"On Thursday, the IRS clarified how exactly several tax credit schemes terminated by the One Big Beautiful Bill Act will be phased out. The law changed the tax credits for new, used and commercial EVs-30D, 25E and 45W, respectively-to say that they don't apply for vehicles "acquired" after September 30. Now the IRS has cleared up what that actually means."
"It's important to point out that this isn't some sort of magic fix that will save the EV tax credit, or even one that can guarantee it will be applied to a car that you've preordered (sorry, soon-to-be Rivian R2 buyers). But it does mean buyers can squeeze in a last-minute purchase of vehicles caught up in transit or just not able to be driven home by the end of September."
Electric vehicle shoppers accelerated purchases ahead of the federal EV tax credit's September 30 expiration, boosting sales. The IRS issued guidance clarifying that the credits under sections 30D, 25E and 45W apply only to vehicles 'acquired' by September 30. Buyers do not need to take physical delivery by that date; they must sign a binding sales agreement and make a payment, such as a down payment, by September 30 to qualify. The guidance does not guarantee credits for preorder reservations and does not extend the credit beyond statutory deadlines. The change mainly helps buyers whose vehicles are in transit or delayed.
Read at InsideEVs
Unable to calculate read time
Collection
[
|
...
]