Dark-Fx
Well-Known Member
It has to be more formal than just having a money reservation down for the vehicle, and for good reason.
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Announcing our new "CLUBS" section where you can join or create a Rivian club or group! You can use this new feature to conveniently plan and discuss local events, gatherings or other club/group related topics.
So we encourage you to join (or start) special-interest and regional-based Rivian clubs at: https://www.rivianforums.com/forum/group-categories/clubs-groups.1/
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jakef801
Well-Known Member
Agreed. The bill was finalized within the last 48 hours, so I don't think that many people really know, except for some of the legal teams at EV manufacturers. I'm sure they're scouring and trying to make sense of it, as I'm typing this. Common sense would state that signed purchase agreements fall within the prior rules. Assuming the bill passes this weekend and gets Joe's signature next week, does that mean the old rules turn into a pumpkin at that time, or is there a reasonable sunset provision (I doubt it) in the bill? My gut tells me it will be the lawyers who have to make that argument to protect us, the buyers. I'm not holding my breath. If you have an R1S reservation, I'd say forget about it.
As a legit aside from the $80k cap on purchase price, I'm curious how many Rivian buyers actually have net incomes of $150k/$300k, individually/couples, respectively. I'd wager that most don't fall below these thresholds. As of today, I personally know 5 Rivian owners, and they most certainly didn't get the tax credit.
SASSquatch
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It's times like these where I'm very glad to be a part of a proactive community of enthusiasts who are willing to work together for the common good.I just got off a call with a customer service rep. He informed me they just received some new guidance from management and sent me the following email. Sounds like something is in the works. He also told me that nearly 70% of the calls they have received in the past 48 hrs. are regarding the tax credit and creating a way to capture it before the end of the week. Keep up the pressure!
Hi James,
Thanks for asking about the transition period for the EV tax credit. Rivian is working to help interested preorder holders and customers obtain a written, binding contract to purchase and secure EV tax credit eligibility before new restrictions take effect. We'll be sharing more information and next steps very shortly.
Additionally, you may be eligible for federal, state, or local incentives subject to applicable incentive terms and conditions – available incentives can be found HERE. We encourage you to stay up-to-date with the ever-changing policies surrounding EVs. We will inform the community as soon as definite details are available.
For reference, qualification for incentives varies and you should consult the requirements for each incentive to determine if you qualify. Consult qualified professionals before making any legal, financial, or tax-related decisions. Information provided by Rivian should not be construed as financial, tax, or legal advice.
If you have any further questions – please don’t hesitate to reach back out. Have an awesome rest of your day, and stay adventurous!
Your fellow adventurer,
Zach
Weekdays: 7 AM-8 PM (CST)
Weekends: 10:30 AM-7 PM (CST)
Well done everyone.
Rivian_Hugh_III
Well-Known Member
Could you share the link that the "HERE" directs to? I'm curious to see what their list of incentives includes.
Additionally, you may be eligible for federal, state, or local incentives subject to applicable incentive terms and conditions – available incentives can be found HERE. We encourage you to stay up-to-date with the ever-changing policies surrounding EVs. We will inform the community as soon as definite details are available.
crow979
Member
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Rivian_Hugh_III
Well-Known Member
Stupid Michigan
agame32
Well-Known Member
Why wouldn’t they get the credit? My understanding is that there are no current income requirements for the existing IRC 30D credit.
https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d
agame32
Well-Known Member
New Q regarding the existing IRC 30D credit of $7,500, it also appears there’s no limit to how many credits you can get, right? I have an R1T Adventure Large pack order expected by EoY, but also separate orders for R1T Adventure MaxPack and R1S where I was planning to likely execute on 2-3 of the 3 total orders. If Rivian provides a PBA option this week, I wonder if I need to make those decisions now rather than later (or at least be okay losing my $1000 or dealing with selling whatever I no longer want).
zefram47
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The current credit still requires that you have tax liability of at least $7500 to receive the full credit. Apparently there are all sorts of ways people wind up with less than that and somehow still able to afford a Rivian.
agame32
Well-Known Member
Haha yes that was the only thing I could think of but also struggle to see how people affording Rivians could dodge that many taxes. Apparently I have much wealth to gain and ways of hiding it to learn.The current credit still requires that you have tax liability of at least $7500 to receive the full credit. Apparently there are all sorts of ways people wind up with less than that and somehow still able to afford a Rivian.
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jakef801
Well-Known Member
It appears you are correct. With all the "news" out there, reporting is piss-poor, at best. Here's the latest on this past weekend's bill:
Federal tax credits for electric and hydrogen-fueled vehicles will be set at $7,500 for new vehicles and $4,000 for used ones, with new income limits for buyers. The income cutoffs for receiving the credit for new vehicle purchases are $150,000 for individuals and $300,000 for married couples; for used vehicle purchases the cutoffs are $75,000 for individuals and $150,000 for married couples. The bill also eliminates the 200,000-unit phase-out of credits for manufacturers — a threshold Tesla and General Motors had already hit — a key concern for automakers and EV buyers.
Autolycus
Well-Known Member
I imagine most people who might be in this situation are subject to the AMT or are maybe retirees who have some ability to shift income from year to year. In the latter case, they would be foolish to not take at least enough income to get the max credit in the year they bought an EV. There are probably some other extremely rare situations.The current credit still requires that you have tax liability of at least $7500 to receive the full credit. Apparently there are all sorts of ways people wind up with less than that and somehow still able to afford a Rivian.
Autolycus
Well-Known Member
The comment I responded to was about the current credit. A single person making $100k gross has more than $7500 in income tax liability even if they're maxing retirement plans and the SALT deduction.
I'd have to do more work figuring out a $300k/year couple like you described, but I'm reasonably confident they will also have at least $7500 in income tax liability. (I suspect it will be a good bit higher total tax liability than the single person with $100k in income.)
So both of those scenarios should get the full current credit.
McMoo
Well-Known Member
I was impressed that I got an email back from RJ’s account. I’m sure it’s generic and highly likely someone else sent it but impressive nonetheless.
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