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New bill

H.S.

New Member
Joined
Jul 30, 2022
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Cars
Reservation for Pure
I’m a Pure res holder, and spoke w an agent and two other people at Lucid yesterday about placing an early order, or some such work around to capture the existing credit. No one really had any info, but they were all pretty pessimistic. I’m hoping top execs are working on something. The Lucid factory is in Arizona, constituent to Sen. Sinema. Perhaps she would be amenable to adjusting the new bill. How about allowing Lucid to continue under the old EV credit rules until they hit 200,000 sales? Kinda levels the playing field.
 
I am hoping this drags out well into 2023. If the credit isn't applicable to my Pure reservation, the delta may just be too large between this and the other option I'd consider upgrading to.
 
Some version will pass this year, unfortunately, probably by the end of August. The only hope is that the EV tax credit changes either get dropped, or revised in the final bill.
 
My tax advisor said regardless of the bill existing law will apply until the end of 2022. Hope my GT which I ordered in March makes it by then.
 
From what I am understanding we would need a bill of sale of some type of PO signed by both parties before 12/31/22 or the law goes into effect.
 
After reading the proposed bill if it passes like it is, Lucid car owners will not get a tax credit period. The car price threshold to be eligible for a tax credit is $55,000 for a new car and $25,000 for a used car. Lucid does not make a $55,000 car. The only saving grace will be if Senator Sinema says "No" on the current bill.
 
After reading the proposed bill if it passes like it is, Lucid car owners will not get a tax credit period. The car price threshold to be eligible for a tax credit is $55,000 for a new car and $25,000 for a used car. Lucid does not make a $55,000 car. The only saving grace will be if Senator Sinema says "No" on the current bill.
Sounds like any changes to the EV stuff in this bill is a non-starter for Manchin: https://arstechnica.com/cars/2022/0...nlikely-to-change-despite-industry-criticism/

So basically, if they want to change the tax credits in any way, it won't pass.
 
A couple of points FWIW. I was trying very hard to get my Dream delivered before year end 2021 to ensure I would get the tax credit when I filed my 2021 tax return. However that didn't happen and my car was delivered in April 2022. So I will be filing for the tax credit when I file my 2022 tax return next April. As others have noted it is very likely the new revised BBB bill will pass this year, perhaps this month. In any case those who have taken delivery this year should still qualify for the tax credit when filing their 2022 tax return. The key according to my accountant when we discussed it in late 2021 is actual delivery and title transfer to qualify for the credit. I strongly doubt a contractual commitment to buy the car will suffice but I hope I am wrong for those of you anticipating that will do the trick.
 
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I kinda think the new bill does get passed. Manufacturers who ran out of cars covered by the current one get back in play plus the reality that most consumers buy vehicles under the $55K cap.

With the general negative sentiment toward upper income folks, I can see momentum in cutting off perceived benefits skewed to the 1 percenters.

That being said, this stuff got me off the fence and I put in my reservation for one.

I spoke with a rep in the local Chicagoland store and he felt that a GT performance ordered now would be delivered by the end of the year. Having it be a white one increased his confidence of it getting done.

He is looking into how to get it built on 19 inch wheels with summer tires (that part is a stretch) and with the walnut trim in a Tahoe interior scheme (probably going to fail there) and a second set of 19 inch wheels with winter tires (he felt the local Lucid shop could store the wheels/tires for me and do the seasonal changeovers).
 
It is called UP TO $7,500 tax credit and it is only good if your tax bill is $7,500 or more to get the full credit. If your tax bill is you owe $3,000 you only get $3k credit and the rest ($4,500) goes POOF!

We need $7,500 off the price of the EV, not an up-to-tax credit.
 
But what we have is the tax credit (at least for now).

Kind of reasonable that most buyers of the GT, GT perfomance or DE have a tax bill of at least $7500.
 
I just dislike how car manufacturers say it's this price after the $7,500 tax incentive...No it's not! The price is what it is on the sticker. If you know when you will take delivery you might be able to plan for some capital gains that year. It doesn't solve the issue to me, saying the car costs $7,500 less with tax incentive...that's just misleading to a lot of people who do not understand.
 
I just dislike how car manufacturers say it's this price after the $7,500 tax incentive...No it's not! The price is what it is on the sticker. If you know when you will take delivery you might be able to plan for some capital gains that year. It doesn't solve the issue to me, saying the car costs $7,500 less with tax incentive...that's just misleading to a lot of people who do not understand.
Agreed. And that’s why I like that Lucid shows the full price as the total on your reservation. And then with a line underneath, they show the -7,500. And they don’t update the total. It’s more honest, at least.

Heck, Tesla still shows the price “with potential fuel savings” by default. Which has always been a bit slimy.
 
It is called UP TO $7,500 tax credit and it is only good if your tax bill is $7,500 or more to get the full credit. If your tax bill is you owe $3,000 you only get $3k credit and the rest ($4,500) goes POOF!

We need $7,500 off the price of the EV, not an up-to-tax credit.
You need a total tax liability for the year of at least $7500, which has little to do with how much money you owe the IRS when you file your taxes.
 
Agreed. And that’s why I like that Lucid shows the full price as the total on your reservation. And then with a line underneath, they show the -7,500. And they don’t update the total. It’s more honest, at least.

Heck, Tesla still shows the price “with potential fuel savings” by default. Which has always been a bit slimy.
Yes, I never liked the way Tesla showed their prices online.
 
Senate just passed the Bill. Next to house and to president.

I don’t see any hurdles now.
 
Some have said that various EV-related provisions take effect immediately upon the bill's signing, while other provisions on Jan 1 2023. It may be slightly complicated to understand the ramifications and timing for EV buyers.
 
Some have said that various EV-related provisions take effect immediately upon the bill's signing, while other provisions on Jan 1 2023. It may be slightly complicated to understand the ramifications and timing for EV buyers.
I believe everything is effective from Jan 1 2023.
 
It is called UP TO $7,500 tax credit and it is only good if your tax bill is $7,500 or more to get the full credit. If your tax bill is you owe $3,000 you only get $3k credit and the rest ($4,500) goes POOF!

We need $7,500 off the price of the EV, not an up-to-tax credit.
If you want $7,500 straight up off an EV then lease one as it will be taken off at the time of sale. Otherwise, it’s a tax credit. Always has been and always will be until the transition into the new bill.

These incentives are for those people on lower incomes to be able to get into an EV and help the transition from ICE not for luxury car owners to get a discount. For those of us who can afford a Lucid whilst the tax credit is nice we shouldn’t really be relying / needing it.

It was good while it lasted but if you can afford a luxury ICE car with no credit then it should be no different than paying for a luxury EV with no credit.
 
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