sevengroove
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Update 8/16
From IRS' guidance today on the new EV credit, confirming Electrek's take:
Found this helpful summary on electrek on what the new bill means especially for 2022 orders and deliveries (first bullet):
https://electrek.co/2022/08/07/senate-improves-ev-tax-credit-in-largest-climate-bill-ever/
From IRS' guidance today on the new EV credit, confirming Electrek's take:
Vehicles Purchased and Delivered between August 16, 2022 and December 31, 2022
If you purchase and take possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, aside from the final assembly requirement, the rules in effect before the enactment of the Inflation Reduction Act for the EV credit apply (including those involving the manufacturing caps on vehicles sold). If you entered into a written binding contract to purchase a new qualifying vehicle before August 16, 2022, see the rule above.
New Final Assembly Requirement
If you are interested in claiming the tax credit available under section 30D (EV credit) for purchasing a new electric vehicle after August 16, 2022 (which is the date that the Inflation Reduction Act of 2022 was enacted), a tax credit is generally available only for qualifying electric vehicles for which final assembly occurred in North America (final assembly requirement).
Found this helpful summary on electrek on what the new bill means especially for 2022 orders and deliveries (first bullet):
https://electrek.co/2022/08/07/senate-improves-ev-tax-credit-in-largest-climate-bill-ever/
- If youâre buying an electric vehicle this year that qualifies for the current credit, youâll get the credit.
- If you sign a purchase order this week and have to wait until next year for delivery of a car that wonât qualify for the new credit (e.g. a foreign-manufactured EV), you can still qualify for the current credit.
- If youâre buying a car that doesnât qualify for the current credit, you may get the new credit by waiting until next year, depending on if the car qualifies under the domestic manufacturing rules above.
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