"Tesla is set to potentially come out as a big winner as the IRS has adjusted the rules of the $7,500 EV tax credit slightly. The $7,500 tax credit for electric vehicles is set to expire on September 30, but the IRS has made a slight adjustment to the terms of the credit that will give consumers a bit more time to buy an EV and receive the discount."
"The original terms of the EV tax credit were that delivery of an EV must be completed by September 30. Even if you had made a reservation or put a down payment on an EV, if it did not arrive and take delivery by September 30, the credit would not apply to you. This put some people in quite a tough situation."
The IRS modified the definition of when an electric vehicle is considered acquired for $7,500 tax credit eligibility. A vehicle now counts as acquired on the date a written binding contract is entered into and a payment has been made, with payment including a nominal down payment or a vehicle trade-in. The $7,500 credit was previously tied to delivery by September 30. The change allows buyers with binding contracts and nominal payments to take delivery after the prior deadline and still qualify. Increased EV demand and delivery delays, especially for certain Tesla models, created situations where buyers ordered undesired specifications to meet the prior deadline.
Read at TESLARATI
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