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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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There's actually several ways it's possible.
One of them is you can shift your credits around in time
§ 1.30D–3(a)(3)(iv) would provide that a qualified manufacturer may determine qualifying critical mineral content based on the value of the applicable critical minerals actually contained in the battery of a specific vehicle. Alternatively, for purposes of calculating the qualifying critical mineral content for batteries in a group of vehicles, a qualified manufacturer could average the qualifying critical mineral content calculation over a limited period of time (for example, a year, quarter, or month) with respect to vehicles from the same model line, plant, class, or some combination of thereof, with final assembly (as defined in section 30D(d)(5) of the Code and proposed § 1.30D–2(b)) within North America.
There's a couple different ways Tesla could be using that to allow for $7500 full credit here, retroactive to the April 18th date.
One way is they intend to change those cars to non-china batteries soon-- in which case they can shift the years credits around to provide this several-months window where the cars with Chinese ones qualify and after that they qualify via US batteries.
The fact they recently began importing Chinese built cars into Canada suggests they are, indeed, freeing up extra supply of US batteries for SOMETHING after all- could easily be that- insuring all US made cells go into US sold cars to max credit availability.
Im sure his great grandfather insisted that getting gas for cars would never work. he has a whole barn full of 100lbs of hay for his horse.. why would he ever get a gas car where he has to go to a gas station?
why would i plug my car in at night and use cheap electricity when i can instead just drive an extra 10 mins out of my way every week trying to find the cheapest gas stations?
https://electrek.co/2022/06/07/ov...r-compare/
just like there are so many Electrify America that works 50% of the time :-)
Tesla pushes out OTA software updates every few weeks and keeps improving the car. It's the same as Apple.
Im sure his great grandfather insisted that getting gas for cars would never work. he has a whole barn full of 100lbs of hay for his horse.. why would he ever get a gas car where he has to go to a gas station?
why would i plug my car in at night and use cheap electricity when i can instead just drive an extra 10 mins out of my way every week trying to find the cheapest gas stations?
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Why am I subsidizing people who potentially: a) have no financial business buying a brand new car or b) people who can kite their income to fall below $150k on paper
And now they're discussing electric bills being income based--its a little crazy.
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Motor rated for 1 million miles
NCA or NMA pack for a 78 kilowatts has a 3000 charge cycle. 3000 x 300 (miles per cycle) close to 900,000 miles
Not sure about LFP.
Not sure about standard range pack. Those are 50 kilowatts pack.
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