New orders and the new tax bill

For those of us lucky enough to place an order yesterday or today with either a 500$ or 1000$ down payment, is that enough to satisfy the current tax rebate provision in regards to a purchase order? It would be better for me to have the current rebate and not end up falling under the Inflation Reduction Act that is soon to be signed by the president.
 

ICED Lightning

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if your truck arrives before 12/31, I wouldn't worry. If not, then it's really only if you fall within the income limits, if you ordered a truck less than $80k.
 
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Timtal

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if your truck arrives before 12/31, I wouldn't worry. If not, then it's really only if you fall within the income limits, if you ordered a truck less than $80k.
I am not sure about that. The bill starts when Biden signs it. They will honor the old tax code if there is a binding purchase agreement in place before he signs the bill. The question I am struggling with is whether putting $500 down and placing an internet order is binding in the eyes of the irs. I am hopeful that it is.
 

frunk

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I am not sure about that. The bill starts when Biden signs it. They will honor the old tax code if there is a binding purchase agreement in place before he signs the bill. The question I am struggling with is whether putting $500 down and placing an internet order is binding in the eyes of the irs. I am hopeful that it is.
I read the new bill go into effect Jan 1,2023 unless they changed it
 
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Timtal

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I read the new bill go into effect Jan 1,2023 unless they changed it
I am on a thread for the ioniq5 and there are a ton of folks bailing on their reservations because of this issue. The Bill goes into effect the day Biden signs it. The ioniq 5 loses all the $7,500 as soon as it is signed. Those with a signed purchased order in place before he signs it get the rebate.
 
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Timtal

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I am on a thread for the ioniq5 and there are a ton of folks bailing on their reservations because of this issue. The Bill goes into effect the day Biden signs it. The ioniq 5 loses all the $7,500 as soon as it is signed. Those with a signed purchased order in place before he signs it get the rebate.
If you have an order before he signs it and you take delivery in 2022 you are good. But otherwise it reverts to the new tax law.
 

frunk

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If you have an order before he signs it and you take delivery in 2022 you are good. But otherwise it reverts to the new tax law.
I think your right. If we lose $7,500 tax credit and Ford goes up $8,000 That an increase of $15,500. I can see that pricing a lot of use out of the market. I have a good truck so I will just go get a EV car for half the money and get $7,500 cash off
 

frunk

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This is in the article you posted

Meanwhile, the existing EV consumer tax credit is expected to no longer be available after Biden signs the bill into law, according to a spokesperson for the Zero Emission Transportation Association. But people should still be able to claim the credit if they purchase an EV before the signing — provided that the vehicle is eligible under the current requirements. That means an electric car from a manufacture
 
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