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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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For one, the car this thread is about is fine to charge to 100% every day. Says so right in the manual.
For another, Tesla at least has a buffer below 0%, and routes you to any supercharger needed to reach your destination anyway before you get there- so you have to be a raging idiot to "run out of of charge" ever.
Also running an ICE to 0% is detrimental to the car in numerous ways so you're not even right about old tech, let alone new.
I agree someone needs to own the facts but it ain't you
Unless you're driving triple digit speeds you're going to be stopping more like every 4-5 hours depending what model you're in.
And keep in mind all models are fine to charge to 100% for the occasional road trip-- you just don't do that in non-LFP ones for local driving daily.
So after say 250 miles of driving you stop for 10-15 minutes. Then you can drive another 250 miles.
15 minutes total stopping for 500 miles of travel.
How often do you drive more than 500 miles in a day?
For most folks is 0-1 times a year.
A normal human would just plan to stop at a couple of hotels with EV chargers on the way and cut out like 2/3rds of that charging.
So again you're being.... a lot less than honest... in your presentation.
.Seems to be a trend.
Model 3 has no official tow rating, Model Y is 3500 lbs.
Y has more cargo space, a larger rear opening for cargo, and is slightly higher so slightly easier to get in/out of if your mobility is a bit limited.
If you don't care about those then get the 3.
A normal human would just plan to stop at hotels with EV chargers on the way and cut out a huge portion of that charging.
So again you're being.... a lot less than honest... in your presentation.
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
• VT: $26,320 - $5000 bank of america employee ev incentive = $21,320
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On the other hand, I would be thrilled to see the full tax credit available again on the non-Performance 3, but according to the IRS, the credit is still $3,750. See here [fueleconomy.gov]. This is current as of 6/1, so unless something changed since yesterday (and there is no news supporting this), it sounds like an error.
Who drives 272 Miles daily? What are you a trucker?
You might as well just say No HDMI, I'm out
This is a car, I've many ICE cars and like most jokers out there, as soon as the dial gets slightly below 50% I'm in the gas station as if tomorrow is the zombie apocalypse.
I've been doing this for a decade and zombie apocalypse still isn't here.
Almost every driver out there does less than 100Miles a day, with many buyers here barely commuting 50Miles a day. Unlike my ICE car that needs a gas station, you can charge an EV at home so this outrage about range is just PHONY.
Same thing even goes for the LR versions. How often do you drive that range? If you plan to drive that range daily, please consider a PJ. Otherwise do what every other reasonable person does and plan your trip with stops because people have been doing that with ICE forever.
Who drives 270 miles non-stop? That's at least 5 hours non-stop? I've been doing long trips for over a decade. It is so uncommon to drive 5hrs non-stop that if that is the issue to not buy an EV then please don't buy a ICE car either.
The $7500 PLUS the $8k drop in MSRP PLUS the $2600 off for inventory makes this the absolute best car to purchase in the world hands-down not even close. I pay eight dollars to go 300 miles using electricity. At 30 miles a gallon that's $35 in fuel. Insane. Absolutely insane.
Who drives 272 Miles daily? What are you a trucker?
You might as well just say No HDMI, I'm out
This is a car, I've many ICE cars and like most jokers out there, as soon as the dial gets slightly below 50% I'm in the gas station as if tomorrow is the zombie apocalypse.
I've been doing this for a decade and zombie apocalypse still isn't here.
Almost every driver out there does less than 100Miles a day, with many buyers here barely commuting 50Miles a day. Unlike my ICE car that needs a gas station, you can charge an EV at home so this outrage about range is just PHONY.
Same thing even goes for the LR versions. How often do you drive that range? If you plan to drive that range daily, please consider a PJ. Otherwise do what every other reasonable person does and plan your trip with stops because people have been doing that with ICE forever.
Who drives 270 miles non-stop? That's at least 5 hours non-stop? I've been doing long trips for over a decade. It is so uncommon to drive 5hrs non-stop that if that is the issue to not buy an EV then please don't buy a ICE car either.
Federal EV tax credit+State Ev incentive+ Employer incentive
Exampe Tesla Model 3 RWD
• VT: $26,320 - $5000 bank of america employee ev incentive = $21,320
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