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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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VW better:
1. ride quality - although the new tesla are improved, the VW is better
2. safety features - I know ppl will say stuff based on what they read but the new tesla are even worse with their sensors removed! cameras are unreliable when you need them the most - bad weather. The Tesla also has no rear incoming traffic detection.
Tesla better:
1. Software - VW is about a decade behind and the gap continues to widen because VW updates their software once every 3 yrs and tesla once every 3 wks. You can't even start your AC or change your charge % with the app reliably. Everything w VW software is a disaster.
2. Public charging - Electrify America is a joke. Tesla is also more than a decade ahead of EA. We took the VW on one roadtrip and never again!
3. Acceleration
4. Driver assist
5. range
Most other cars are just a bunch of aluminum welded together in certain ways but are not nearly as safe because obviously 400 pounds of shaped aluminum is not as safe as a solid chunk of 2000lbs of lithium.
Most EVs are almost as safe as Teslas due to this same principle of a skateboard style battery pack. Insurance companies hire people called actuaries who figure out what they need to charge to make a lot of money, right now geico has probably only processed 100 VW ID.4 claims vs 50,000 tesla claims because theres about 10,000 VW ID4 vs 2,000,000 Teslas in america.
Once more EVs get sold from other companies youre going to have similar rises in premiums to account for that.
(annual rates for NH Auto insurance 100K/250K/500K - 500 deductibles)
Model 3 -- 2850
Series 3 -- 1850
Mustang Mach E - 1300
Model Y - 2500
And the difference in all these numbers is effectively collision, with a bit from comprehensive. Even scarier, I checked insurance for a used Model 3 2022 and the rate went UP to 3200.
I have to hope the Highland is a redesign of the battery to change this, or that Tesla expands their insurance nationwide (they fought and won the fight against the dealership model, which was a much tougher fight). But I see this as $10K-$12K extra in costs over the lifetime of the car over and above a Mach E, for example, or at least until I decline collision after X years. Probably a bridge too far.
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IIHS rated Teslas camera only system with the highest possible score for collision avoidance.
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