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EV tax credit increase to $12,500 in Biden's latest proposal as of 10/28

888tom888

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Just read this on CNET. Looks like buying a Rvian (I'm an R1S launch customer) just became sweeter. Since Rivian is made in US, I qualify for the usual $7500+ $2500 and I believe they are built by union workers (????) and if so, I get another $2500 for a grand total of $12,500. That is Freaking awesome. And from what I understand it passed by bipartisan vote so it should make it thru Congress in time for 2022 which is when I'll most likely want the tax credits. I'm sure Audi and BMW and Porsche will be scrambling to build in US??? Not likely, but good for us Rivian beta testers.
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Diddy123

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Not trying to be mean, but most of what you wrote is misleading.

R1S doesn't qualify since it's over $69K
R1T might qualify, depending on how you kit it out - Need to stay under $74K

Neither are made by union workers, and CNET appears to have that "US Built" part wrong. There is no provision for that in the bill.

And your income needs to be under $400K/$800K to qualify at all.

Lots of discussion in this thread already: https://www.rivianforums.com/forum/threads/frightening-ev-credits.2268/

In summary, if it stands as written today and Rivian makes no adjustments:
-R1S=SOL
-R1T=$7,500 if all criteria above are met
 
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flabyboy

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Not trying to be mean, but most of what you wrote is misleading.

R1S doesn't qualify since it's over $69K
R1T might qualify, depending on how you kit it out - Need to stay under $74K

Neither are made by union workers, and CNET appears to have that "US Built" part wrong. There is no provision for that in the bill.

And your income needs to be under $400K/$800K to qualify at all.

Lots of discussion in this thread already: https://www.rivianforums.com/forum/threads/frightening-ev-credits.2268/

In summary, if it stands as written today and Rivian makes no adjustments:
-R1S=SOL
-R1T=$7,500 if all criteria above are met
Max pack equals no tax credit. Oye
 

Kunzene

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Not trying to be mean, but most of what you wrote is misleading.

R1S doesn't qualify since it's over $69K
R1T might qualify, depending on how you kit it out - Need to stay under $74K

Neither are made by union workers, and CNET appears to have that "US Built" part wrong. There is no provision for that in the bill.

And your income needs to be under $400K/$800K to qualify at all.

Lots of discussion in this thread already: https://www.rivianforums.com/forum/threads/frightening-ev-credits.2268/

In summary, if it stands as written today and Rivian makes no adjustments:
-R1S=SOL
-R1T=$7,500 if all criteria above are met
That thread is frantically debating an old House version of the bill, not the framework which was released today. OP is correct in what he wrote, although nothing is finalized until a bill is passed by both chambers and signed into law.
 

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Diddy123

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That thread is frantically debating an old House version of the bill, not the framework which was released today. OP iscorrect in what he wrote, although nothing is finalized until a bill is passed by both chambers and signed into law.
Nope. Read today's bill and see for yourself.
 
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888tom888

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Out of curiosity, why does the R1S not qualify? Second, I just passed on what I read on CNET. In NO way do I consider myself to be an expert at tax law or anything remotely close to that. Forums are spaces for discussion. And it appears people that post are sharing info to the best of their knowledge. Like ALL things on the internet, believe at YOUR OWN RISK.
 

Diddy123

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Out of curiosity, why does the R1S not qualify? Second, I just passed on what I read on CNET. In NO way do I consider myself to be an expert at tax law or anything remotely close to that. Forums are spaces for discussion. And it appears people that post are sharing info to the best of their knowledge. Like ALL things on the internet, believe at YOUR OWN RISK.
Like I said, not trying to be mean. Just wanted to correct misinformation before it spread.

The R1S doesn't qualify because its MSRP is greater than $69,000

These are the price limits established in today's bill:
Applicable limitation.--For purposes of paragraph
(1), the applicable limitation for each vehicle classification
is as follows:
``(A) Sedans.--In the case of a sedan, $55,000.
``(B) Vans.--In the case of a van, $64,000.
``(C) Sport utility vehicles.--In the case of a sport utility vehicle, $69,000.
``(D) Pickup trucks.--In the case of a pickup truck, $74,000.
 

emoore

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Out of curiosity, why does the R1S not qualify? Second, I just passed on what I read on CNET. In NO way do I consider myself to be an expert at tax law or anything remotely close to that. Forums are spaces for discussion. And it appears people that post are sharing info to the best of their knowledge. Like ALL things on the internet, believe at YOUR OWN RISK.
Because the actual wording of the bill has an MSRP cap on it. SUV $69K, Truck $74K
 

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freshpow

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Out of curiosity, why does the R1S not qualify? Second, I just passed on what I read on CNET. In NO way do I consider myself to be an expert at tax law or anything remotely close to that. Forums are spaces for discussion. And it appears people that post are sharing info to the best of their knowledge. Like ALL things on the internet, believe at YOUR OWN RISK.
R1S would not qualify because the MSRP starts above the $69k threshold ($70k for Explorer package). As others have noted, there are a lot of variables here that could change before/if this is ever signed into law. I disagree with Diddy in that I don't think it matters how you kit it out. Pure speculation but my guess is the threshold will involve the base MSRP, so as long as there is an R1S version starting at or below that threshold, you could add on $20k in accessories and options and still qualify. I also believe if this current version ends up passing, that Rivian would be idiotic to keep the R1S at $70k base. It makes business sense to drop it by $1k to entice buyers or introduce another base model that comes in under $69k.
 

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That thread is frantically debating an old House version of the bill, not the framework which was released today. OP is correct in what he wrote, although nothing is finalized until a bill is passed by both chambers and signed into law.
OP is not correct in what he wrote, though that's really CNET's fault. Unfortunately it looks like CNET chose to rush an article out before actually reading the new framework. There are some subtle changes, including a change that combines the U.S. assembly tax credit WITH the unionized tax credit, meaning Rivian would only qualify for the $7.5k credit. The additional credit is a single $4.5k credit for assembling the vehicle in the U.S. WITH unionized labor, and Rivian is not unionized.
 

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There are three separate packages in play:
1. One proposed by the President.
2. One proposed by the House.
3. One proposed by the Senate.

Congress is under no obligation to follow the President's proposal exactly, but the idea is the proposal was something the holdouts to previous plans would agree to. It will take some time to reconcile all 3, so don't start jumping to conclusions yet.
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