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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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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.
SURE you do
Anyway, here's the engineering explained guy debunking your OMG THE GRID nonsense fears:
https://www.youtube.com/watch?v=7dfyG6F
Basically grid growth requires relatively little greater-than-usual work over the next 10 years to make EVs work just fine.... especially since most charging happens during low-demand times overnight anyway.
If you'd like a deeper dive into why you're completely wrong about mining let me suggest this:
https://www.tesla.com/ns_videos/T...Part-3.pdf
Which points out the investment needed for mining for a sustainable energy/ev future is LOWER than the needed investment to stick with fossil fuels.... 10T over 20 years with sustainable, versus 14T for fossil fuels.
It also points out most important metals are largely recyclable- oil not so much. It also points out based on USGS estimated mineral resources there are no fundamental material constraints- and that's WITHOUT finding more reserves, which history shows us is not usually the case, we routinely find more.
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)
An ICE "catching fire" is no where near the scale of an EV catching fire. The scale is completely different to where a minor mechanical fire restricted to a component is classified as an ICE fire. EV fires are a blazing inferno. And they occur under the passenger, not the engine bay. And often when you're not driving, meaning while parked in the garage.
EVs are heavily subsidized for the narrative. Once they become significant enough, insurers, regulators, politicians, will come down hard. Much higher taxes, insurance premiums, and you can bet that'll extend to homes for precisely what I said on EV fires.
An ICE "catching fire" is no where near the scale of an EV catching fire. The scale is completely different to where a minor mechanical fire restricted to a component is classified as an ICE fire. EV fires are a blazing inferno. And they occur under the passenger, not the engine bay. And often when you're not driving, meaning while parked in the garage.
EVs are heavily subsidized for the narrative. Once they become significant enough, insurers, regulators, politicians, will come down hard. Much higher taxes, insurance premiums, and you can bet that'll extend to homes for precisely what I said on EV fires.
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Anyway, here's the engineering explained guy debunking your OMG THE GRID nonsense fears:
https://www.youtube.com/watch?v=7dfyG6F
Basically grid growth requires relatively little greater-than-usual work over the next 10 years to make EVs work just fine.... especially since most charging happens during low-demand times overnight anyway.
If you'd like a deeper dive into why you're completely wrong about mining let me suggest this:
https://www.tesla.com/ns_videos/T...Part-3.pdf
Which points out the investment needed for mining for a sustainable energy/ev future is LOWER than the needed investment to stick with fossil fuels.... 10T over 20 years with sustainable, versus 14T for fossil fuels.
It also points out most important metals are largely recyclable- oil not so much. It also points out based on USGS estimated mineral resources there are no fundamental material constraints- and that's WITHOUT finding more reserves, which history shows us is not usually the case, we routinely find more.
Grid growth. That's hilarious. We're having energy emergencies with regularity. The first controlled blackouts in the history of the Great Plains occurred a couple years ago. Reason? Not enough power generation. Texas was 4 minutes and 22 seconds from cascading blackouts that would've taken weeks to restore.
That was with EVs being a negligible part of the auto market. You do realize electrical transformers "pop" in the summer due to hot temperatures and air conditioning load, right? Of course you had no idea. So if you add load by plugging in an EV, that's going to further strain the distribution system.
So if a neighborhood with no EVs already has transformers under stress with a typical summer afternoon, why wouldn't that neighborhood have a bigger problem if 20% of the homes suddenly plugged in EVs?
Metal shortages. Go read up on auto manufacturers panicking to buy up supply streams from miners. They haven't done that since Henry Ford.
Go read up on old EVs and battery replacements. The argument today is EV range anxiety is a thing of the past. That means EV batteries are more efficient today. So they aren't making old EV batteries. So yes, it's absolutely true you showing up with a decade old EV requesting a battery, dealers have a hard time locating them because they aren't being made. It's old technology.
You can't have it both ways. You can't say battery tech has advanced while also arguing it's debunked that finding a battery for an old EV is easy. They're not being manufactured!
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