droppinloads
Member
Thanks for this - it's good info. If I had to guess the final regs will be more favorable just based on everything i've read about battery sourcing. It appears there are very few (are there any?) that qualify under the IRA as positedFor those of us who are concerned about timing of the proposed regulations for the tax credit, this is just my 2 cents - do your own research. But based on my own research and experience, I am personally confident of the following:
1. Per the statute (Inflation Reduction Act) and the IRS guidance (cited by zroger and others), the proposed regs will apply to all deliveries after the date the proposed regs are issued - which means the date they are published in the Federal Register.
BUT: the proposed regs may be different than the final regs (which would likely be retroactive, IF they are more favorable then the proposed regs), so all is not necessarily lost if the proposed regs turn out to be less favorable to EV buyers than the final regs. There will be another round of public comments before the final regs are issued - and the final regs will also need to go to OMB prior to publication in the Federal Register.
2. KEY POINT: all proposed regs (and final regs) are subject to review by the White House Office of Management and Budget, or OMB, before they are published in the Federal Register. It usually takes OMB at least a month to review - but it could be shorter (or longer) for political or other reasons. OMB lists all regulations that have been submitted to them for review by various agencies on their "dashboard." Just search for OMB dashboard on google.
The regulation we are all worried about will be submitted to OMB by Treasury, which includes the IRS.
As of today, Treasury has not submitted the proposed reg to OMB - you can click on the bar chart on the OMB dashboard to see what's pending from Treasury. Which means we should have some time - at least two weeks from the day it's submitted to OMB, and probably much more since this administration seems to want to subsidize EVs as much as possible. Until then, we get the full $7500 per the temporary guidance.
Hope this helps for folks who are worrying - but it's also one more website to obsess on!