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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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1.8K Comments
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https://electrek.co/2023/06/02/te...t-model-3/
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.
Tesla needs to have new customers.
1. Tesla committed extreme high annual sales volume
2. Lower price to drive other EV or ICE competitors out of the market
On the other hand, I would be thrilled to see the full tax credit available again on the non-Performance 3, but according to the IRS, the credit is still $3,750. See here [fueleconomy.gov]. This is current as of 6/1, so unless something changed since yesterday (and there is no news supporting this), it sounds like an error.
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And Tesla has among the highest loyalty/repeat buyers in the car industry, if not the highest depending on whose survey you trust.
https://www.tesla.com/inventory/n...&range=200
https://www.tesla.com/inventory/n...&range=200
Pros:
1) Exhilarating off-the-line acceleration and incredibly smooth ride
2) Very little body roll and handles curves like a champ
3) Economical especially the base model if you are using this strictly as your daily driver and occasional day trips. It is always better to get the biggest possible battery but my SR+ RWD was no slouch when we drove cross country with it. Yes, takes longer to get to your destination as charging stops do add up, but it does open up a new world to explore and you get there better rested.
4) Supercharging network is fantastic
5) Autopilot on interstate highways is good. Anything more complicated, and you run the risk of phantom braking and the car doing very dangerous things at times. Rare, but possible.
Cons:
1) Very low. If you are above 6'2" - don't buy it. Model Y is your car if you want an EV
2) My car was "mostly" okay but it never felt like a premium vehicle for what it cost me in 2019 even after rebates for a small sedan.
3) UI used to be great, now not so much with their recent V11 release. It was so bad when it was launched that they started introducing the features back that they took away from V10.
4) Not a lot of certified body shops so if you get into an accident, prepare to be without your car for weeks. Not months anymore, but weeks.
5) NO REAR CROSS TRAFFIC ALERT. NO PROPER BLIND SPOT MONITORING.
I personally didn't go with a Model Y as it didn't feel as sporty as Model 3. The Y felt like it just gained a lot of weight without gaining any muscle mass, if you will. A powerful car, yes. Very economical (you get a real world 270-290 mile range car for $45,000) if you have home charging setup. I went with a German performance SUV for the next 3 years. And that's definitely going to not have that much resale value, but, I decided to wait for my next EV for a bit hoping for a complete redesign of Model Y or another manufacturer coming up with an affordable 350 mile real world range EV.
Lastly, I'd say that Tesla is the best "EV" you can buy. But it is not the best "car" you can buy today even for $32000. So, if you are going EV, absolutely buy Tesla, you will be quite happy you did. But if you are thinking about buying Tesla as a car (and you don't mind paying for gasoline), absolutely stay away from Tesla because there are way better options out there.
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