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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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Go look at carvana and in california a 5 year old accord with no warranty and 50k miles will sell for $30,000 all day long. The prices here should be illegal. its pure scalping.
Trust me, I watched a YouTube of an engineer who said everything's been debunked.
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I consulted an engineer on YouTube who said this will be fine.
1 year ago was $7 full charge
This year is $17 full charge
Next year?
Trust me, I watched a YouTube of an engineer who said everything's been debunked.
i charge my ev when im not using it at night when baseload power plants are running and literally just discharging energy into thin air because no one is using it.
1 year ago was $7 full charge
This year is $17 full charge
Next year?
1. Apple 2.86 trillion market cap
2. microsoft 2.49 trillion market cap
3. Saudi Aramco 2.04 trillion market cap
The executives there raise the oil price as much as possible year after year, they see the writing on the wall, there will be an inflection point where everyone is going to not be able to afford their gas guzzler SUVs/Trucks, and americans will be scrambling to buy EVs because they cant afford to drive to work anymore. The people stuck with gas cars for whatever reason will be bled dry by saudi aramco.
i charge my ev when im not using it. when im asleep. what a crazy concept.
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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?
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