kennethjk
Well-Known Member
- First Name
- Ken
- Joined
- Sep 3, 2021
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- MME Prem. EB 4WD, X3
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- Retired
under existing law you are correct, the car had to be placed in service. I believe the new bill has a carve out that if ordered now but taken possession after new bill goes into effect you may have the choice on which bill to use.You need to check the IRS requirements. I am pretty sure from what I have read that you have to take possession of and place the vehicle into operation and not just have a purchase agreement. This was discussed elsewhere on the forum. I could be wrong though. One of the discussions was someone trying to use a purchase in December to get credit for 2021 tax year but would not take possession until 2022.
I copied this from https://electrek.co/2022/08/07/senate-improves-ev-tax-credit-in-largest-climate-bill-ever/
- If you have a signed purchase order or sign one before Biden signs the bill (i.e., this week) and then have to wait for delivery of an EV assembled outside of North America, you can still qualify for the current credit.
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