2024 Tax credit

[HaveBlue]

Looks like the 2024 tax credit has the same qualifications as the current one but just an upfront credit now. Anyone know different? Basically the Rivian is too much to qualify in both cases.

https://cleantechnica.com/2023/10/0...-the-federal-ev-tax-credit-on-january-1-2024/

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[Electrified Outdoors]

My understanding here. I'm not an accountant.

The tax credit is unchanged but allows you to either claim it when you file your 2024 taxes or transfer it to the dealership which allows you to subtract it from the vehicle at point of sale. You still have to meet all the requirements to claim the credit and the same 80k MSRP limit still applies.

Many R1 configuration but not all are over 80k and do not qualify. Those that are under 80k before taxes and fees however do qualify for the credit.

 

[Codawg]

I've been trying to nail down Rivian with an answer as to whether they will be providing POS rebate in 24. Crickets so far..
Pre-price hike holder.

 

[milliemc]

I've been trying to nail down Rivian with an answer as to whether they will be providing POS rebate in 24. Crickets so far..
Pre-price hike holder.

Right. I chatted yesterday re, the tax rebate for 2024 and got the run around...

 

[fbkr]

How much would a purchased (not leased) Rivian qualify for given where they source their materials?

 

[Codawg]

Google says Rivian should be eligible for max $7500 in 24'. But unsure how accurate that is. I haven't researched where Rivian sources battery materials. Anyone else have more info on this subject?

 

[Warmoth]

Right. I chatted yesterday re, the tax rebate for 2024 and got the run around...

Not sure if and when they will offer the point of sale tax rebate, but it does look like they intend to do so. On my purchase agreement, line 19, it does say "Rivian-Facilitated Rebate/EV Credit".

Keep in mind that some states offer a point of sale tax rebate starting 2024, such as Colorado... so line 19 may not apply to federal.

 

[Mlang90]

The new IRS rules say the dealer must provide a form to the buyer no later than the time of sale in order to get the 2024 rebate - even if they don't give me the credit and I apply it later. My guide says they aren't doing that now and she won't escalate it to get it resolved. Has anybody else navigated this?

 

[UnsungZero_OldTimeAdMan]

How much would a purchased (not leased) Rivian qualify for given where they source their materials?

Under IRA, $3750 is all any purchased R1 under $80k is eligible for.

 

[UnsungZero_OldTimeAdMan]

Google says Rivian should be eligible for max $7500 in 24'. But unsure how accurate that is. I haven't researched where Rivian sources battery materials. Anyone else have more info on this subject?

Inaccurate. Do a google search and you’d find plenty of articles, including pages at Rivian, spelling out credit situation under IRA and determination issued by Treasury during tax season in 2023. If you lease, then $7500 is possible.

https://www.google.com/search?q=tax+credit+rivian.com

 

[shamoo]

I've been trying to nail down Rivian with an answer as to whether they will be providing POS rebate in 24. Crickets so far..
Pre-price hike holder.

That means you ordered quite a while ago. Didn't you do that "binding sales contract" thing? That allowed me to adjust my 2022 return. It took a few months but I got $7500 in a check about a month ago. Back then, there was really no requirement at all.

 

[Codawg]

I did sign a binding agreement and could apply to my 22' tax, but wouldn't that only allow refund of what I actually owed in federal tax that year? Which was much less than $7500. Was probably less than the $3750 rebate for 24. That's why I thought I would seek POS rebate in 24' instead.

 

[UnsungZero_OldTimeAdMan]

I did sign a binding agreement and could apply to my 22' tax, but wouldn't that only allow refund of what I actually owed in federal tax that year? Which was much less than $7500. Was probably less than the $3750 rebate for 24. That's why I thought I would seek POS rebate in 24' instead.

If you did not have enough total tax liability in ‘22, then it’s possible to receive less than claiming under IRA (if you are under price and income caps). Pre-IRA credit is “upto 7500”. So in order to get that much, you must be on the hook in ‘22 for at least that much in taxes, either in withholdings or owed, or combined. If your total liability then was 2k, then you’d only get that plus interest once amendment is accepted and processed by IRS.

 

[emoore]

I did sign a binding agreement and could apply to my 22' tax, but wouldn't that only allow refund of what I actually owed in federal tax that year? Which was much less than $7500. Was probably less than the $3750 rebate for 24. That's why I thought I would seek POS rebate in 24' instead.

Do you have more than $7500 in 2024 tax liability? I think it's still a tax credit and even if you get it at the POS you would have to pay some back if you don't have $7500 in tax liabilities. But I could be wrong.

 

[Codawg]

Rivian will only be eligible for $3750 in 24' (unless leased) and my understanding is that it is a rebate not a credit so we should be able to receive full amount regardless of tax burden. But I may be wrong as well..

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