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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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It's okay though, large copper mines are only in a handful of countries. Oil is everywhere. It takes 20 years to bring a mine online. We can add oil drill rigs within weeks. The EV Revolution isn't going to happen; there's not enough metal. The grid can't support it. You got multi-year backlogs for electrical transformers.
And then you have the issue with battery technology. So many EVs purchased years ago have batteries no longer produced. So you need $20k or more just to get a battery special ordered.
How'd you pay 12k more for a base model 3 in April?
Price on April 5th was $42,990.
Price on April 18th was $39,990.
Full tax credit was available on both dates.
Current price before full tax credit is $40,240.
I did receive a "gift" car, when we moved here, and in order to not have to pay taxes when I registered it, I had to provide proof that taxes were paid for the vehicle at some point in its history. This meant asking my brother for his receipt/proof of tax payment when he originally purchased. If I could not provide this, I would have had to pay the sales tax on some pre-determined value for the Year/Make/Model.
My understanding also, is that this also means, even if you went to Oregon (no sales tax) to purchase, when you register the car in WA, you have to pay taxes on your purchase price (according to the DMV at the time I was registering)
This is like a Greatest Hits Of Already Debunked FUD
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An EV will absolutely push you into the next tier or two, resulting in $15-30 or more per month in additional fixed charges. As utilities have to upgrade and replace transformers to sustain all this new load, you can bet those fixed fees will be going much higher on high usage tiers, who will be EV owners.
Rest assured states/counties will only hike the registration fees as well to recoup tax dollars not realized at the gas pump.
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That being said I'd only get an LFP battery model because lower risk of fire, lower thermal runaway risk and no issues charging to 100% all the time
An EV will absolutely push you into the next tier or two, resulting in $15-30 or more per month in additional fixed charges. As utilities have to upgrade and replace transformers to sustain all this new load, you can bet those fixed fees will be going much higher on high usage tiers, who will be EV owners.
Rest assured states/counties will only hike the registration fees as well to recoup tax dollars not realized at the gas pump.
Maybe read the actual words I wrote next time?
MEANWHILE BACK IN REALITY
https://www.caranddrive
In fact the story notes 100% of fires from this issue so far have been while the car was parked and off.
Spoiler- those are gasoline cars- not EVs.
https://www.thedrive.co
All of the >half million cars run on gasoline.
FACT: Gas cars catch on fire massively more often than EVs.
EV fires are in fact quite rare.
It's a nonsense FUD thing from anti-ev people.
Not entirely sure I'm clear on your question?
Leasing companies can get the credit because the law explicitly makes an exception to the income limits for qualified leasing and for businesses.
(In theory you can ALSO get around the income limit if you have your own registered business and the business buys the car- but that's significantly more complex- speak to a CPA if you want to look into that route)
Sure ICE fires might be more frequent (on a total number of cars basis) but they are also a lot easier to extinguish.
So nuclear weapon use is statistically extremely low chance if happening, yet we worry about it because of the impact of even a single nuclear exchange
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