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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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During the pandemic, it was maybe 50+ cars at most. Recently, I drove past it and it's like 500+ total new Teslas in that lot. Not sure if that's a good or bad thing.
Tesla produced about 500k vehicles in the 2020 pandemic year. In 2023 they're expected to produce nearly 2 million. So it's not really indicative of much that holding lots have more cars in em.
Company wide their inventory remains at roughly 2 weeks or less of production.... the average for all car makers is 60 days of inventory, and nobody besides Tesla has an inventory under about 30 days.
FYI the full rebate change is retroactive, you'll get the whole $7500 assuming you otherwise qualify for it income wise.
Unfortunately you got it wrong too.
Total tax is line 24. Which includes refundable credits that come AFTER the EV credit.
You want to look at line 18, which is BEFORE you do refundable credits. That's the # that needs to be $7500 to get the full value of this credit. (Or higher, if you have any OTHER non-refundable credits)
Probably you'll be fine most of the time unless you also drive this much on weekends (or you're only home 8 hours a day or something). At worst you might need to make a 5-10 minute stop at a supercharger once a week or something if you drive a lot on weekends.
Really cold weather can reduce range 20-30% so bear that in mind if it's relevant to where you're going.
Is it at least $7500?
Is your MAGI less than 150 single or 300k filing jointly?
Then you get the full $7500.
They aren't, as has been explained like 10 times now.
A non-refundable tax credit means the person buying the car gets to keep more of their own money. They don't get any of YOUR money.
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A normal 120v/15A plug will add roughly 3-4 miles per hour of range. So you'd need to be plugged in 12-16 hours to roughly break even on 50 miles a day of driving. If you happen to have a 120v/20A plug it'd be somewhat faster than that. If you have a 240v plug for a dryer or a stove you could buy a thing that lets you share that (so just don't dry while charging, and presumably you don't bake overnight) and you'd be able to fully charge the car from your 50 miles of driving EASILY in just 2-3 hours.
Probably you'll be fine most of the time unless you also drive this much on weekends (or you're only home 8 hours a day or something). At worst you might need to make a 5-10 minute stop at a supercharger once a week or something if you drive a lot on weekends.
I think at this point I just need to get my insurance to provide me a quote. Looked through all the rebate paperwork and I should be good for both the 7.5k fed and 2k state, so this beats every other commuter car option I can see. Thanks for the info!
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