@Chris58 That's interesting and might be true. Do you have any citation or know anyone who's gone thru this (maybe tried to claim state and local credits and failed) or are you speculating?The only flaw in your line of thinking is that under a swap with GM, you're not actually buying the new 2022 from GM, (they don't sell cars to individuals). They are simply replacing your lemon car.
The fact that GM will pay any and all government taxes and fees due on the transaction is evidence that to the extent this swap is considered a taxable sale, GM is the buyer, (who would get any tax credit available). Think in terms of anyone who leased a Bolt when tax credits were still available under the current law. The tax credit went to GM Financial, (the actual entity that "Bought" the car from the franchise dealer, and then rented it to the lessee).
IMHO, the only way to avail yourself of any new tax credit in the event such credits become law, is to go straight cash buyback, (and then buy a new 2022 from a dealer when available).
Anyone who's successfully done a Swap, I'd love to see how the sales contract reads. I think that would tell a lot.