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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):
ā¢ VT: $26,320
ā¢ MA: $26,830
ā¢ PA: $27,330
ā¢ MD: $27,330 - Delivered after July 1, 2023 https://marylandev.org/maryland-ev-tax-credit
ā¢ RI: $27,820
ā¢ DE: $27,820
ā¢ NY: $28,320
ā¢ CA: $28,330
ā¢ CO: $28,330
ā¢ CT: $29,030
ā¢ 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
ā¢ 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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After that, the packs can be recycled or used for home storage. They usually get their stated range as long as you don't drive 75+ on the highway and most get more than stated in city driving. The only real climate related hits you see is VERY cold winter temps can decrease range by about 20% max.
So, since the average American drives 40 miles/day, even with a range hit in winter and/or fast highway speeds, most will have multiples of what they need, before literally fueling up in their garage while they sleep.
You will have sales tax and destination fee also added, like any other car. If I look at the amount I needed to finance I see a line item "Payments Received" and Order Deposit -$250 but I really did not think it was supposed to reduce the amount I needed to finance. You probably will also want to get either a mobile charger or a wall charger. for $230 or $425
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An ICE "catching fire" is no where near the scale of an EV catching fire
.....And often when you're not driving, meaning while parked in the garage.
I guess you missed the previous post we covered this where you tried to FUD up the thread claiming gas cars only catch on fire when running, not parked in your garage and it got heavily debunked--- quick reminder of that:
MEANWHILE BACK IN REALITY
https://www.caranddrive
Spoiler- those are gasoline cars- not EVs.
Maybe next time wait more than 2 pages to repeat your debunked nonsense?
The fact you keep repeating the debunked stuff tells us either you didn't actually watch or- or you didn't understand it.
Which was it?
Why would he know it's for a Tesla?
Just tell him you want a 240v 14-50 outlet for a welder you're buying and want a quote. Do that from say 3 well rated electricians, then pick one.
Or, if you only typically drive as much as the average american- just use the free 120v plug you already have- that'll put back the avg. americans daily miles overnight just fine.
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.
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
If you encounter a "This Vehicle Can Only Be Registered in Texas" restrictions then read below if you don't live in Texas but want to purchase an EV from Texas.
Or, if you only typically drive as much as the average american- just use the free 120v plug you already have- that'll put back the avg. americans daily miles overnight just fine.
Why?
The mobile charger is roughly half the price, works just as well for 99% of situations, AND you can take it with you on a road trip unlike the wall charger and even swap out the plug end so it'll work in other sockets in other locations.
Plus you won't need to pay an electrician to remove it when you move either.
Typically the only use case that makes any sense to get the wall charger instead is if you're getting it with tesla solar and powerwalls and want the app integration the wall charger gets you with those--- but in that case you've ALREADY got an electrician doing a bunch of work for you anyway.
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