Reply to EVs and the new climate bill

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[quote=Anonymous]Same!  The way I'm reading the bill, you have to have the "written binding contract" before POTUS signs the bill into law, which may very likely be in August.  And what qualifies as a "written binding contract"?  There is pretty much nothing available to buy right now, so you have to "reserve" a vehicle and wait however many months.  And this "reservation" only "costs" like $100 in some cases.  I don't know that it qualifies as a "written binding contract."  We haven't reserved anything yet, and what about all the people who have orders and were counting on the $7500 tax credit, but then their orders don't qualify as a "written binding contract" and they are above the new income caps, so they are just screwed?

(l) TRANSITION RULE.—Solely for purposes of the application of section 30D of the Internal Revenue Code 22 of 1986, in the case of a taxpayer that— (1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle ... and (2) placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act."
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