You both have AGTs, you're both already guaranteed the old tax incentive, so y'all don't have to worry about getting it. Also presumptively if you could afford the AGT, the tax incentive is relatively less significant to you than a prospective Pure or even Touring customer. According to this poll here, a significant amount of prospective Pure/Touring customers are on the fence with moving forward with their reservations based on whether they will receive the tax incentive or not:
Based on the current EV tax incentive, all Lucid Air trims qualifies for a $7,500 tax credit (until 200,000 vehicles sold.) However, if the new EV tax bill passes as is, all Lucid Airs would NOT qualify for any tax credit. Most Lucid Air Touring/Pure reservation holders are likely more heavily...
Starting August 10, 2022, many Pure/Touring reservation holders "locked in' their orders by converting their orders to "written binding orders" in hopes of qualifying for the old tax incentive according to the Transition Rule under the IRA, even if they technically receive their cars next year or so. Under the Transition Rule, EVs that are entered into a written binding contract before December 31, 2022 (or before August 16, 2022 if built outside of the Americas) qualify for the old tax incentive even if delivered after December 31, 2022. However, the situation is what actually qualifies as a "written binding contract"?
According to my CPA, it's all still up in the air as the IRA is still pending on clarifications and definitions by the Department of Treasury and IRS.
Per IRS statement on August 16
, the "What Is a Written Binding Contract?" was vague, and if this was the only guidance, NONE of the "locked in" orders by reservation holders of Lucid, Rivian, or Fisker would qualify
. However, the IRS continued with "the Internal Revenue Service and the Department of the Treasury will post information and request comments from the public on various existing and new tax credit incentives in the coming weeks and months."
On October 5, IRS released Notice 2022-46
, requesting comments on IRA amendments. Deadline for comments is November 4.
The Rivian subreddit posted about this notice with the exact same concern as the Lucid Pure/Touring reservation holders:
So for those reservation holders who are hoping for the tax incentive, provide your feedback to IRS on Notice 2022-46.