[sangho.oh]

My R1T delivery is expected Jan 2023, I need to confirm the configuration.
I am wondering if I can get the full tax credit or not.
The MSRP is $75000, but I think there is a regulation on the battery materials, which I cannot find any detailed information yet.

 

[O. horridus]

If you signed Rivian's "binding contract" document before 16 Aug, then yes you are almost certainly eligible for the full $7500. There is still some ambiguity over whether the IRS will accept that "binding contract". If you didn't sign that, then no one knows yet exactly how the law will be implemented and whether Rivian qualifies for the full credit. You will have to wait until the IRS releases the new regulations to find out, but chances are you will only get a partial credit if any at all.

 

[=0=maxr1t=0=]

You can’t find any info because no one knows. Passage and signing of bill largely symbolic with many unresolved details. Only time will tell.

 

[sangho.oh]

If you signed Rivian's "binding contract" document before 16 Aug, then yes you are almost certainly eligible for the full $7500. There is still some ambiguity over whether the IRS will accept that "binding contract". If you didn't sign that, then no one knows yet exactly how the law will be implemented and whether Rivian qualifies for the full credit. You will have to wait until the IRS releases the new regulations to find out, but chances are you will only get a partial credit if any at all.

I have signed the form, but it looks like it is not 100% guaranteed yet. Thanks for the info.

 

[kenrosencpa]

Plug-In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service (irs.gov) read this. I don't think we have a binding contract

 

[SANZCO2]

Plug-In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service (irs.gov) read this. I don't think we have a binding contract

I think if you purchase in the first qtr with pre-March pricing you will be good. One of the documents says the material sourcing does not kick in until the requirements are defined and I saw where that has slipped to at least March.

My LE R1S will be 77k (just signed purchase agreement) and should be delivered in 4 to 6 weeks. I’m retired so just need to make sure I stay under the income limit for 2023 and I should get the full 7500 credit.

On another note, this latest 1.7 trillion bill they just signed has some changes for retirement savings. One of them raises the age for RMDs to 73 in 2023 and 75 in 2033. Anyone trying to maximize withdrawals for the best tax rates may want to review their algorithms, depending on your age you may get 1 to 3 more years to spread things out Before RMDs kick in.

 

[ERivTruck]

But just to be clear, if you have taken delivery of an R1T in 2022, you fall under the 2022 rule of $7500 credit which is independent of the new law being signed, correct?

 

[joshtish]

But just to be clear, if you have taken delivery of an R1T in 2022, you fall under the 2022 rule of $7500 credit which is independent of the new law being signed, correct?

Every Rivian sold in 2022 should get a $7500 credit. Pre IRA, they were qualifying. Post-IRA, they qualified due to their manufacturing location being in Illinois.