When the new law comes into effect, Rivian vehicles will be eligible for the $7,500 tax credit. According to Rivian, the pre-order holders can also avail themselves of the tax credit. Recently the EV tax credit rules kept changing and it was made possible for some EV makers to be on the list.
After the approval, the new law will favor hybrids and the credit transforms into a discount. It will be given by the dealerships only to individuals that make $150,000 a year or to joint filers that earn a maximum of $300,000 in 12 months.
Based on the battery composition, the final price of the vehicle, and final assembly rules are just three of the novelties. These scare those who wished they’d get their hands on an EV and still qualify for the $7,500 tax credit. Regardless, as soon as the President signs the bill into law, the $7,500 will not be a tax credit any longer. It will be applied by authorized sellers at the point of sale. Rivian pre-order holders would want that competitive advantage. Because companies like Tesla, Toyota, or GM can’t avail of the tax credits anymore because they reached the 200,000 units cap. Fisker, for example, immediately let their pre-order holders know they can get into a buyer’s agreement as soon as possible. It can be by turning their fully refundable deposits into non-refundable first payments.
n a response sent out to those that bombarded Rivian CEO RJ Scaringe and the company’s customer support with letters asking them to start the buying process as soon as possible, 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.” Even if the deliveries are done next year, the customers can have a binding contract to make use of the tax credit that will be implemented next year. If that is what the customer would prefer, it would be done that way. However, it’s unclear what might happen to consumers who claim the tax credit in the event that their Rivians fail to materialize in the allotted time.
However, this binding contract must happen before president Joe Biden gets to sign the inflation Reduction Act into law. If a such email was not received by any pre-order holder yet, one could go and contact Rivian to sign the contract. There are some skeptics, especially as the bill kept changing over the last year.