Rivian vehicles will be eligible for the $7,500 tax credit when the new law goes into effect. According to Rivian, pre-order holders are also eligible for the tax benefit. Recently, the EV tax credit rules changed, allowing some EV manufacturers to be included on the list. Following adoption, the new law will favor hybrids, and the credit will be converted into a discount. The dealerships will only grant it to individuals earning $150,000 per year or joint filers earning a maximum of $300,000 per year. Three of the surprises are the battery composition, the final car price, and the final assembly rules. These frighten people who wish they could buy an EV and still qualify for the $7,500 tax credit. Regardless, once the President signs the bill into law, the $7,500 will no longer be a tax benefit. It will be used at the point of sale by authorized sellers. Rivian pre-order holders would want to take advantage of that competitive advantage. Because firms like Tesla, Toyota, and GM have achieved the 200,000 unit cap, they are no longer eligible for tax credits. Fisker, for example, notified pre-order holders as soon as feasible that they may enter into a buyer’s agreement. It is possible that they will do so by converting their fully refundable deposits into non-refundable initial payments.
The automaker says it’s “working to help interested preorder holders and customers obtain a written, binding contract to purchase and secure EV tax credit eligibility before new restrictions take effect” in a response to those who bombarded Rivian CEO RJ Scaringe and the company’s customer support with letters asking them to start the buying process as soon as possible. Even if the deliveries are made next year, buyers can enter into a contractual contract to take advantage of the tax credit that will be implemented the following year. If the buyer prefers it, it will be done in that manner. However, it is unclear what will happen to consumers who claim the tax credit if their Rivians do not appear within the time frame specified. However, this legally binding agreement must be reached before President Joe Biden can sign the Inflation Reduction Act into law. If a pre-order holder has not yet gotten such an email, he or she should contact Rivian to sign the contract. Some are skeptical, especially given how the bill has changed over the last year.
