tax credit because my gross price, pre TTL, was $76,500. But still...

 

[kewlasu]

Why does the article above say "Qualified vehicles purchased before 2023 MAY be eligible for a tax credit of $7500" and then the form doesn't allow you to enter a time frame of "into service" prior to 2023?? I took delivery of a 2022 model in August of 2022 (pre March 22 order), so I cannot verify my planned and expected $7500 credit for 2022 taxes. WTF?

I'm not too concerned, and expect I will get the tax credit because my gross price, pre TTL, was $76,500. But still...

I think you need to click on "similar tax credit" for 2022 purchase...
Qualified vehicles purchased before 2023 may be eligible for a similar tax credit of up to $7,500

 

[jakef801]

I think you need to click on "similar tax credit" for 2022 purchase...
Qualified vehicles purchased before 2023 may be eligible for a similar tax credit of up to $7,500

Thank you.

 

[JayinNJ]

Some interesting rules. It looks like if you got your Rivian before April 18th you qualify. After you don't

https://fueleconomy.gov/feg/tax2023.shtml

Which is what was known amd expected.

 

[TXR1S]

Was this known and expected? I thought Rivian would get the $3750?

 

[Hillbilly]

Thank you once again Rivian for jumping through hoops last summer to get us binding purchase agreements to sign before the Inflation Reduction Act was enacted.

I was out of country and didn't get the communications in time. Weak.

 

[Autolycus]

Which is what was known amd expected.

I thought we were expecting it to be eligible for at least $3750 because the battery modules and packs are assembled in the US.

And it is no surprise at all that GM and Tesla are the biggest beneficiaries of the new credits. It's not even close either. They'd run out of credits under the old scheme and now get a full reset. I still think the other manufacturers should have gotten the full $7500 under the old rules and just had the new rules kick in after that, but we are where we are.

Manufacturers should be immediately trying to set up some sort of lease-buy option to take advantage of the massive loophole.

 

[Hillbilly]

Stupid irs and their clear as mud bureaucratic garbage. I hope Rivian gets this manufacturing sourcing sorted out asap as I'm not going to buy a Rivian that's not eligible for the credit.

 

[Hankenstein]

Which is what was known amd expected.

I also thought what was expected was $3750. They only updated this web site today so "known" might be a stretch or you have other information I don't/didn't which is entirely possible.

 

[Hillbilly]

Thank you. I'm good on Tax Credit!

How wonderful for you

 

[Sgt Beavis]

The IRS has been so screwy with these rule changes I wouldn't be surprised if they changed within another week.

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