The issue for me with the EV tax credit in the Build Back Better bill is the MSRP cap of $80,000, not whether it's $12,500 or subject to a $250k income level test.
I'm still on the fence about R1T vs R1S, but either way need the Max battery pack. The MSRP for the R1T with that option is roughly $83k and while the Max is not yet an option for the R1S, it will surely be well over that. The way the bill is written, it looks like the $80k restriction is an absolute limit, above which there is no credit. If that;s the case, no Rivian with the Max option will qualify.
While I'd really like move away from fossil fuel powered vehicles, I face some financial constraints in going to a BEV that become somewhat less restrictive with a tax credit. The $90,000 plus R1S Max (car plus tax) effectively becomes a $83,000 vehicle with a $7,500 tax credit. That's still quite a financial stretch for me, but with the other advantages of a BEV, probably tips the scales to the Rivian.
The situation is quite a bit different when the out-of-pocket costs are over $90k. I can get a very capable ICE vehicle (we are a one-car family and use our vehicle for everything from shopping trips to hauling our small camper on vacation excursions) for 75% of that value. While that ICE vehicle may not be the same earth-friendly alternative that an R1S is, it's much more comfortable financially.
There may be another EV alternative that is in the ICE vehicle range, the Tesla Cyber Truck. Though I don't really want a pickup, and the the CT is not presently eligible for the tax credit (that may change as the BBB evolves however) the MSRP for the Tri-motor, which will have a range that substantially exceeds that of the R1T Max, is under $70,000. As mentioned, I don't really want a pickup and frankly, I hate its looks, the CT may be the only affordable BEV alternative in my case should the Rivian not qualify for a substantial tax incentive.