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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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cant just rely on ev tax credits.
Multiple reviews of what, a refreshed car that nobody has had their hands on to review??
Assuming they will (and there's nothing requiring them to) it's $15,000 (or $9000 if they downgrade it to EAP)
**By the way, Texas and Washington State now mandated Tesla charging for EV, It would be matter of time other States get into that. This would be very much like how various other EV Companies are joining the NACS as standard.
** Also a Mode 2023 l Y with the Tax Break comes to around 40K, which is around what a Camry in same category cost.
https://www.tesla.com/model3
Edit to add the Model Y info which I wanted to add previously on this post
I qualify for $7500 and am getting a good deal on my old 2014 Hyundai.
I haven't read through any of this thread. Am I dumb?
I qualify for $7500 and am getting a good deal on my old 2014 Hyundai.
I haven't read through any of this thread. Am I dumb?
Given the amount of FUD and outright false anti-Tesla claims throughout the thread, it's arguable you're the smartest person here
I qualify for $7500 and am getting a good deal on my old 2014 Hyundai.
I haven't read through any of this thread. Am I dumb?
Is that true once the available inventory is gone the Tesla discount is gone as well.
Lastly, does delivery take that long after reserving a car that is already available at the dealership?
Any inputs will be greatly appreciated.
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Is that true once the available inventory is gone the Tesla discount is gone as well.
Lastly, does delivery take that long after reserving a car that is already available at the dealership?
Any inputs will be greatly appreciated.
In my case, I chose "See if faster delivery is available" and it said one was "ready for delivery" to a local dealership. I suspected it was onsite already but it didn't show up on the inventory page.
I qualify for $7500 and am getting a good deal on my old 2014 Hyundai.
I haven't read through any of this thread. Am I dumb?
Have you looked into the cost of a level 2 charger installation at home?
If not, I would say you might be dumb
In my case, I chose "See if faster delivery is available" and it said one was "ready for delivery" to a local dealership. I suspected it was onsite already but it didn't show up on the inventory page.
Chances are the one you are getting was a refusal by someone else because of defects.
Make sure you check it over good!
Have you looked into the cost of a level 2 charger installation at home?
If not, I would say you might be dumb
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