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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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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!
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
A trivial ICE fire is classified as an ICE fire. Most ICE fires are contained to one part of the car. Every EV fire engulfs the car.
These people don't seem to appreciate scale. An EV fire cannot be stopped. An ICE fire you see smoke, stop the car, and get everyone out and it's still smoking. An EV fire, if you have kids to unbuckle, will be entirely engulfed in flames within seconds.
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?
Headlines over the next decade will be routine. Production halted due to lack of metals.
Mining bottlenecks don't get resolved quickly. You can't just open a new mine. And most mines are in remote mountains; can only be accessed seasonally.
Oil scarcity is solved quickly. You can add new rigs and within weeks you have production increase. A mine doesn't work that way.
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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!
Hey now. You know you are introducing way too much reality here for the Tesla fanbois
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