Federal EV tax credit overhaul

Wonder how fisker is doing their binding contracts, considering they are based in California

I am not sure. However, the actual law that is often cited appears to only apply to brokered sales, so maybe there is no problem.

No they aren’t.

It simply means that a non-refundable deposit isnt necessary to meet California state law for a binding purchase agreement.

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It seems to me there are several instances that Cali considers ‘a binding agreement’: vehicle purchase agreement, and brokering agreement. This had some requirements that I was not aware of, and find very interesting,

I know the answer starting in January is unknown until the rules of come out- If an ID.4 (2023 US built) lands before December- will it qualify under the old rules?

Yes, it will.

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Yes, so long as it’s a US build. Would also recommend test driving a 2023 Bolt EUV, with the new pricing, it’s faster and better equipped than the ID.4 for less money and post Jan 1, should at least qualify for $3750. Only caveat is it’s single motor, but overall compares very favorably to the base ID.4 models.

I wonder if the IRS will care about a state by state definition of “binding” or will they use one broad guide for everyone

They have already issued guidance that states that the only definition that matters is what state law says.

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*North America built, IIRC.

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Looking at this bill, what’s the best value (best bang for my bucks) car I can order today for 2023?

There are currently 0 vehicles that are definitively known to get any tax credit in 2023.

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thanks. or any car I can order for end of 22, using non-refund deposits or by losing min deposit.

The binding contract/non refundable deposit provision only applies if the agreement was entered into before the new law was signed by the President last month. If the car you get is built in North America, and delivered by December 31, 2022, you can get the tax credit. If it is not built in North America, then no tax credit is available (unless you get a DeLorean time machine, and go back in time to sign a binding agreement.)

True. I was trying to say that the ID.4 can be EU build (2022) or built in TN (2023) but not sure if they’ll ALL be built in TN or if it’s possible to get unlikely and get a German built 2023.