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To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
Federal EV Tax Credit is not refundable, which means one must have federal tax due to take advantage of it. If the tax due is less than the credit amount, one can only claim the credit up to the amount of the tax due.
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Here's how cheap you can get a new Model 3 RWD right now (including fed & local EV incentives):
• VT: $26,320
• MA: $26,830
• PA: $27,330
• MD: $27,330 - Delivered after July 1, 2023 https://marylandev.org/maryland-ev-tax-credit
• RI: $27,820
• DE: $27,820
• NY: $28,320
• CA: $28,330
• CO: $28,330
• CT: $29,030
• ME: $29,320
on top of above info federal, state and local incentive info that i posted , some employers are also providing ev incentive like exaple bank of america employees gets $5k incentive , in this case the best case scenario is like below
example scenario
• VT: $26,320 - $5000 bank of america employee ev incentive = $21,320
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CA CLEAN VEHICLE REBATE PROGRAM
$2K is available if your household makes <$200k.
There is an increased rebate of $7500 ($5500 on top of the $2k) available if you fall below income caps based on your household size.
Family of 4 max is $111k, Family of 6 is $149k.
This comes in the form of a check in 2-3 months. https://cleanvehiclereb
This is separate from the CARB Clean Vehicle Grants described below the dashes. It is possible to qualify for both, but the timing is different.
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And California residents that live in a disadvantage community (DAC) https://cleanvehiclegra
Disadvantaged communities are determined using CalEnviroScreen (https://oehha.ca.gov/calenviroscr...
here's the DAC map: https://oehha.ca.gov/calenviroscreen/sb535
And receive an Approval Letter through email.
You must receive an Approval Letter BEFORE you purchase a vehicle. We do not offer rebates and you cannot redeem a grant if you have purchased a vehicle before being approved.
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Top Comments
https://www.tesla.com/model3/design
Deal is even sweeter if you live in a state with additional credits:
VT: $26,320
MA: $26,830
PA: $27,330
RI: $27,820
DE: $27,820
NY: $28,320
CA: $28,330
CO: $28,330
CT: $29,030
ME: $29,320
Full tax credit details below, but the following income limits apply:
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
https://www.irs.gov/credits-deduc...3-or-after
Withholding is totally irrelevant to qualifying for the credit.
If you're unclear on this go read a 1040.
The part where you compute tax liability is lines 16 through 24.
THAT is where the $7500 EV credit comes off.
Your withholdings aren't even looked at until after that on line 25+
This is also not correct.
The Child Tax Credit is worth a maximum of $2,000 per qualifying child. Up to $1,600 is refundable for the 2023 tax year.
Refundable credits are computed AFTER non-refundable ones-- so the CTC is only "worth" $400 off your tax burden for these purposes- the $1600 left is refundable.
Thus if you had say $7900 in tax burden and one CTC and one EV credit, your tax burden would go to $0 and you'd get a full refund of the $1600 refundable part of the CTC
Source:
https://www.nerdwallet.
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All Tesla needs to do is allow lease buyout and incentivize tax credit for leases.
Tesla is losing sales by not being on this list https://leasehackr.com/blog/2023/...-on-leases
All Tesla needs to do is allow lease buyout and incentivize tax credit for leases.
Tesla is losing sales by not being on this list https://leasehackr.com/blog/2023/...-on-leases [leasehackr.com]
All Tesla needs to do is allow lease buyout and incentivize tax credit for leases.
Tesla is losing sales by not being on this list https://leasehackr.com/blog/2023/...-on-leases
Tesla has never allowed end-of-lease purchase for these cars, and don't even allow is for the S/X anymore either. Lease returns make up a large % of their used car sales business.
Also worth noting from your link:
So basically some car makers claim they are willing to pass on the $7500 savings, then mark up the OTHER terms of the lease to effectively pocket the $7500 themselves anyway
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I haven't seen $7500 mentioned by them.
I certainly won't take elon's word.
Other than that he could be a doctor or heck even a popular influencer with a successful business, practice but no strong math skills. Also Covid earned income is skewed and inflated . Lots of ppl had 2 or 3 remote jobs , lots of ppl received Covid relief business funds. Why do you think we have inflation
Also worth noting from your link:
So basically some car makers claim they are willing to pass on the $7500 savings, then mark up the OTHER terms of the lease to effectively pocket the $7500 themselves anyway
Are you saying every dealer every lease will mark up $7,500? That is ridiculous. Many people have had good deals. Obviously you need to understand what you are doing when leasing car with intent of immediate buyback.
Anyway, to restate my point. I would have bought another Tesla at this price point but will not even consider it because my income is too high to qualify for tax credits.
I am only considering lease buyout deals with $7,500 capital reduction baked in, for example Hyundai Ioniq.
Lost sale for Tesla.
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1: Destination fees are common when purchasing any car.
2: Last time I checked, gas pumps aren't included to be installed in your driveway when purchasing an ICE vehicle.
While it's nice to have charging equipment included, it's really a drop in the bucket compared to the overall purchase. At lease you can buy one from anywhere else and use the included J1772 to Tesla/NACS adapter. Not forced to buy from Tesla.
3: The order fee goes towards the purchase price. So it's not an additional cost unless you decide to back out.
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