I place a deposit down on a EV vehicle in March 2022. With the upcoming changes to the tax credit, I am worried that in 2023 the vehicle will not qualify for the full 7500 credit. With the new laws, what is considered a binding contract which will allow me to claim this vehicle for this year. It is expected to be delivered after the 1st of the new year. However, like I previously mentioned, I placed a deposit for this order back in March.
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Follow-up…
If I adjust the amount I put down to equal the 5% now would that be okay, since the original deposits was made back in March.
Also, if I purchase in December but don’t receive it till January does it still count?
Unfortunately, the full deposit must have been made prior to August 16th to meet the IRS definition.
If a vehicle is purchased in December but not delivered until 2023, it will be subject to the new rules. There is a bit of a middle ground for vehicles purchased AND delivered between August 16 and December 31,2022, but you'll fall outside those rules if you don't take possession prior to the end of the year.
It's a crazy change to the rules, and honestly unfair when so many people have had to wait so long for delivery of a vehicle.
Thank you for the information. It is a bit frustrating on the changes but I wanted to make sure I don’t get caught up on anything with the IRS. My dealer seemed to think there was some workaround but I didn’t think so.
Anyways thank you for your responses today. I really do appreciate it.
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