Earlier I wanted to cancel my Pure reservation and get my $300 back but I think I'll hold off a little bit. If there is any chance Lucid can deliver the Pure by 12/31/2022 I would still get the $7,500 tax credit, right?
Yes, but I seriously doubt Lucid will deliver more than a handful of Pures by then, if that. Unless you were the first person to order a Pure, I'd give up on that dream.
I talked to my SA and he said no more tax credits. Bill is signed and the Lucid's don't qualify anymore since they're over the $55k or whatever threshold.
Pretty sure that's regardless if they deliver before end of year or not. We went to Kia this past weekend and there was no mention of tax credits since they're not made in America. And they have cars available for purchase now.
I talked to my SA and he said no more tax credits. Bill is signed and the Lucid's don't qualify anymore since they're over the $55k or whatever threshold.
Pretty sure that's regardless if they deliver before end of year or not. We went to Kia this past weekend and there was no mention of tax credits since they're not made in America. And they have cars available for purchase now.
This is incorrect. If it is delivered before the end of the year, Lucids will qualify for the pre-signing credit. Please check out the other threads on this.
I believe the credit til the end of the year is just an addendum to the previous credit that the car must now have the final assembly in America. Jan 1st is when the new bill with the $55k sedan limit goes into play and manufacture caps get reset. I am not entirely certain that if you converted the $300 to an order that will guarantee you the $7500 from the previous credit but I’d assume that’s what we signed for so maybe lucid will help out if it doesn’t qualify for some reason.
If you changed your reservation to an order before the new tax law was signed. You are/were "locked" into the old tax credit law. Below is the email I received on 8/11/22. Talking about this. You do lose your deposit if you cancel after locking it in though.
Get your Lucid Air.
And your tax credit.
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.
* Please consult your tax, legal or financial advisor regarding your eligibility for federal tax credits as well as any additional state or local incentives that may be available. Lucid cannot provide tax, legal or financial advice.
