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Discussion Starter · #1 ·
My Ioniq 5 is expected to arrive at the dealer next Thursday. I have a VIN but the dealer won't sign paperwork until the car arrives. I will likely miss out on the Tax Credit by a day or 2 depending on when Biden signs it. I will not go through with the purchase without the credit.

I am installing solar at home and was planning on using the car as a back-up battery. It seems like a great car so I was willing to buy something that I don't really need. I work from home and don't really use the 2011 MDX that I was going to trad in that much.

If the dealer changes their mind and signs docs or if the President doesn't get to signing the bill until Thursday (that is if it arrives on time) then I will go ahead with the purchase.

Is the credit a deal breaker for you?
 

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It’s not being signed Thursday because it has to pass in the House and any changes there would need to be revoted on in the Senate.

Would I buy without tax credit? The Limited AWD trim only. The other trims are too budgety for me. Missing too much and even with the tax credit was borderline.
 

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There are a lot of variables regarding this legislation, including what will be in any final bill (see above post), what the effective date will be, what cars are covered, etc. So I don't think you need to worry about this at this time. Though if you have concerns, I suggest speaking with a tax attorney (once the final bill has been decided on).
 

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So, dealer won't even sign a paper that basically says "I paid this refundable $$ deposit with promise of balance due upon delivery of XXX model car in future date by XXX dealership - signed/dated"?

Surprising, then you have MUCH more faith than I do if you don't even have this kind of "contract" with evidence that you paid "down payment".
 

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My Ioniq 5 is expected to arrive at the dealer next Thursday. I have a VIN but the dealer won't sign paperwork until the car arrives. I will likely miss out on the Tax Credit by a day or 2 depending on when Biden signs it. I will not go through with the purchase without the credit.

I am installing solar at home and was planning on using the car as a back-up battery. It seems like a great car so I was willing to buy something that I don't really need. I work from home and don't really use the 2011 MDX that I was going to trad in that much.

If the dealer changes their mind and signs docs or if the President doesn't get to signing the bill until Thursday (that is if it arrives on time) then I will go ahead with the purchase.

Is the credit a deal breaker for you?
I really hope you’ll be able to take delivery before the bill is enacted. I’m in the opposite situation with my Chevy Bolt order. If I cancel it and wait until 2023 to take delivery, I stand to get another $7500 in my pocket potentially. Lots of angst right now in all the EV forums as no one knows anything definitively.

I’d just wait until you see the final text from what the Senate passes. The House won’t be making any changes because the Senate will be on recess and they want to pass this thing ASAP to campaign on it for midterm elections.
 

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Discussion Starter · #8 ·
I did not put down a deposit. The Senate will be on recess beginning Monday after they vote on it so the House will have to pass it as is. The Dems are planning on campaigning hard on this legislation so it is important that it passes.

In another thread someone posted the clause from the legislation that states a written contract must be signed before the President signs.

If it appears that the President will sign before Thursday I will go to the Dealer and make another attempt.
 

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I’ll bet 5 doll hairs that the existing rules apply at least through the end of the year (and possibly until the existing 200,000 unit cap is exceeded) in the final implementation.

Don’t ask me how. But none of the automakers are happy with the existing language. It will either get revised or Biden will use executive action. (Look up the recent resolution to the solar commerce investigation for precedent.)
 

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Discussion Starter · #10 ·
Posted in another thread.

Here's the Transition Rule section:-

(l) Transition rule
Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that—

(1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as defined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and

(2) placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act.
 

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Posted in another thread.

Here's the Transition Rule section:-

(l) Transition rule
Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that—

(1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as defined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and

(2) placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act.
I put down a $1,000.00 deposit months ago. The contract outlined the vehicle options and costs to me (everything from interior, exterior, trim colors, LOL, first aid kit etc) and the exact amount I was receiving for my trade in. But it was not for a specific unit (no VIN). I'll have to ask our tax accountant if this is satisfying the "written binding contract" requirement or not. If it doesn't, then I'm probably going to buy another EV that does qualify for the rebate. giving an extra $7,500.00 is just too much to give up... and this year I especially could use the tax rebate.
 

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So the good news is that the credit/rebate is being extended; the bad is that it does not include all EVs. Seems to me if the goal is to increase adoption but limited to only USA assembled vehicles that automatically limits adoption....huh?
 

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So the good news is that the credit/rebate is being extended; the bad is that it does not include all EVs. Seems to me if the goal is to increase adoption but limited to only USA assembled vehicles that automatically limits adoption....huh?
I can’t remember where I read this now. But someone shared that the goal of this tax credit is no longer to increase EV adoption. We seem to have reached an inflection point where that’s not necessary anymore. The goal now is to increase domestic EV production. With that context, the bill makes a lot more sense now. Time will tell whether we actually see less EV adoption because of these changes.
 

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So the good news is that the credit/rebate is being extended; the bad is that it does not include all EVs. Seems to me if the goal is to increase adoption but limited to only USA assembled vehicles that automatically limits adoption....huh?
Every single EV built or imported into the US will be sold, tax credit or not. My opinion has been these tax credits were unnecessary in the past year due to surging demand. This new bill is just to force carmakers to assemble EVs in the US along with forcing them to buy battery materials from NA or free trade suppliers.
 

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Forgive me, but I sure thought that decreasing the number of ICE vehicles is the goal. From that it also seemed that the more efficient way (at the present time) is to increase the number of BEVs. This from a climate change perspective. Throw politics in and the goals get muddied.
 

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I'm looking for one to buy, but will not buy one it loses the tax incentive. I'll just wait until they start building them at the GA plant, or look for something else that does qualify under the new act.
 

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I'm looking for one to buy, but will not buy one it loses the tax incentive. I'll just wait until they start building them at the GA plant, or look for something else that does qualify under the new act.
Yup I think that’s my point. People who are considering EVs will just pick an EV that does qualify. I don’t think I would pick a new ICE car over an EV anymore.
 

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I'm in line for a limited which I'll buy tax credit or not.

If I were wanting a Tesla or GM car that would qualify for the credit, I'd definitely delay taking delivery if possible.
 
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I'm in line for a limited which I'll buy tax credit or not.

If I were wanting a Tesla or GM car that would qualify for the credit, I'd definitely delay taking delivery if possible.
Yeah I wish they’d remove the 200k cap as well when the bill is signed. Hopefully that makes it into the final version. Doesn’t make sense for some things to be effective immediately and others on Jan 1.
 

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I'm in line for a limited which I'll buy tax credit or not.

If I were wanting a Tesla or GM car that would qualify for the credit, I'd definitely delay taking delivery if possible.
I bought my Ioniq 5 on 7/29/2022, and the plates also came in yesterday, so guess I am good with that. I have a Tesla Model Y Long Range order since last July 2021, and they now saying it will come in Nov, 2022. If I get it Nov, 2022, and if I can take $7500 on that, then it will be so awesome as my Tesla order is at the old old price of $53,000 while the same config now is $68,000, so with the rebate I might get it for $45,500. If that works then I will sell my second car, and keep the Model Y.

But this is so baloney of putting cut off dates mid year, why not say anything after 1/1/2023 is new bill anything earlier is old rule.
 
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