-----
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.
--------------
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
-------------
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.
----------------
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.
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.
Once a Thread Wiki is added to a thread, "Create Wiki" button will disappear. If you would like to learn more about Thread Wiki feature, click here.
Leave a Comment
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.
1,792 Comments
Sign up for a Slickdeals account to remove this ad.
The cars currently using non-US batteries are very likely to only qualify for half the rebate as of Jan 1.
They said it might be cut in half- due to the battery requirement.
Thanks to the IRS dragging its feet in issuing the new rules they were able to get it to apply for the rest of this year in full on the non-US battery models- but that won't necessarily be the case next year.
and instead, it doubled on all of the model threes
S has been through at least 3 refreshes now, including a couple of fairly significant ones. Only 2 for the X (again at least one being quite significant).
3, being a younger vehicle than either, is about to do its first major refresh.
The tax credits, barring congress passing new laws, are valid through at least 2032.
Now if they will apply in full to all versions of the refreshed 3 is a different question.
Most likely they will remain $7500 for the Performance model using batteries from Nevada... but there's a reasonable chance they drop to $3750 for the LR and RWD models using chinese cells. (alternatively they might switch the LR back to Nevada cells as it used to used some time ago, but that's unlikely to happen on the RWD)
It's possible the LR AWD Model 3 also won't.
If that's the case then the credit would drop to $3750 for those on Jan 1.
The Performance Model 3, and all versions of the Y, would likely still qualify for the full $7500 credit since they all use batteries produced in either California, Nevada, or Texas.
huh?
They're explicitly warning you the tax credit may be reduced after this year for some trims/models--- because it might be.... what do you think they're misrepresenting exactly?
They're explicitly warning you the tax credit may be reduced after this year for some trims/models--- because it might be.... what do you think they're misrepresenting exactly?
The statement about next year IS recent-- but since nobody has purchased a car next year yet- what could they possibly have misrepresented to anyone? You and everyone else buying this year get the full $7500 credit. (assuming you meet all the other applies-to-everyone criteria like income limits, having enough tax burden, etc)
If you wait until after 12/31 to buy you MAY not get the full tax credit-- because they may not qualify for the second half of it on some trims of the Model 3 due to the battery requirements that increase after 12/31.
And as I mentioned- based on the batteries currently in use in US sold Teslas the RWD Model 3 and the LR non-P Model 3 are the most likely to be impacted. The P shouldn't change, nor should any variant of the Y.
I mean- you can read the law yourself where it specifically cites raising the battery requirements after 12/31, so not sure why you think Tesla is making this up.
Sign up for a Slickdeals account to remove this ad.
Does the incentives are applicable for new inventory model 3 which has price tag of 38350$ car?
If I apply for rebate for state after how many days it gets credited ?
I was living in New Jersey until last month, now I moved to Boston because of my job and my pay roll is running in Boston but my license is still in New Jersey, am I still getting rebate ?
Please help!?
Insurance is hugely YMMV down to your zip+4 code and credit rating- trying to compare to other people in other situations is pretty useless.
That said, my Tesla costs about the same to insure as the Lexus IS350 it replaced (far less than the amount you cite, but again different situation/location than you so no point in comparing directly to you)- so there was no real cost difference there at all for me. Try several insurance companies to get quotes though (including Tesla if they offer it in your state- which they do in 2 out of 3 "west coast" states)
That said, my Tesla costs about the same to insure as the Lexus IS350 it replaced (far less than the amount you cite, but again different situation/location than you so no point in comparing directly to you)- so there was no real cost difference there at all for me. Try several insurance companies to get quotes though (including Tesla if they offer it in your state- which they do in 2 out of 3 "west coast" states)
Assuming you live in a state it's legal to buy a new Tesla you don't have to pay them until you're taking possession of the car (after you inspect it).
There's some states where the state does not allow Tesla to sell directly however, so you have to pay in advance and "buy" it in another state (all done online), then they can ship it to you in your state for you to pick up the car you already own (Texas is one such state).
Sign up for a Slickdeals account to remove this ad.
There's some states where the state does not allow Tesla to sell directly however, so you have to pay in advance and "buy" it in another state (all done online), then they can ship it to you in your state for you to pick up the car you already own (Texas is one such state).
Leave a Comment