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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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If you encounter a "This Vehicle Can Only Be Registered in Texas" restrictions then read below if you don't live in Texas but want to purchase an EV from Texas.
Background: I live in Oklahoma and I wanted to purchase a brand new model 3 that is currently in stock at Tesla Dallas Service Center but I was unable to complete my transaction. I wanted to purchase a vehicle in Texas because I didn't want to build one and wait 2-6 weeks for production and delivery, and I want to take advantage of Tesla occasionally discount (aka Price Adjustment) on pre-existing inventories. In this case my discount was a little over $2K.
Steps:
1. Complete the normal process like putting down a deposit and inputting your driver license data.
2. Tesla will not let you move forward if you don't have a Texas address. For a registration address just add a Texas address. You can borrow an address from a good friend or relatives or you can rent a USPS PO BOX or mail box at the UPS store just to get a Texas address. For me I had a vacation home on Lake Ray Hubbard so it was easy for me.
3. Complete the rest of the Tesla purchase requirements like payment, insurance, and scheduling a pick-up date.
Pick up your vehicle from Tesla. Tesla will mail you your self registration paperwork to your Texas address a few weeks later.
You can either change your address after pickup OR just wait for it to arrive to your temporary TX address. Take these documents to your state DMV office and pay the sales tax and misc vehicle registrations fees.
It is that simple and I hope it helps.
For the nerdy type here is what I learned when dealing with this situation. Read below if you are curious.
1. Tesla will refuse to waive or make an exemption to this requirement. They insist that YOU MUST register your car in Texas. I naively thought I have a little of influence because I currently own a Model Y and Tesla Solar and Power Walls. They will not ship the vehicle from the Dallas service center to your local center (in my case it is OKC).
2. The above constraints is a Tesla internal requirements. It is not based on any external requirements from the EPA, DoT, or DMVs. For example,
1. Tesla doesn't make any Texas specific vehicle for only the Texas Market. In matter of fact, all Tesla vehicle made at Austin or Fremont can be registered in all 50 states. Heck, there are reports that Tesla are importing vehicles made in Shanghai to the US market as well.
2. Any out of state residents can buy any brand new vehicles in Texas at any car dealership. I have done this before when I bought three BMWs from Houston, Dallas, and Wichita Falls. Nothing has changed. There is no new rules or laws that prohibit out of state purchases.
3. There are No EPA (emissions) or DoT (Safely) restrictions. Again, Tesla vehicles can be legally registered in all 50 states. Your DMV is not going to deny you from registering your vehicle because it was made or sold in Texas.
4. This isn't a tax reciprocity issue since Tesla doesn't collect sales Tax at time of purchase or pickup. You have to pay taxes yourself when you register your car at the DMV.
It's been like that for months now.
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Can you share the link where to find more details about PA credit
https://www.dep.pa.gov/Citizens/G...icles.aspx
For me, since my household has four people, the maximum eligible household income is $111,000 for $2000 credit. For another $1000, the maximum income allowed is $55,500. There is a table for family size and income limits. Note that this credit ends at the end of the month (June 30th). I was able to get $2000 for my ev purchase.
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