If I purchase an EV in December (pay in full from dealer) but the vehicle doesn't arrive until the first week of January, is that still eligible for 2022?

the new law allowed for people that paid for their cars but did not take possession of them prior to the law in August. The dealer is telling me as long as I pay for it, it will count but I don't know if that is true and if the IRS verifies that.

183

Level 15

Nov 3, 2022 5:20:44 PM

You must take

possession

of the vehicle to take the credit because you need the VIN # for the credit form.

Inflation Reduction Act of 2022 (IRA 2022) signed into law on 8/16/2022. Hence terms used here are “Pre-IRA 2022” and “Post-IRA 2022.”

If you purchase

and take possession

of a qualifying EV after 8/16/2022 and before 1/1/2023, and you satisfy the final North American assembly requirement (VW iD4 manufactured in Chattanooga TN), the "Pre-IRA 2022" rules apply. Based on below link, the credit should be $7,500 subject to further IRS update.

Index for Manufacturers published by the IRS

https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit

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If I purchase an EV in December (pay in full from dealer) but the vehicle doesn't arrive until the first week of January, is that still eligible for 2022?