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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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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.
1,792 Comments
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However, as someone else mentioned, I am not very happy with their bait and switch tactics regarding their hands free driving fee increasing from $200 to $800 even for current owners. Would have hoped they would at least grandfather current owners into the $200 rate...
At the end of the day, with the current price cuts by Tesla, I'd say the car is probably priced at a good point in terms of price to fit and finish quality vs the Mach-E however.
Wasn't it Elon Musk that got on stage in early 2019 and told the world that vehicles with the expensive FSD package ($7,000 at the time, $15,000 today) would be usable as robotaxis by 2020 that would earn their owners $30k per year? He suggested there'd by a million robotaxis on the road in 2020, and that a person would have to be insane to buy any vehicle other than a Tesla (+ FSD).
Elon Musk confidently gave a timeline, and now 2.5 years beyond that timeline, FSD and robotaxis are still a long ways away.
How about the Semi, which Musk got on stage in November 2017 and announced that depositors ($5k, but was raised to $20k) would get their trucks by 2019. They just finally shipped a small handful at the end of 2022.
How about the Roadster, where in that same November 2017 stage show, Musk confidently stated that depositors ($50k - $250k) would get their cars in 2020.
How about all of the youtube creators and EV news site owners / editors who worked their butts off to promote Tesla ("unbiased" journalism...
More than likely, Tesla did get access to the full $7500 tax credit on the model 3 ($3750 more than what they were getting previously) because they're struggling to sell cars, resulting in the treasury bailing them out... again... with a new delay in battery sourcing requirements.
As many here may not realize, battery sourcing requirements were supposed to go into effect on January 1st, but the Treasury delayed it through April 18th... 3.5 months late, during which Tesla pulled in over $200 million extra in tax credits over that period. (by maintaining higher MSRPs on the model 3 RWD) Without that delay, Tesla would have needed to cut prices further, and likely would have lost out on sales, resulting in a pretty terrible quarter... not that their Q1 was all that great even with the bailouts.
However, as someone else mentioned, I am not very happy with their bait and switch tactics regarding their hands free driving fee increasing from $200 to $800 even for current owners. Would have hoped they would at least grandfather current owners into the $200 rate...
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Mach-E is slower by .5sec, 20ish less miles capacity.
M3 has glass top, auto folding mirrors, all heated seats/wheel, complete super charger network (ford moving to tesla connector in 2025).
I'm sure there is more but the base tesla options are at least 2-3 trims up the other automakers
Mache is the way to go over base m3
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Still, with the recent price drop, great price for those still wants a Tesla.
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