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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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Dumb law, but car dealers pay good money buying state legislators to ensure it stays that way.
Telsa has dealers in Texas. Why are you making things up
State passes a new law that will require electric car owners to pay $200 every year.
https://www.msn.com/en-us/autos/news/state-passes-new-law-that-will-require-electric-car-owners-to-p... [msn.com]
Because I'm not, and they don't. Maybe do some research next time before incorrectly suggesting someone is wrong?
First- Tesla has zero dealerships anywhere because dealerships, legally, are franchises owned by people other than the car maker.
Second- Tesla can not legally sell cars in Texas. Because Texas law only allows legal dealerships to sell cars there, and again- Tesla has 0 of those.
This has been widely reported, and Texas is not the only state this is true of.
https://cbsaustin.com/news/local/...-to-texans
https://texasview.org/why-you-can...-in-texas/
https://teslamotorsclub
Tesla has "showrooms" in Texas- where they can not legally sell you a car but you can go look at them- and they have service centers where they can repair, but again, not legally sell, you a car.
Thus all new Teslas being sold to Texas residents must be, legally, "sold" in another state- California typically.
In a couple of states Tesla has opened stores on Native American reservations to side-step this ancient dealer-only laws but Texas is not yet one of them.
They have to... roads are paid for with gasoline taxes. EVs don't pay gas tax, so they have to get $ for roads from EVs somehow- this is the simplest way.
In most states, Texas included, the amount they end up taxing is still less than the total an ICE driver spends in gas taxes annually though so still net savings right now.
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You should drive them to help you with your choice. Model 3 AWD has fun handling and performance, ime. Drive the different models to see what matters to you.
My M3 has suspension that communicates road surface. I thought this would be a drawback. The seat is so good the surface doesn't become annoying.
Teins adjustable shocks can change ride for $600.
I dont put enough miles on my car here in Florida to justify paying an extra 700.00 per year.
And I checked rates with a few insurance companies.
No thanks for now.
I need Tesla insurance down here in Florida
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