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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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I haven't seen $7500 mentioned by them.
I certainly won't take elon's word.
1100 mile trip - drive 260 miles from garage = 840 miles
(+)10 min idle/100mile charge -> drive 100 miles = 740 miles
lunch/200 mile charge -> drive 200 miles = 540 miles
(+)10min idle/100miile charge -> drive 100 miles = 440 miles
0 mins dinner/200 mile -> drive 200 miles = 240 miles
(+)10min idle/100miile charge -> drive 100 miles = 140 miles
(+)15 min idle/150 mile charge -> drive 140 miles = get to hotel and charge there
10 + 10 + 10 + 15 = 45 min - you say 10 mins to fill up at a gas station twice (2x10min) = 25 mins more to drive a tesla 1100 miles
save about $100-$150 in gas. Even if i had to spend an extra hour driving the tesla i would make $150 profit doing so, and my long drives with autopilot to LA have been amazing. I would pay extra for that feature alone.
basic middle school math here. Tesla does this math for you in the ipad on the dash, they even thought of the math illiterate folks
*only a certain % of battery is charged.
You leave that all out. You do that because naive people will see "100 miles in 10 minutes" and assume that you can "fill up" 300 miles in 30. You can't. Why? Bad for the battery.
And for saving money? Let's say a M3 gets about 3.5 miles per kWh [insideevs.com]. How much are you paying for supercharging? If you're paying $0.25/kwh at a supercharger [leafscore.com], you're paying just over 7 cents per mile to drive. Meanwhile a 40 mpg ICE paying $3.50 for gas (right now I can get gas for $3.15 and I live in CT) is paying about 8.9 cents/mile. 1100 miles * 1.8 cpm is a whopping $20. Even if you only get 35mpg, that cost difference only goes up to $32.
Better yet let's use AAA gas cost calculator [aaa.com] which actually uses gas prices along the way. 40mpg ~ $100. 35mpg ~ $114. Your M3, assuming $0.25/kwh, around $79. Amazing how well that agrees with my simple math above.
As for your time estimate? I literally used the Tesla route planner. I would trust their estimates more than your "100 miles in 10 minutes" nonsense; your "it only takes 25 more minutes do drive a Tesla 1100 miles" is just patently false.
But how much do you value your time? Again, just stop making excuses and own the facts. You simply can't argue under any circumstances that charging an EV on a mileage basis is faster than a comparable ICE.
https://www.autobodynew
*only a certain % of battery is charged.
You leave that all out. You do that because naive people will see "100 miles in 10 minutes" and assume that you can "fill up" 300 miles in 30. You can't. Why? Bad for the battery.
Your repeated ignorance of how batteries work keeps getting in your way of understanding why you're so wrong about EVs. Despite having been corrected on it many many times, going back years now.
Stopping for 10 minutes twice adds more charge than stopping once for 30 minutes.
That's, again, user error.
I already explained how to do the trip with barely ANY extra time vs a gas car over 2 days instead of 1 by simply sleeping at a hotel with an EV charger overnight once.
if you go by time spent -all year- fueling you certainly can, since it's 10 seconds a day for me at my house, versus 10 minutes for you at a gas station every week the 99% of the year you're NOT doing the cannonball run.
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https://www.autobodynew
it's that cheap right now if you're in the very very narrow band of people who can qualify for both the full federal tax credit and the full low income California one (and even lower if you ALSO live in a specific place in CA with another credit available)- but that's gonna be like 3 people.
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.
it's that cheap right now if you're in the very very narrow band of people who can qualify for both the full federal tax credit and the full low income California one (and even lower if you ALSO live in a specific place in CA with another credit available)- but that's gonna be like 3 people.
Ah...probably never then.
There'll be a different, cheaper, model, that'll be in that range- but production not expected to start any earlier than very late 2024, and likely not mass production till 2025.
One could argue it's more a workaround for VW to deal with nobody wanting to buy the car at retail price.
Tesla already has plenty of sales without needing to resort to that.
$37830
-$7500 federal
-$5000 co state ev rebate (starting July 1) (https://evco.colorado.g
-$5500 xcel energy rebate (https://ev.xcelenergy.c
$19830 for a BRAND NEW TESLA!!!!
I hope this price holds till July 1
EDIT: DEAL NOT APPROVED
EV not a deal.
From the office of oakraiders510
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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!
In CA, there is also...(another $10,000 to $12,000 rebate IF you qualify)
Clean Cars 4 All: Up to $12,000 The CC4A program is operated by local air districts in the Sacramento, Bay Area, San Joaquin Valley, San Diego and South Coast regions. It offers financial incentives to low-income households to retire older, polluting vehicles and purchase zero-emission cars. Households at or below 300% of the federal poverty level ($40,770 for a single person or $83,250 for a family of four) can receive $10,000 in vouchers for a new vehicle. Those at 225% could receive $12,000 from the program. Some Californians can qualify for both CC4A and California's Clean Vehicle Rebate Program. Look here to see how your household income measures up to the federal poverty level.
Read more at: https://www.sacbee.com/news/polit...rylink=
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