No tax credit for customers with binding contracts.

[Jac]

Signed BPA prior to August 16th 2022
Took delivery in September 2022 (I realize this is implied but if anyone reads this thread next year specificity might be helpful)

We've filled out the forms and are reviewing them prior to submitting our taxes this weekend. Turbo Tax claims we're eligible for the full Federal and Colorado credits. Once we finish filing and get confirmation, I'll report back.

For Rivians delivered prior to the end of 2022, I don’t understand why there is any doubt about eligibility for a $7500 federal tax credit for the 2022 tax year. The IRA’s new EV tax credit provision that went into effect in 2022 was only the domestic assembly requirement. Normal Illinois qualifies.

The new law’s MSRP cap and income cap provisions only affect EV tax credit for deliveries after January 1, 2023 and the battery sourcing requirements apply after they are released in March 2023.

If there is any chance our binding purchase agreements will work, it will be of benefit to 2023 delivery recipients who would be claiming their credit on their 2023 tax year return —- or even more unlikely for 2024 deliveries on that year’s return.

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[Rblue]

For Rivians delivered prior to the end of 2022, I don’t understand why there is any doubt about eligibility for a $7500 federal tax credit for the 2022 tax year. The IRA’s new EV tax credit provision that went into effect in 2022 was only the domestic assembly requirement. Normal Illinois qualifies.

The new law’s MSRP cap and income cap provisions only affect EV tax credit for deliveries after January 1, 2023 and the battery sourcing requirements apply after they are released in March 2023.

If there is any chance our binding purchase agreements will work, it will be of benefit to 2023 delivery recipients who would be claiming their credit on their 2023 tax year return —- or even more unlikely for 2024 deliveries on that year’s return.

No real doubt in my mind. I was sharing info that others thought could prove helpful, given my situation fit within the bucket in question.

it seems clear to me: vehicles purchased in 2022, that are under the 200k sales cap, and assembled in the US qualify.

 

[ravian]

The FAQ links to the policy that contains the following:
Purchase date vs. delivery date
If you entered a written binding contract to buy a vehicle before August 16, 2022, but took possession on or after August 16, 2022, and before January 1, 2023, you may claim the credit based on the prior rules and disregard the assembly requirement.

If you purchased a vehicle between August 16, 2022 and December 31, 2022 but don't take delivery of the vehicle until 2023, see Credit for New Clean Vehicles Purchased in 2023 and After.

It may be that the official language was changed, but this clearly states that if the delivery date is after 1/1/23, the binding contract question isn't relevant. That ended up really just applying to that small group between August 16 and 12/31. I'm not a tax lawyer, but I think unfortunately it's pretty clear that all of us still waiting for deliveries are out of luck.

“All of us” Out of luck? What about those who qualify for the 2023 credit for the purchase of the rivian under $80K MSRP ?(locked in price for earlier reservation holders)

 

[emoore]

Signed BPA prior to August 16th 2022
Took delivery in September 2022 (I realize this is implied but if anyone reads this thread next year specificity might be helpful)

We've filled out the forms and are reviewing them prior to submitting our taxes this weekend. Turbo Tax claims we're eligible for the full Federal and Colorado credits. Once we finish filing and get confirmation, I'll report back.

Signed BPA august 22 and to delivery 12/23/22. Filed taxes last weekend. Just received federal refund

 

[Ngkgb]

BPA is meaningless if you took delivery on 2022.

 

[R1Sky Business]

There doesn’t seem to be a provision in the guidance for when you made the purchase prior to 8/16/2022 but didn’t take delivery until sometime in 2023.

Coming soon

 

[R1Sky Business]

Signed BPA august 22 and to delivery 12/23/22. Filed taxes last weekend. Just received federal refund

Winning!!!!

 

[SDH]

Signed BPA august 22 and to delivery 12/23/22. Filed taxes last weekend. Just received federal refund

There it is. Home run.
(I took delivery 12/24/22 - to think that taking delivery 8 days later would cost me $7,500)

 

[gordonrands]

If you take delivery before they add the battery sourcing rules in March. After that, probably $3,750.

That's what I would expect too. But has Rivian announced any changes in their battery sourcing going forward? For those of us who are holding quad Max configurations and who plan to switch to dual max configurations once we can in late Febru , er, sometime in April, I would guess we wont be able to take delivery until late 2023 or sometime in 2024.

Any chance that by then Rivian batteries will qualify for the other $3750 of the credit?

If they don't, and if they don't have V2H/V2G charging by then, I have a growing suspicion that I may end up going with a Silverado or Cybertruck unless those with over 400 mi range are priced higher than $80K.

Until then, just keep building up my down payment for whatever I end up with.

 

[Batman]

I don't recall, did we pay anything extra when we signed the binding contract?

 

[emoore]

I don't recall, did we pay anything extra when we signed the binding contract?

Rivian converted $100 of your $1000 deposit to non refundable. No new money required.

 

[Autolycus]

Just as an FYI: The IRS doesn’t do anything more than extremely basic data validation at the time of filing. Getting your refund doesn’t mean they’ve agreed to the content of your tax returns. It just means your name and SSN/TIN look correct and that you filled out the forms without any basic completion errors (e.g. you filled in all of the required fields).

 

[Franksmartin]

There's no guidance on vehicles purchased in 2023 on this page, there never has been.

That’s true, but aren’t they telling people who bought in 2022 but took delivery in 2023 that they don’t qualify for the old rules (the no income cap rules)? And if so, how could someone who bought in 2023 possibly qualify?

 

[Dark-Fx]

That’s true, but aren’t they telling people who bought in 2022 but took delivery in 2023 that they don’t qualify for the old rules (the no income cap rules)? And if so, how could someone who bought in 2023 possibly qualify?

That's one way to interpret it, but it's the IRS. The page it links to just cares about what you need to qualify for the 2023 rules without exceptions yet.

 

[genepopemt]

has Rivian screwed their most loyal customers yet again?

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