Search results

That’s the big debate in this thread. It appears the general consensus is that what Lucid did does not qualify as a “binding contract” in the eyes of the IRS. Accordingly, the only “safe” way to get the federal $7500 credit at this time appears to be accepting delivery of a car before the end of...

The “binding contract” and “take possession” rules are separate. The former requires a binding contract before August 16, 2022, and it appears safe to assume Lucid did not properly do that for any Touring owners by simply making our $1,000 deposits non-refundable. The latter requires purchasing...

Even if you increased your deposit now, it would not retroactively make your prior contract binding in the eyes of the IRS. If you don’t take delivery this year it’s probably the end of the line, so fingers crossed for some good news tomorrow.

Okay, thanks for linking that. That makes sense. Effectively, there are currently two avenues for the $7500 refund under the old rules, and the one avenue Lucid told everyone to walk down was simply never available. That’s kinda f****d.

The first link I posted says: “Individuals who entered into a written binding contract to purchase a new qualifying electric vehicle before August 16, 2022, but do not take possession of the vehicle until on or after August 16, 2022 (for example, because the vehicle has not been delivered), can...

Upon further review, for those of you like me who are new to this debate, the question is whether what Lucid did for Touring reservation holders is sufficient in the eyes of the IRS. I suspect it never was, and it’s unfortunate Lucid did not know better at the time they asked everyone to make...

I have not yet discovered the answer to this question, and I'm trying to remain optimistic, but my SA told me within the last few days that "all vehicles delivered before the end of this year qualify for it regardless of pricing. Going into next year, it’s best for to work with your tax advisor...

I was thinking the same thing but I think we should try to keep the tax discussion over here, per the OP: https://lucidowners.com/threads/7500-ev-tax-credit-update-with-new-bill.2120/page-23

Reservation Date: April 19, 2022 Confirmation Date: November 4, 2022 Color: Infinite Black Interior: Tahoe Stealth: NO (Platinum) Roof: Glass Canopy Wheels: 20s Surreal Sound Pro: YES Dream Drive Pro: YES State: CA (San Diego)