7500 EV tax credit update with new bill

digiboxer

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How do you know they're not going to do exactly what they did to Ocean One First Edition reservation holders and ask for an additional $5000 that's non-refundable.


If the contract states $250 non-refundable then no biggie but if they pull the stunt of asking for $5000 I wouldn't go anywhere near them.
I already "signed" the deal with them---only 250 a risk...but as other posts in this thread discuss, I doubt it's going to work
 

DJL

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Great research...if this definition is applicable it seems like a contract the buyer could get out of by forfeiting at least 5% would preserve the tax credit.

But I think the transition rules say the contract has to be entered into before the bill is PASSED (i.e next week?), not before the effective date 1/1/23.
This is how Fisker is planning on getting the tax credit for its reservation holders. Maybe it could work... Click HERE
 

n8236

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They seem to be implying that a confirmed order means that you qualify for the current credit.
It makes business sense for Lucid to say that but guaranteed that is another story.

I’m sure Lucid’s legal team is conjuring up language that would allow their non-confirmed orders to lock in the rebate. How they’re going to do that is anyone’s guess.
 

idiot900

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Touring conf. 10/26/22
Just spoke to my SA on the phone who told me that later today, Lucid will allow people to convert their orders online to take advantage of the tax credit.
 

Yugi

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Just spoke to my SA on the phone who told me that later today, Lucid will allow people to convert their orders online to take advantage of the tax credit.
It will be interesting to see which models they will allow to confirm. Clearly they can’t produce all models that are confirmed to deliver by end of 2023.
 

steveairgt

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Just spoke to my SA on the phone who told me that later today, Lucid will allow people to convert their orders online to take advantage of the tax credit.
I wonder if that means that people who already have confirmed orders regardless of when the car is delivered (2022 or 2023), will qualify for the full $7500.
 

idiot900

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Touring conf. 10/26/22
I wonder if that means that people who already have confirmed orders regardless of when the car is delivered (2022 or 2023), will qualify for the full $7500.
He made it sound like confirming generates a purchase agreement, so if it's the same process, then perhaps yes?
 

LCIDdreams

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I wonder if that means that people who already have confirmed orders regardless of when the car is delivered (2022 or 2023), will qualify for the full $7500.
I hope anyone who has a confirmed order as of now will get their car before end of year. If not that’s not a good signifier for Lucid’s ability to achieve large scale production.
 

LCIDdreams

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I just talked to my SA in Denver and he confirmed that the $7500 tax credit would still be obtainable providing we sat down, pocked out the various features, and wrote up the order agreement.
I think the SAs probably shouldn’t be advising customers that way yet. Unless Lucid has received direct guidance from IRS already I don’t see how they could know that for certain.
 

idiot900

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Touring conf. 10/26/22
I think the SAs probably shouldn’t be advising customers that way yet. Unless Lucid has received direct guidance from IRS already I don’t see how they could know that for certain.
Mine told me that I didn't even need to commit to particular features. Just make my $1k reservation nonrefundable. I suppose we'll find out later today - there is supposed to be an email about it from Lucid.
 

joec

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I think we've seen enough examples on this forum of SAs and DAs having incorrect information or just pulling things out of their butts to know better than believe what they say about the IRS.
 

HC_79

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Now watch the government close up that loophole when they see what Rivian, Lucid and Fisker are planning to do 😂
 

Psymac

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Just called customer service to Lucid, they said the portal will open in about an hour or so with options for all models to convert to a confirmed order to take advantage of the current tax rebate, and it’s just that the $1000 deposit will become nonrefundable. However, configurations still modifiable prior to production they said.
 

noobzilla

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Looks like I will have to make my decision very soon whether to go for Touring or Pure. My stock bet hasn't gone up enough for me to reasonably afford a Touring... but those glass top I like them so much it feels so futuristic. I might have to sell a kidney and just go for the Touring.
 

Psymac

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Looks like I will have to make my decision very soon whether to go for Touring or Pure. My stock bet hasn't gone up enough for me to reasonably afford a Touring... but those glass top I like them so much it feels so futuristic. I might have to sell a kidney and just go for the Touring.
Order the glass top as an option if it doesn’t delay production too long?
 

noobzilla

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Order the glass top as an option if it doesn’t delay production too long?
Not sure I understand. I can only get glass top from Touring or higher trims. If there's option to get that with Pure then I'll go with Pure for sure.
 

level

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Looks like I will have to make my decision very soon whether to go for Touring or Pure. My stock bet hasn't gone up enough for me to reasonably afford a Touring... but those glass top I like them so much it feels so futuristic. I might have to sell a kidney and just go for the Touring.
Same here, still debating between Touring and Pure...
leaning towards Touring with glass canopy
 

Chizle

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noobzilla

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Just got the email.

"This past weekend, the Senate passed the Inflation Reduction Act, which eliminates the $7,500 tax credit for sedans with an MSRP over $55,000. This means that if the bill is enacted, Lucid Air will no longer qualify for this tax credit. The House is expected to vote on the bill this Friday, August 12.

Many of you have asked what we can do to help you maintain your eligibility for this tax credit.*

The current text of the bill includes a “transition rule,” which may maintain eligibility for Lucid customers who enter into a contract to purchase their Lucid Air before the bill is signed. We’ve decided to help reservation holders take advantage of the transition rule by opening a window to place an order for their Lucid Air. This window is now open, and will remain so until 12 a.m. the morning the bill is passed, which could be as soon as this Friday.

To be completely clear, you don’t have to place an order now and your reservation will remain in place — we’re doing this to help those who want to do everything possible to maintain eligibility for the federal tax credit. If you don’t wish to place an order now, you’ll still have the opportunity to do so closer to your vehicle’s production date. Please note that placing an order now will not alter the expected delivery timelines for Touring and Pure.

However, if you decide to place an order now, please understand you’ll be entering into a contract, and your deposit will become non-refundable.

To place your order, log into your Lucid account, go to your “Designs and Orders” tab, identify the relevant reservation and click the “Order” button. A pop-up window will appear where you can again click “Confirm this order” to complete the process."
 
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