Rivian Provides Information on IRS Guidance for Electric Vehicle Tax Credits

Electric vehicles are becoming increasingly popular as more people look for ways to reduce their carbon footprint. As part of this trend, many electric vehicle (EV) manufacturers are offering tax credits to incentivize buyers. One of the most prominent EV manufacturers, Rivian, recently released information on the Internal Revenue Service’s (IRS) guidance for electric vehicle tax credits.

The IRS offers a tax credit of up to $7,500 for the purchase of a new electric vehicle. This credit applies to vehicles purchased after December 31, 2009 and is available for the first 200,000 vehicles sold by each manufacturer. Rivian has now reached this threshold, meaning that buyers of their vehicles will no longer be eligible for the full $7,500 credit.

However, Rivian has provided guidance on how buyers can still receive some of the credit. Buyers who purchase a Rivian vehicle before September 30, 2021 will be eligible for a reduced credit of up to $2,500. This credit will be available for the first 25,000 vehicles sold by Rivian.

Rivian has also provided information on how buyers can claim the credit. Buyers must complete IRS Form 8936 and submit it with their tax return. The form must include information about the vehicle purchased and proof of purchase. Rivian has also provided a list of documents that buyers may need to provide in order to claim the credit.

Rivian’s information on the IRS guidance for electric vehicle tax credits is an important resource for buyers who are considering purchasing one of their vehicles. By providing this information, Rivian is helping buyers understand their options and make informed decisions about their purchase.

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