Sponsored

MVR1S

Member
First Name
J
Joined
Nov 23, 2021
Threads
1
Messages
10
Reaction score
8
Location
Marin County, CA
Vehicles
Various
Finally read through this whole thread...I shouldn't be surprised that it blew up in the past hour...

Did anyone else read the CS response of "interested preorder holders and customers..." phrase and wonder if we have to explicitly reach out to CS to get on a list or if Rivian would blanket send out an invite to everyone?

All I can say is that if they need to get through 80k+ PBAs in 4 days (House said they would take up the bill on Friday), I hope there is a lot of automation.
I asked specifically whether reservation holders needed to do anything in order to be notified of whatever they come up with, and CS told me no, that they’d get back to us… wait for it… soon.
Sponsored

 

pc500

Well-Known Member
Joined
Jun 22, 2021
Threads
18
Messages
1,017
Reaction score
549
Location
US
Vehicles
dodge ram
I asked specifically whether reservation holders needed to do anything in order to be notified of whatever they come up with, and CS told me no, that they’d get back to us… wait for it… soon.
Almost certainly they'll just blast it to everyone. I imagine a dev team is working 24x7 to make it happen.

If nothing else, never miss a good opportunity to make your deposit non-refundable.
 

LoneStar

Well-Known Member
Joined
Aug 2, 2020
Threads
78
Messages
1,572
Reaction score
3,496
Location
San Diego
Vehicles
'23 R1S Launch Ed.
Occupation
engineer
Clubs
 
Well put the 21's back on my R1S config, kept the Green on Green and squeaked in under $80k
 

Singletracker

Well-Known Member
Joined
Mar 10, 2022
Threads
24
Messages
596
Reaction score
515
Location
Nevada
Vehicles
2023 R1T w/AT 20”
So if my build out is less than $80k and adjusted joint income is less than $300k, I don't really care about this BPA correct?
I am in a similar situation with an R1S. The problem, if I understand correctly, is not the 80K purchase price. The issue pops up when the vehicle is not delivered until 2024. In that case, the whole issue of battery components sourcing, etc, etc come into play. If that issue is not postponed to a future year, all bets may be off. Will a BPA even be applicable in those circumstances?

One other concern - the tax credit amount is different for a passenger vehicle vs. a truck, correct? Will an R1S be considered a truck? I‘m assuming so.
 

Sponsored

SRTConvert

Well-Known Member
First Name
Derek
Joined
Jun 21, 2019
Threads
1
Messages
123
Reaction score
118
Location
USA
Vehicles
Tesla Model S, Lincoln Navigator L
If you're looking at a 2023 delivery, and the interpretation that the credit applies in 2022 is correct, you may want to do an extension to file your 2022 taxes to avoid the need to file an amended return.
 

Husker Charlie

Active Member
Joined
Aug 8, 2022
Threads
0
Messages
27
Reaction score
45
Location
Phoenix, AZ
Vehicles
Toyota Sequoia, Mercedes GLE350, Acura RDX, Gonna
Arguably, yes. There is language in there...

(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.

Bolding is mine. That's where the wiggle room might appear to be. However, all that really means is, "update your forms". It doesn't let the Treasury/IRS say, "I don't agree with the law, so I'll nullify it on my end". I would hold again, that we will all fill out whatever version of Form 8936 and it all gets automatically processed. It's fun to think there's some working group in some conference room in DC exercising "political will", but it's really just a bunch of middle-aged office workers watching this and saying, "ugghhh, guess we have to update a bunch of forms again, womp womp." I'm confident that, if we get something that looks like a binding purchase agreement before this is signed, we'll be fine. Just, you know, keep records.
I mostly agree. Yes, the IRS will have to update its forms; but, I read that language ("at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe") to also mean that the IRS will have to decide whether you get the credit in the filing year or whether you will have to file an amended 2022 return. Either way, the IRS probably won't be allowed to determine what is or is not a "binding agreement."

I called Rivian today and basically got the run around from Customer Service, but then I received the same email as the OP. I'm relieved they're working on it. The issue is timing. Under the terms of the Act, the agreement has to be signed before the Act becomes effective - which is when Biden signs it. If the House passes it quickly (which I expect they will), we are looking at a matter of days for Rivian to get out tens of thousands of agreements to preorder customers (like me) - that's the part that has me nervous about all of this.
 

Rivian_Hugh_III

Well-Known Member
Joined
Oct 4, 2021
Threads
56
Messages
764
Reaction score
1,270
Location
Midwest
Vehicles
2008 Infiniti EX35
Except for the % battery material sourcing provision.
As currently written, no vehicles would be eligible starting in 2024. Depending on how one reads the current text and how it gets implemented, could be that it applies earlier.
Butigig (sp?) is transportation secretary. He’ll be signing off on how the provisions of this law are interpreted by the end of the year. I imagine he’ll interpret generously.
 

Husker Charlie

Active Member
Joined
Aug 8, 2022
Threads
0
Messages
27
Reaction score
45
Location
Phoenix, AZ
Vehicles
Toyota Sequoia, Mercedes GLE350, Acura RDX, Gonna
I am in a similar situation with an R1S. The problem, if I understand correctly, is not the 80K purchase price. The issue pops up when the vehicle is not delivered until 2024. In that case, the whole issue of battery components sourcing, etc, etc come into play. If that issue is not postponed to a future year, all bets may be off. Will a BPA even be applicable in those circumstances?

One other concern - the tax credit amount is different for a passenger vehicle vs. a truck, correct? Will an R1S be considered a truck? I‘m assuming so.
The amount of the credit is the same regardless of the type of vehicle. The distinction between vehicle types is only relevant in determining whether your vehicle qualifies for the credit. The Act specifically lists Vans, SUVs, Pickup Trucks, and Other, with Vans, SUVs, and Pickups having the $80k limitation, while Other is $55k.

It doesn't matter when the vehicle is delivered. As long as you have a BPA before the Act becomes effective, you qualify for the "old" credit (and the old credit doesn't have the manufacture or component requirements.
 
Last edited:

Sponsored

electruck

Well-Known Member
Joined
Oct 6, 2019
Threads
69
Messages
3,497
Reaction score
6,466
Location
Dallas, TX
Vehicles
2023 Rivian R1S
If you're looking at a 2023 delivery, and the interpretation that the credit applies in 2022 is correct, you may want to do an extension to file your 2022 taxes to avoid the need to file an amended return.
agreed, assuming delivery falls within the 6 month extension.
 

AxelR

Well-Known Member
First Name
Axel
Joined
Jul 26, 2021
Threads
2
Messages
824
Reaction score
903
Location
California
Vehicles
21 Tesla Model 3 Performance, 23 Rivian R1S
Clubs
 
Reply from our guide: (did not fully understand the question it seems but still no clue)

I hope you are well, Happy Monday!

I do not have any information at this time regarding changes in the Tax Credit. I can look into this and get back to you.

Stay adventurous,
 

Aroohoo

Well-Known Member
Joined
Sep 8, 2021
Threads
14
Messages
337
Reaction score
471
Location
Seattle
Vehicles
R1S
Reply from our guide: (did not fully understand the question it seems but still no clue)

I hope you are well, Happy Monday!

I do not have any information at this time regarding changes in the Tax Credit. I can look into this and get back to you.

Stay adventurous,
Why am I not surprised...

Also, I wouldn't be surprised of the CS responses were also rouge CS agents...

If Rivian communications has proven one thing, it is that they are consistently inconsistent.
 

Lawrence-of-Blaine

Well-Known Member
First Name
Larry
Joined
Feb 26, 2022
Threads
10
Messages
147
Reaction score
183
Location
Blaine, Mn
Vehicles
Audi A6, GMC Envoy, Nissan 350Z
Occupation
Photographer/Artist
Clubs
 
Remind me again where the $7500 many of us are eager to qualify for is coming from.
I believe “circle jerk” might be accurate here. Or something akin.
 

Mcalc55

Member
First Name
Mike
Joined
Feb 3, 2022
Threads
1
Messages
15
Reaction score
13
Location
NC
Vehicles
F150
I'm reading through this whole thread and there seems to be alot of concern about the $80k limit but if you're signing a binding purchase agreement, that would be to lock in the 2022 tax treatment, in which case neither your income, nor your purchase price, are relevant...correct?
Sponsored

 
 




Top