Official email from Rivian offering Binding Purchase Agreement

[emoore]

I'm assuming this possible workaround isn't going to last into 2024...the feds aren't that stupid!

Ok but that’s your assumption and not in the actual bill.

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[jollyroger]

Spent about an hour trying to lock in my color and wheel config since the agreement does read like any future changes will likely lead to price increases....

So I signed and for grins and giggles went back into my configurator and started making changes and I still have the pre March pricing displaying. I haven't saved it yet but looks like the pricing is staying put.

 

[jollyroger]

Okay I also saved it, still old pricing

 

[Husker Charlie]

I'm assuming this possible workaround isn't going to last into 2024...the feds aren't that stupid!

You are not alone in your assumption. I have seen multiple people make this same statement (including media), and I have asked what they are relying on because I can't find it (altho it is entirely possible I missed it). No one has replied, so I'm starting to think this "delivery by 2023" was reported in an article somewhere and has just kind of spread, or it was in an earlier version of the Bill but got changed later. The language from the actual Act says this:

"(l) TRANSITION RULE.—Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that— (1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as defined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and (2) placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle having been placed in service on the day before the date of enactment of this Act."

I don't see a delivery date requirement, but maybe they slipped it in somewhere else.

 

[Jac]

You are not alone in your assumption. I have seen multiple people make this same statement (including media), and I have asked what they are relying on because I can't find it (altho it is entirely possible I missed it). No one has replied, so I'm starting to think this "delivery by 2023" was reported in an article somewhere and has just kind of spread, or it was in an earlier version of the Bill but got changed later. The language from the actual Act says this:

"(l) TRANSITION RULE.—Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that— (1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as defined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and (2) placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle having been placed in service on the day before the date of enactment of this Act."

I don't see a delivery date requirement, but maybe they slipped it in somewhere else.

No delivery date requirement that I am aware of. Time, form and manner determinations by the Treasury Department do not extend to cutting off certain delivery dates in my view.

 

[Husker Charlie]

No delivery date requirement that I am aware of. Time, form and manner determinations by the Treasury Department do not extend to cutting off certain delivery dates in my view.

That's my view, too. The Treasury gets to decide whether you take the credit for the tax year in which you received delivery, or whether you have to file an amended return for 2022, or whether you apply the credit in some other fashion. But, as you say, the Treasury doesn't get to decide if there is a delivery date cutoff - that's purely a legislative function, not an administrative function.

 

[Prime]

Signed. I don't have a delivery estimate on my R1S, dunno if I'll see it before 2024; though all the R1S media reviews stated "if ordered 'today' will receive by end of 2023." Ordered Jan of this year.

 

[Cavalryscout18]

Signed.

 

[Speedrye]

Signed and printed. My configuration is below $80k and I'm within income limits, but I'm thinking the Rivian won't meet the battery percentage requirements of the new bill, so I'm covering myself, just in case.

 

[Max]

You can sign this anytime in 22 and it will work the same. Right?

 

[JerseyGreens]

Does anyone have their name, possible reservation #, etc on the PDF? It seems like a generic PDF to me.

 

[Jac]

You can sign this anytime in 22 and it will work the same. Right?

No. If you read the transition rule language you have to sign before the President enacts the new law. Rivian is tracking who signs electronically and when.

 

[Max]

No.

What is the deadline? Before the bill is signed to law?

 

[Jac]

What is the deadline? Before the bill is signed to law?

Yes.

 

[Yellow Buddy]

Signed.

Might I simply point out the stupidest part of the new law that no one is talking about (the entire thing is dumber than the box of rocks that fell out of the senates head but I digress).

Yes yes, we all know the giant pricetags are the issue, we get it. Any Rivian with decent option is going to go over 80k (even half the original pre-price-jacked configs did when you look at options). But that isn't the issue. The real issue is that once again, the Senate is screwing the people who are mostly likely to buy a current EV - who thus are helping all of the startups and push towards EVs - aka anyone who can afford the danged things.... Sorry, you make $150k and you can afford an 80k EV - you are double ineligible.

Because you know, the poor guy in Seattle making $15 an hour at McDonalds can afford an 80k car. Actually, no he can't. Nor can the person making $75k or 100k because payments would still be as much as rent (80k-10% down at 4.5% = over 1400 a month at 60mo).

Idiots. Do they also realize they THEY are probably in ineligible too, they make $174k by default, and likely have a spouse making similar, so even the 300k barrier for couples = gone.

Who elected these people that can't do their own basic math and can't even make the tax laws to benefit themselves, let alone anyone else....


Sorry, rant over. I was waiting for my confirmation email or something (hint hint Rivian).

On one side of the fence. That's the point, push manufacturers to make a cheaper EV.
On the other side of the fence. If it's not profitable for automakers to make an EV...they won't.

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