What's the current understanding of the EV tax credit?

[fab.five]

Hey, team RivianForums!

It looks like I will be taking delivery of my Rivian in the next couple of weeks. Looking over the lists of things to do as I take delivery - THANK YOU!

One question though. What is the current understanding of the EV tax credit? Will an R1T with original pricing qualify for the credit?

I will be sure to post pictures of my Canyon Red R1T once I receive it.

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[jjswan33]

You haven't provided enough information to answer that question. It's possible you could qualify under the old tax credit law if you have a signed contract with Rivian. If not then you might qualify for the new tax credit law but it will depend on the MSRP of your build and your 2023 income.

 

[COdogman]

If you do have the BPA that Rivian offered last August you should be allowed to use the 2022 credit, which has no MSRP and income limits. If not, you would be using the 2023 law, which has certain income limits and your MSRP would need to be under $80k.

 

[csharp]

I have post price increase pricing, signed the BPA last year, will be receiving my truck later today, and I filed for the tax credit.
Edit: I followed advice of my CPA. Don't base your decision on what I did.

 

[Jac]

If you did not sign the binding purchase agreement prior to enactment of the Inflation Reduction Act be on the lookout for guidance expected to be released next week regarding the new law’s battery mineral sourcing and battery component sourcing provisions.

 

[9527]

I have post price increase pricing, signed the BPA last year, will be receiving my truck later today, and I filed for the tax credit. Received all of it a few days ago.

So you received the tax credit before physically taking delivery of the vehicle?

 

[nukem384]

So you received the tax credit before physically taking delivery of the vehicle?

Had the same question. My only guess is because he signed the BPA, that that date is when you "took" delivery of the car, not physically when you get the car since you're using the old fed credit. I suppose you should probably take delivery first, but maybe they didn't want to do an amended 2022 tax return since it's 2022 tax season right now.

 

[Prime]

Had the same question. My only guess is because he signed the BPA, that that date is when you "took" delivery of the car, not physically when you get the car since you're using the old fed credit. I suppose you should probably take delivery first, but maybe they didn't want to do an amended 2022 tax return since it's 2022 tax season right now.

Yea.. thats walking a extremely fine line, which could very well get you into some trouble. You havent paid for the vehicle yet so claiming a tax credit on it whether you are backdating or not, does not sound like a good idea to me. I have delayed filing until my vehicle arrives, I signed a BPA.

 

[csharp]

Yea.. thats walking a extremely fine line, which could very well get you into some trouble. You havent paid for the vehicle yet so claiming a tax credit on it whether you are backdating or not, does not sound like a good idea to me. I have delayed filing until my vehicle arrives, I signed a BPA.

We filed after Rivian had received payment. We received our refund within 4 business days of filing.

 

[9527]

I had signed the BPA but I changed my configuration shortly after to have it stays below $80k just to be safe. My delivery date won’t be until the end of this year so there’s still time for me to observe. Maybe I can change back to the original config but that will probably further delay my delivery timeline. Decision decision. Hopefully there’s one in the R1 shop when it’s my time to purchase.

 

[ye3hawp0ny]

I am slightly confused about tax credit. I signed the BPA back in August, I'm expecting delivery next week. Build is over 80k. Already filed my 2022 taxes, and when I spoke to my guide he reassured me I can claim the credit for 2023 returns next year, however my understanding was that it was 2022 and I have to amend my 2022 taxes once I take delivery.

 

[fab.five]

If you did not sign the binding purchase agreement prior to enactment of the Inflation Reduction Act be on the lookout for guidance expected to be released next week regarding the new law’s battery mineral sourcing and battery component sourcing provisions.

Right on - thank you.

 

[FrictionlessLube]

I signed my BPA 8/15/2022. Took delivery 2/25/2023 with post price increase.. My CPA did my taxes and went off the signed BPA date. I am getting the credit, pending any possible audits if the IRS wanted to do takesies backsies. For Colorado though, CO doesn't honor the BPA so we had to do the actual delivery date, so I claim the Colorado EV credit for 2023, so I loose out on $500 since it dropped this year.

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