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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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If I'm in a standard range and leaving after breakfast I'd probably do this:
Drive about 4ish hours (~250 miles) then stop at a supercharger and grab lunch.... car will be fully charged by the time I'm done eating (possibly sooner).
Then I'd drive another ~250 miles and crash in a hotel with an EV charger.
Next day I'd get up and do the same thing again---- adding a non-lunch supercharger stop for about 10 minutes to get a drink/use the restroom.
That should be plenty to get me 1077 miles down the road with 1 night in a hotel, and a total of 10-15 minutes total spent on charging that I wouldn't otherwise have spent sitting down to lunch anyway.
Assuming you take that same 10-15 minute stop at a gas station for drinks and restrooms it's.... exactly the same amount of time as a gas car.
Except the drive is massively nicer thanks to autopilot.
The only extra work is insuring you stop at a hotel for the one night with an EV charger, but those are pretty common now... and especially driving on the east coast would be trivial.
Even "as a couple" I'd never drive 16 hours straight- that sounds hideous....
If you want to travel almost 1100 miles and never stop just get on an airplane.
NYC to Orlando is 3 hour flight. Why drive 16 hours straight?
Both of these are 100% wrong. As explained repeatedly, in detail, multiple times throughout the thread.
Again- your withholding has absolutely nothing to do with qualifying for the credit, nor how much of the credit you can use.
I placed an order for tesla now and during the process, it asked for my insurance policy. Since currently I was using Progressive, so I uploaded the screen shot in the app.
So does it mean, my new tesla will be on progressive insurance ? or Should I talk to my insurance provider to add this new car to my insurance before I take the delivery?
( I am interested to go with tesla insurance, but when should I start this process ? now or just before the taking the car delivery).
I placed an order for tesla now and during the process, it asked for my insurance policy. Since currently I was using Progressive, so I uploaded the screen shot in the app.
So does it mean, my new tesla will be on progressive insurance ? or Should I talk to my insurance provider to add this new car to my insurance before I take the delivery?
( I am interested to go with tesla insurance, but when should I start this process ? now or just before the taking the car delivery).
They're going to want proof the actual Tesla is insured before selling it to you.
I placed an order for tesla now and during the process, it asked for my insurance policy. Since currently I was using Progressive, so I uploaded the screen shot in the app.
So does it mean, my new tesla will be on progressive insurance ? or Should I talk to my insurance provider to add this new car to my insurance before I take the delivery?
( I am interested to go with tesla insurance, but when should I start this process ? now or just before the taking the car delivery).
I placed an order for tesla now and during the process, it asked for my insurance policy. Since currently I was using Progressive, so I uploaded the screen shot in the app.
So does it mean, my new tesla will be on progressive insurance ? or Should I talk to my insurance provider to add this new car to my insurance before I take the delivery?
( I am interested to go with tesla insurance, but when should I start this process ? now or just before the taking the car delivery).
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They can't make them any faster, so a dramatic boost in sales would just cause huge backorders.
That's why they spent much of the pandemic RAISING prices- the order backlog was getting too large.
Even today after expanding production significantly and cutting prices back down AND the full tax credit they've only got like 15 days of inventory.... versus the average in the car industry of 60 days..... and whenever they do decide to pull the trigger on a refresh of the 3 they're gonna need the couple weeks of inventory to not run out of stock while they retool the production lines and get them back up to full output.
Do you get a tax credit or not?
Tesla's does have NY showrooms where you can see the cars and test drive, etc. but to purchase, you need to order online.
NY is more than happy to tax the sale though, don't worry about that. It's just that the state govt is much beholden to the dealership model and it's lobbyists who don't want some no-name fly-by-night company like Tesla coming in and clearing up the smog the have worked so hard to establish.
I have seen some articles that imply that Teslas may be starting to learn how to 'play ball' in NY, so maybe the NY tax rebate will soon be available again for Teslas. However, if you have a job that allows you be able to afford to live comfortably and honestly on Long Island, you won't be within the income limits for the state or federal rebates anyway.
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Tesla's does have NY showrooms where you can see the cars and test drive, etc. but to purchase, you need to order online.
NY is more than happy to tax the sale though, don't worry about that. It's just that the state govt is much beholden to the dealership model and it's lobbyists who don't want some no-name fly-by-night company like Tesla coming in and clearing up the smog the have worked so hard to establish.
Rivian told you that because rivian had no car to sell you right then and didnt want you to buy a tesla. You fell for it hook line and sinker.
Stop listening to car companies that take 1 year to make what tesla makes on one week.
edit: you edited to clarify you meant the state rebate i guess? still kinda hard to tell. NY is pretty corrupt, its a state built on real estate and wall street and some entertainment, thats it, the big 3 greased some corrupt politicians palms and made it so tesla cant get the $2000 state rebate. Social mobility there is nowhere close to california.
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