IRS EV Transition Rule (Borrowed from Rivian Forums)

[ViperSSD]

Saw this on the Rivian forums and figured y'all might be interested as well.

https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before

Relevant text :
Purchase date vs. delivery date
If you entered a written binding contract to buy a vehicle after December 31, 2021, and before August 16, 2022, but took delivery on or after August 16, 2022, you may elect to claim the credit based on the prior rules. To elect the credit under the prior rules you must elect the credit on your 2022 tax return after you take delivery of the vehicle. Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended 2022 tax return.

This makes it seem like the contracts may actually do what we had originally hoped....any tax professionals that can chime in?

 

[ViperSSD]

Email from Rivian makes it look like we'll be covered

 

[Dr Chill]

From the IRS instructions for filling out form 8936:

"Transition rule. If you purchased, or entered into a written binding contract to purchase, a qualified plug-in electric drive motor vehicle after 2021 and before August 16, 2022, you may elect to treat such vehicle as having been placed in service on August 15, 2022, the day before the enactment date of the Inflation Reduction Act of 2022."

It seems like this reads that we can claim the tax credit even if we take delivery after 1/1/23.