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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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In CA, the price would be about $24,230 for me since I qualify for both the Fed EV for $7.5k and the CA CVRP also $7.5k.
Factor in $9k that I can get by selling my paid off POS Prius and I'm looking at around $18k after taxes for a brand new Tesla!
Hard to beat!
leases work well when you need to find ways tos upport establishments full of community college dropouts called "car dealerships", but when you dont have to do that then its obvious why Tesla rather their customers outright buy the cars.
No taking the car back, inspecting it, and listing it at a dealer.
In CA, the price would be about $24,230 for me since I qualify for both the Fed EV for $7.5k and the CA CVRP also $7.5k.
Factor in $9k that I can get by selling my paid off POS Prius and I'm looking at around $18k after taxes for a brand new Tesla!
Hard to beat!
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 only i guess? still kinda hard to tell. NY is pretty corrupt still, the big 3 greased some palms and made it so tesla cant get the $2000 state rebate because NY is largely a state built around real estate empires and entertainment empires. Social mobility there is nowhere close to california.
You are partially correct though because if you can afford to make an honest living in some parts of NY (Long Island or NYC) and still buy a Tesla, then you almost certainly exceed the income limits for the federal rebate as well.
Also, Rivian does have the trucks available as long as you put the $1000 deposit in early enough like I did. They are in a yard in Brooklyn with people taking delivery every day.
You are partially correct though because if you can afford to make an honest living in some parts of NY (Long Island or NYC) and still buy a Tesla, then you almost certainly exceed the income limits for the federal rebate as well.
Also, Rivian does have the trucks available as long as you put the $1000 deposit in early enough like I did. They are in a yard in Brooklyn with people taking delivery every day.
Tesla Motors New York LLC MT Kisco
Tesla Motors New York LLC Brooklyn
Tesla Motors NY LLC New York
Tesla Motors New York LLC MT Kisco
Tesla Motors New York LLC Brooklyn
Tesla Motors NY LLC New York
So, for all intents and purposes, your REAL range when compared to an ICE is perhaps 60-70%. This site [autocraftbodywerks.com] says charging limits are 20%-90%. So, if the stated range is 350 miles, well no, it's really more like 250 unless you want your battery to lose capacity faster.
And the whole road trip and stopping? Please just own the fact that an EV takes long to "refuel" (just to use a term analogous to ICE) and stop making excuses. Yes everyone needs to stop and stretch, but not every hour or every 2 hours.
Let's say we're taking a drive from NYC to Orlando. Tesla says that will take 20 hours in a M3 LR. 210 minutes of that, 3.5 hours, is simply charging, 6 stops. That 20 hour number also includes spending time driving to a charger and assumes it's working and readily available, which basically isn't a concern with gas stations regardless of time of night, especially around highways.
Google Maps basically agrees with the ~ 16.5 hour drive time for that ~ 1100 miles. If you were in an ICE that had a 400 mile range (my SUV is more like 450 and it gets 29mpg, a newer sedan could probably get 40mpg+ and have a comparable range), that means you'd only have to stop twice the entire route. Gas stations are far more plentiful and far more likely to not be out of your way. To fill up? Probably less than 10 minutes each time.
1. You lose 25% more when it's cold, 25% when it's hot.
2. You lose 25% when you go uphill
3. You lose 25% when driving fast.
4. You lose 25% carrying a passenger with luggage
Thus, the real range when you factor in all of these things, the range is -100 miles per charge.
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I make about $90k on the fight end so I just barely made the cut!
Also all these posts about the tax credit are getting old and annoying. The credit doesn't apply to anyone who actually pays a large amount of tax? The F?
1. You lose 25% more when it's cold, 25% when it's hot.
2. You lose 25% when you go uphill
3. You lose 25% when driving fast.
4. You lose 25% carrying a passenger with luggage
Thus, the real range when you factor in all of these things, the range is -100 miles per charge.
You lose 100% of that in a gas car. it turns into f**king heat in a brake pad
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