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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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https://www.msn.com/en-us/autos/news/tesla-model-3-price-slashed-in-half-thanks-to-incentives-just-1... [msn.com]
For example, after the credits and 30k miles on it, will I at least breakeven when I resell or trade in?
The car market has been totally out of whack for the last few years so that has to unwind. With interest rates high, used prices may come back down. Resale will still be far better than the equivalent gas car as EVs are more desirable and you save on gas.
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Nope.
You can sell it the day after you buy it if you want.
The "catch" is you can't buy it with the INTENT to resell it.
But you can always say "Naah, drove it home and hated it, so sold it the next day"
Some STATE tax credits have specific days of holding periods, but the fed credit does not.
I can't see the recall for the steering wheel falling off because there isn't one.
There's been 2 reports of a missing retaining bolt- out of the >4 million cars Tesla has built.
Maybe you were thinking of Toyota- who DID have to issue an actual recall-- of every BEV they had ever made because the literal wheels would fall off
https://electrek.co/2022/06/23/to...lling-off/
https://www.msn.com/en-us/autos/news/tesla-model-3-price-slashed-in-half-thanks-to-incentives-just-1... [msn.com]
Note this requires stacking 3 different rebates, each with wildly different requirements-- the # of people who qualify for full value of all them them is likely to be.....perhaps not 0, but close to it.... Still, if you're in that tiny group- awesome deal.
I've cited line 18 numerous times in the thread.
Elon musk has made supply chain their thing, just like Tim cook did at apple. Fortunately people usually have their iphone in their pocket, so you dont notice how we all have the same phone.
If porsche had the short interest that tesla did you wouldnt see so many diff colors for their cars either (porsche shares would actually collapse immediately lol, theres only so many dentists in the world)
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
Sign up for a Slickdeals account to remove this ad.
Join The Conversation
Share your experience with the Slickdeals community
Share information with the community. Please follow our Community Guidelines and be kind!