Rivian R1T / R1S on 2024 IRS list of tax rebate incentive eligible EV ($3,750 credit amount)

[DuoRivians]

For Rivian, what really matters is that the R2 gets the full $7500

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[UnsungZero_OldTimeAdMan]

These listings include which battery size.

also, based on other rumors, the standard pack is different chemistry and Teslas version seems to stock that battery from overseas. I wouldn’t say it’s certain the standard would qualify.

Possible to meet price cap. But not guaranteed to meet tax credit requirements. One of IRA's aim is to lure battery manufacturers to set up shop in the US and provide jobs. So, who knows what will happen in coming years.

 

[HeresRonnie]

These listings include which battery size.

also, based on other rumors, the standard pack is different chemistry and Teslas version seems to stock that battery from overseas. I wouldn’t say it’s certain the standard would qualify.

Yeah this graphic is completely confusing. Unless someone has the pre-price hike or maybe one of the “purchase agreements” Rivian gave out they likely won’t get the tax credit. I don’t know if anyone actually been able to use the purchase agreement to get the full credit yet either. I have a purchase agreement on a R1S so I guess I will find out next year tax time if it worked.

 

[CharonPDX]

Is it a tax credit this time around or a discount at purchase?

Edit: Turns out the final version of the law did allow direct-sales companies to offer it, too! Correcting my originally mistaken belief below.

Original:

This year, *dealerships* can choose to apply it at purchase time. The way the law is written, it appears that direct-sales like Rivian and Tesla can't do this, as they aren't "dealerships." So for direct-sales, you have to apply it at "file your 2024 tax return" time early next year.

For other automakers (Ford and GM,) the individual dealerships have to apply to the IRS and do some extra paperwork to offer time-of-purchase application. But not all dealers will offer this!

 

[Cascadian]

Yeah this graphic is completely confusing. Unless someone has the pre-price hike or maybe one of the “purchase agreements” Rivian gave out they likely won’t get the tax credit. I don’t know if anyone actually been able to use the purchase agreement to get the full credit yet either. I have a purchase agreement on a R1S so I guess I will find out next year tax time if it worked.

If you have a 2022 purchase agreement you are covered by 2022 tax law not 2024 law.

 

[HeresRonnie]

If you have a 2022 purchase agreement you are covered by 2022 tax law not 2024 law.

I understand it’s suppose to allow you to claim the 2022 full $7500 but I haven’t heard of any one successfully using it but maybe they have.

 

[UnsungZero_OldTimeAdMan]

I understand it’s suppose to allow you to claim the 2022 full $7500 but I haven’t heard of any one successfully using it but maybe they have.

Search this site. There are tons of posts regarding successful use of pre-IRA binding agreement, amendment submission and receipt of $7500+interest. Can't miss it if you look.

Full IRS guidance here, as relayed by Rivian: https://rivian.com/support/article/...EV-tax-credit-using-a-binding-order-agreement. Per IRS, amendments can be filed within 3 years of original tax return filing date.

 

[zfischer]

I assume if you have the pre-IRA binding agreement, you could opt to do a 2024 credit instead, right? Let's say there's no benefit to you for an amended 2022 return, I can't see what would really prevent you from claiming the credit for 2024 instead.

I realize this is not an accounting or tax law forum ;p

 

[UnsungZero_OldTimeAdMan]

I assume if you have the pre-IRA binding agreement, you could opt to do a 2024 credit instead, right? Let's say there's no benefit to you for an amended 2022 return, I can't see what would really prevent you from claiming the credit for 2024 instead.

I realize this is not an accounting or tax law forum ;p

Depends on each person's tax situation and reservation date. If you had less than $3750 in total tax liability in '22, and you meet all of IRA's requirements, then for sure it's better to take the IRA's $3750. As is, if you don't have a pre-price-hike reservation, it's almost impossible to get below the $80k purchase price cap. DM-Large starts at $79k.

The pre-IRA credit is "upto $7500". If you didn't have at least that much in total tax liability, then you won't get $7500+interest.

 

[Stephenhanlee]

This news should help prop up resale values.

Isn’t this rebate only for new cars?

 

[Riviot]

Isn’t this rebate only for new cars?

No.

https://fueleconomy.gov/feg/taxused.shtml

 

[Riviot]

The Non performance 3 trims get zero.

So does Tesla this beauty

Oh wait

 

[ReyvaRivian]

No.

https://fueleconomy.gov/feg/taxused.shtml

Used cars have to be bought through Dealers and price cap of $25,000, in addition vehicle has to be > 2 model years old.

 

[ReyvaRivian]

I assume if you have the pre-IRA binding agreement, you could opt to do a 2024 credit instead, right? Let's say there's no benefit to you for an amended 2022 return, I can't see what would really prevent you from claiming the credit for 2024 instead.

I realize this is not an accounting or tax law forum ;p

I got $7,500 back by amending 2022 return as I had binding agreement. I took delivery in September 2023 and in October filed 2022 tax year amendment. Got the refund check in December 2023 with interest.

Per my understanding only way to get federal $7,500 credit would be to amend 2022. Since IRS will process it under older guideline from 2022.

Starting 2023 and now for 2024 Rivian only qualifies for $3,750 Federal tax credit. Plus you’ll have other restrictions such as $80k price, income limits etc.

 

[Stephenhanlee]

No.

https://fueleconomy.gov/feg/taxused.shtml

Exactly so doesn’t apply to used R1

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