[JM71]

Originally Posted by moodyhank82

"FINAL ASSEMBLY.—The amendments made by subsection (b) shall apply to vehicles sold after the date of enactment of this Act."

If I understand this part correctly, as soon as POTUS signs this bill into law, even deliveries this year (the ones after POTUS' signature and before 1/1/2023) will only get $3,750 in federal tax credit since the i4 is not assembled in North America.

Correct UNLESS you have a "written binding contract". As pointed out before, in a lot of states those don't exist until the day you actually take delivery.

[Ultbruin]

Originally Posted by cruzer666

I thought the same, then I read the bill:
"before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase"
So you either take delivery before this bill is enacted or you're under contract before.
If you take delivery by end of year without a "binding contract" you don't qualify.

I did see some outlets incorrectly summarize the bill saying if you take delivery by end of year you're ok, but that is not the case.

I'm asking my dealer for one now.

Let me know if you're successful because supposedly not possible for California.

[cruzer666]

Originally Posted by Ultbruin

Let me know if you're successful because supposedly not possible for California.

We'll see, I know the legality of it can be challenged, however, I'm not trying to deceive anyone and I have every intention of purchasing the vehicle, substantial deposit, order sheet and whatever other documentation the dealer will provide, which satisfies the "essence" (gray area) of the law (if bill is signed as is). The question would be if the IRS will find this sufficient documentation or not.

I'll weigh the risks come tax time, but I have every intention of applying for this credit.

I just heard back from my California dealer, they're not able to do a binding contract either

[Ultbruin]

Originally Posted by cruzer666

I just heard back from my California dealer, they're not able to do a binding contract either

Yeah seems like it's not going to happen for us.
Just emailed mine earlier. Awaiting response.

Edit: no go from my dealer as well without a car on site.

[OUGrad05]

Originally Posted by Ultbruin

Yeah seems like it's not going to happen for us.
Just emailed mine earlier. Awaiting response.

Edit: no go from my dealer as well without a car on site.

Gonna be tough to find a dealer who can do that. Mostly for consumer protections, many of which were created by the same people making this bill and not paying a damn bit of attention to reality.

[cruzer666]

Everyone will have to weight the pros and cons on claiming the credit. There is no documentation required when doing your taxes for this, the risk is the audit, and it's not like you don't have a foot to stand on with large deposit, order sheet, etc.

[jgunnz]

Originally Posted by Ultbruin

Yeah seems like it's not going to happen for us.
Just emailed mine earlier. Awaiting response.

Edit: no go from my dealer as well without a car on site.

That's what I've been told, too.

[scLA]

Originally Posted by jgunnz

That's what I've been told, too.

This is such a crazy situation we find ourselves in this week. The bill is likely going to go into effect Friday or Saturday (the House vote is scheduled for Friday) and then the next day thousands of EVs will no longer be eligible for the credit even though a person who had ordered the car many months ago had been banking on receiving that credit.

We had less than 2 weeks notice that this bill was even in the works so there was no time to even change course or contingency plan.

I'm done ranting. If anyone finds a Los Angeles dealer who will do a written agreement please let me know!

[falconey]

Originally Posted by slazLA

This is such a crazy situation we find ourselves in this week. The bill is likely going to go into effect Friday or Saturday (the House vote is scheduled for Friday) and then the next day thousands of EVs will no longer be eligible for the credit even though a person who had ordered the car many months ago had been banking on receiving that credit.

We had less than 2 weeks notice that this bill was even in the works so there was no time to even change course or contingency plan.

I'm done ranting. If anyone finds a Los Angeles dealer who will do a written agreement please let me know!

Still needs a signature so probably a couple weeks, but yeah not a lot of time.

[scLA]

Originally Posted by falconey

Still needs a signature so probably a couple weeks, but yeah not a lot of time.

Technically the President has 10 days, excluding Sundays, to sign a bill passed by Congress, so we're looking at most just under two weeks. I wouldn't be surprised if they rush this signing to book a "win" as soon as possible.

I emailed my congressman stating my thoughts on the bill and that under no circumstances should changes going into effect before 2023 and that any car ordered in 2022 should qualify under the current rules even if delivered in 2023. I doubt that will do much, but I encourage others to write their representative as well. It seems like all we can do at this point...

[jayp98]

Originally Posted by slazLA

Technically the President has 10 days, excluding Sundays, to sign a bill passed by Congress, so we're looking at most just under two weeks. I wouldn't be surprised if they rush this signing to book a "win" as soon as possible.

I emailed my congressman stating my thoughts on the bill and that under no circumstances should changes going into effect before 2023 and that any car ordered in 2022 should qualify under the current rules even if delivered in 2023. I doubt that will do much, but I encourage others to write their representative as well. It seems like all we can do at this point...

Do you mind posting the draft of the email?

[jeffc42]

Originally Posted by slazLA

I emailed my congressman stating my thoughts on the bill and that under no circumstances should changes going into effect before 2023 and that any car ordered in 2022 should qualify under the current rules even if delivered in 2023. I doubt that will do much, but I encourage others to write their representative as well. It seems like all we can do at this point...

If the House were to pass a version of the bill that differed from the Senate's, then the differences would have to be ironed out. No way in hell will they let that happen, because it would introduce tremendous risk it all falls apart.

[techwhiz1]

Originally Posted by jeffc42

If the House were to pass a version of the bill that differed from the Senate's, then the differences would have to be ironed out. No way in hell will they let that happen, because it would introduce tremendous risk it all falls apart.

I got an email from Fisker indicating that their belief is that my $5k deposit for an Ocean One and the contract with intent to purchase satisfies the requirements.

I'm hoping placing a deposit with BMW on June 1, 2021, assigned to a dealer June 2, VIR with a production number in Dec, term sheet in March with finance rates shows enough intent and is binding enough. My state does not allow dealers to enter into a contract without a car.

I'm not going to worry about it anymore. It either is or it isn't and I can't influence any of it.

[heatmizr]

I found this on Jalopnik today. It clarifies and lists the vehicles that will qualify AFTER Biden signs the bill UNTIL Jan 1 when the 2023 restrictions kick in. After January 1, many of these may not even qualify.

https://jalopnik.com/every-ev-that-q...act-1849391274

[TurtleBoy]

Originally Posted by heatmizr

I found this on Jalopnik today. It clarifies and lists the vehicles that will qualify AFTER Biden signs the bill UNTIL Jan 1 when the 2023 restrictions kick in. After January 1, many of these may not even qualify.

https://jalopnik.com/every-ev-that-q...act-1849391274

That list is not accurate, it lists the Tesla's but their restriction is not lifted until after 12/31/2022.

ELIMINATION OF MANUFACTURER LIMITATION.—The amendment made by subsection (d). shall apply to vehicles sold after December 31, 2022.

[TurtleBoy]

Originally Posted by techwhiz1

I got an email from Fisker indicating that their belief is that my $5k deposit for an Ocean One and the contract with intent to purchase satisfies the requirements.

I'm hoping placing a deposit with BMW on June 1, 2021, assigned to a dealer June 2, VIR with a production number in Dec, term sheet in March with finance rates shows enough intent and is binding enough. My state does not allow dealers to enter into a contract without a car.

I'm not going to worry about it anymore. It either is or it isn't and I can't influence any of it.

Unfortunately whether it is binding or not really won't come into play since you fail the transition rule test in that your order was prior to January 1, 2022.

[scLA]

Originally Posted by TurtleBoy

Unfortunately whether it is binding or not really won't come into play since you fail the transition rule test in that your order was prior to January 1, 2022.

That is so ridiculous but I think you're technically right. ANY car on order that would have qualified before the law goes into effect should still count under the old rules, but unfortunately that's not how the law will be written.

[Technic]

Originally Posted by TurtleBoy

Unfortunately whether it is binding or not really won't come into play since you fail the transition rule test in that your order was prior to January 1, 2022.

The "written binding contract" must be dated after January 1, 2022, not the preorder.

[TurtleBoy]

Originally Posted by Technic

The "written binding contract" must be dated after January 1, 2022, not the preorder.

Correct but in the OP's post he said he ordered and gave the deposit last year, that is what he is using as establishing a binding contract. If he actually writes one out in the next few days that would be different.

[scLA]

Crevier BMW in Santa Ana, CA, which is one of the highest volume BMW dealers in the country, requires customers to sign an agreement that they will pick up the car they ordered within 3 days of delivery to their dealership or they have the right to sell it to someone else. That combined with an order summary and deposit authorization sounds like a written binding agreement to purchase a car and the most you could probably get in writing in CA.

If you would like to contact them feel free to PM me for my contact there.

[TurtleBoy]

Originally Posted by slazLA

Crevier BMW in Santa Ana, CA, which is one of the highest volume BMW dealers in the country, requires customers to sign an agreement that they will pick up the car they ordered within 3 days of delivery to their dealership or they have the right to sell it to someone else. That combined with an order summary and deposit authorization sounds like a written binding agreement to purchase a car and the most you could probably get in writing in CA.

If you would like to contact them feel free to PM me for my contact there.

I thought CA law prohibits non-refundable deposits on vehicles. Or does it just say they are refundable unless otherwise noted?

[scLA]

Originally Posted by TurtleBoy

I thought CA law prohibits non-refundable deposits on vehicles. Or does it just say they are refundable unless otherwise noted?

It doesn't say anything about the deposit. The CC authorization is for the amount of the deposit, and the other doc is an agreement to pick up the car you ordered within 3 days of delivery to the dealership or they have the right to sell it to someone else. Basically if I don't perform the obligations of the agreement, they have a remedy.

(I'm not a lawyer so please don't interpret this as legal advice. This is simply my POV on the documents they require you to sign.)