"Instead, those consumers now need to enter a written binding contract and have a "nominal" down payment on the car to qualify. The agency said: "For purposes of sections 25E, 30D, and 45W, a vehicle is 'acquired' as of the date a written binding contract is entered into and a payment has been made. A payment includes a nominal down payment or a vehicle trade-in.""
"The EV tax credit is set to expire on September 30, bringing an end to a program that has been widely advantageous to consumers and automakers, helping to incentivize the purchase of a sustainable powertrain for those who qualify. However, the rules and language regarding the tax credit were adjusted slightly a few weeks ago. Previously, the tax credit was only available to those who took delivery of their vehicle by September 30,"
Tesla updated its ordering process to align with an IRS adjustment to the $7,500 EV tax credit rules. The credit is scheduled to expire on September 30. The IRS now defines a vehicle as 'acquired' when a written binding contract is entered into and a payment, including a nominal down payment or trade-in, is made. Buyers who enter such a contract with a nominal down payment by September 30 can receive the credit even if delivery occurs afterward. Leasing does not qualify because leases require delivery before September 30 to obtain the credit. The change reduces pressure to purchase inventory or accept unwanted configurations.
Read at TESLARATI
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