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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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the problem is this is ALSO true when its very hot outside, a gasoline car will see similar levels of range degradation when its very hot out because you will need to blast AC to overcome the engines insane amount of heat.
The cars with the LOWEST amount of inventory are the gas powered Toyota and Honda SUV's. Folk are not impressed with battery powered EV's. I am for Electric vehicles, but not battery powered ones. I am not convinced they help the environment globally because the rare earth materials used in them. Mining is energy intensive and environmentally destructive. Folks who understand that know it is more of govt cronyism. Raise CAFE standards, you raise the number of EV's you need to make and sell at a loss, to make the car the actual consumer wants. The consumer is forced to pay more because CAFE demands it. So IF I want the right to choose, I must pay for some one else's choice.
Another poster posted something about Internal combustion engines being 50% efficient do to heat generated. I go back to some immutable truths. Coal, Oil, and natural gas are like 80% of the power now being generated. We use those fuels to heat to boil water that spins turbines to make the electricity to push it through high tension power lines. THAT inefficiency never pops up in the discussion. A inconvenient truth.
The folks who are in charge LOVE being in charge. They would LOVE to set up a energy rationing system. 100% electric everything puts that smart meter they forced on your house a decade or two ago in charge of your energy life.
Ive got very good news for you, you can be totally off the grid, its called solar panels and batteries and EV. you can live off the grid for ever. You can even keep a couple gallons of fuel around and power your house for a long time with that and charge your EV.
I dont know why you would want to rely on OPEC and also the gas station in moments of crisis however. When texas froze it meant the gas stations couldnt pump gas. People with solar and EVs had no such limitation. When we had a gas crisis in the 70s OPEC would not sell us crude oil to satisfy our huge appetite for gas. With your own solar+battery+ev you will never need to rely on OPEC for oil.
the one advantage to so much height being expelled from petroleum is that you can direct some of that heat into the cabin with a gasoline car.
the problem is this is ALSO true when its very hot outside, a gasoline car will see similar levels of range degradation when its very hot out because you will need to blast AC to overcome the engines insane amount of heat.
Ive got very good news for you, you can be totally off the grid, its called solar panels and batteries and EV. you can live off the grid for ever. You can even keep a couple gallons of fuel around and power your house for a long time with that and charge your EV.
I dont know why you would want to rely on OPEC and also the gas station in moments of crisis however. When texas froze it meant the gas stations couldnt pump gas. People with solar and EVs had no such limitation. When we had a gas crisis in the 70s OPEC would not sell us crude oil to satisfy our huge appetite for gas. With your own solar+battery+ev you will never need to rely on OPEC for oil.
with about $50,000 in solar and batteries (after fed incentives) you can live off the grid right now in parts of texas/cali. For those people who dont want to be dependent on others.
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Ive got very good news for you, you can be totally off the grid, its called solar panels and batteries and EV. you can live off the grid for ever. You can even keep a couple gallons of fuel around and power your house for a long time with that and charge your EV.
I dont know why you would want to rely on OPEC and also the gas station in moments of crisis however. When texas froze it meant the gas stations couldnt pump gas. People with solar and EVs had no such limitation. When we had a gas crisis in the 70s OPEC would not sell us crude oil to satisfy our huge appetite for gas. With your own solar+battery+ev you will never need to rely on OPEC for oil.
Agenda 21 was a report generated in the early 90's. There were social environmental and economical goals like minded GOVTS should align on. That was my starting point in my awareness that there were un-elected individuals exerting cohersion on other GOVT 's. Agenda 21 was a wakeup call for me 25-30yrs ago. Jus a few achedemics with some a "agenda" could exert their will on the others who were not "Organized" as well as they were. That is really how geopolitics work. Loud and noisy wins every argument for the better or more often worse
Rely on OPEC? We have done this since the 70's. We were a net energy importer from the mid 70's until 2010 or so. There were so many boulders put in the way from domestic production, that the mid east made and miss spent its oil wealth just as Venezuela did making the world less stable. It is a choice we have made to enrich these other countries by not allowing domestic production. It was a choice that made a lot of the world worse off due to corruption. We were a net exporter of energy for most of this century, but that was ended abruptly because of a election. So I guess I am a minority. I want freedom. Freedom of choice of types of energy that fits my needs. Freedom from GOVT involvement trying to monitor, prioritize or ration energy. All are being done now, but if you have choices, you can vote with your feet so to speak. When we are all one kind of energy we are vunerable..
When I was in College in the 80's We were worried about global cooling. Serious people thought they would take ash from the power plants and spread it on the snow to prevent snow build up on our way to the ice age. It was "Science" that was to important to question. 30yrs later I am no longer swayed by the loudest voices in the room, or persuaded by a guy in a suit.
20yrs or so Algore made a movie. They took a premise and got 200 "scientists" to sign a document. Since then there was a huge scandal on the "facts" Algore used and the document signees submitted as proof of the "warming". When ever I see some one pull a it is settled science, it makes my spine tingle as few things in science are "stetted". If Algore was right about 1/3 of the population would be flooded out for the last 15 yrs. Actually when you depend on a mob to validate your point you might look for other motives.
In the Algore movie the high point was the "CO2 Hockey stick" graph. It was based on the idea that USA was less than 5% population. I think Al blamed us for 25% of the CO2. If the other 95% of the world used the same power we do, he roughly guessed the CO2 amounts used with some erroneous cause and effect assumptions. When I saw that movie it was obvious to me. The only way to control the now settled science is telling us is the population needs to be controlled. With out that, there we be exponential growth in the CO2. So how do you explain that to the world and get widespread support? You cant. It all depends on who's ox is being gored. To achieve the goals you would need to stop human population growth. You might even feel it needs to be reduced if you go there.. But who decides and how has become the questions. If say a world health society ordains them selves as fact finders. Who by the virtue of only those enlightened are wise to the way of science, might take say the Htler final solution, or worse on who ever. Lately whoever is probably some one like me who says the emperor has no clothes..
Live off the grid? Why should it be necessary? Of course if energy production in a small scale was effective, who would not use it. The scale of energy is the problem and is the cost effective piece. GOVT should not be in your way. Heck not only do they want my gas stove but they wont let me burn wood. They are serious.. Just 10yrs ago they could not have even hinted about a gas stove ban? Yes there is a agenda and it is in the playbook. If you don't seek the truth you wont find it.
Big Education LOVES climate change! Never is a wrong answer.
CNN HEADLINE news flash! "Asteroid set to destroy the earth in 10 hours". Sub headline " AOC says Women and minorities hurt the worst"..
Agenda 21 was a report generated in the early 90's. There were social environmental and economical goals like minded GOVTS should align on. That was my starting point in my awareness that there were un-elected individuals exerting cohersion on other GOVT 's. Agenda 21 was a wakeup call for me 25-30yrs ago. Jus a few achedemics with some a "agenda" could exert their will on the others who were not "Organized" as well as they were. That is really how geopolitics work. Loud and noisy wins every argument for the better or more often worse
Rely on OPEC? We have done this since the 70's. We were a net energy importer from the mid 70's until 2010 or so. There were so many boulders put in the way from domestic production, that the mid east made and miss spent its oil wealth just as Venezuela did making the world less stable. It is a choice we have made to enrich these other countries by not allowing domestic production. It was a choice that made a lot of the world worse off due to corruption. We were a net exporter of energy for most of this century, but that was ended abruptly because of a election. So I guess I am a minority. I want freedom. Freedom of choice of types of energy that fits my needs. Freedom from GOVT involvement trying to monitor, prioritize or ration energy. All are being done now, but if you have choices, you can vote with your feet so to speak. When we are all one kind of energy we are vunerable..
When I was in College in the 80's We were worried about global cooling. Serious people thought they would take ash from the power plants and spread it on the snow to prevent snow build up on our way to the ice age. It was "Science" that was to important to question. 30yrs later I am no longer swayed by the loudest voices in the room, or persuaded by a guy in a suit.
20yrs or so Algore made a movie. They took a premise and got 200 "scientists" to sign a document. Since then there was a huge scandal on the "facts" Algore used and the document signees submitted as proof of the "warming". When ever I see some one pull a it is settled science, it makes my spine tingle as few things in science are "stetted". If Algore was right about 1/3 of the population would be flooded out for the last 15 yrs. Actually when you depend on a mob to validate your point you might look for other motives.
In the Algore movie the high point was the "CO2 Hockey stick" graph. It was based on the idea that USA was less than 5% population. I think Al blamed us for 25% of the CO2. If the other 95% of the world used the same power we do, he roughly guessed the CO2 amounts used with some erroneous cause and effect assumptions. When I saw that movie it was obvious to me. The only way to control the now settled science is telling us is the population needs to be controlled. With out that, there we be exponential growth in the CO2. So how do you explain that to the world and get widespread support? You cant. It all depends on who's ox is being gored. To achieve the goals you would need to stop human population growth. You might even feel it needs to be reduced if you go there.. But who decides and how has become the questions. If say a world health society ordains them selves as fact finders. Who by the virtue of only those enlightened are wise to the way of science, might take say the Htler final solution, or worse on who ever. Lately whoever is probably some one like me who says the emperor has no clothes..
Live off the grid? Why should it be necessary? Of course if energy production in a small scale was effective, who would not use it. The scale of energy is the problem and is the cost effective piece. GOVT should not be in your way. Heck not only do they want my gas stove but they wont let me burn wood. They are serious.. Just 10yrs ago they could not have even hinted about a gas stove ban? Yes there is a agenda and it is in the playbook. If you don't seek the truth you wont find it.
Big Education LOVES climate change! Never is a wrong answer.
CNN HEADLINE news flash! "Asteroid set to destroy the earth in 10 hours". Sub headline " AOC says Women and minorities hurt the worst"..
The Model Y is the best selling vehicle of any kind in the world.
The Model 3 is the 2nd best selling sedan of any kind in the entire world.
Crap EVs aren't selling. Tesla can't build em fast enough.
Yet another reason Teslas dealerless model works so well.
OUTRIGHT FALSE.
Toyota has roughly 30 days of inventory. Double Teslas ~15 days.
Honda is worse than both.
Toyotas fuel cell car is the worst selling vehicle they ever made
Even their own head engineer admits it's stupid and battery EVs are superior-
https://electrek.co/2017/10/26/to...-hydrogen/
Tesla seems to make a solid profit on every one.
Using those fuels at power plants to make electricity is more efficient than burning it in individual, wasteful, internal combustion engines in vehicles.
Plus the % of that electricity from non-renewables gets smaller every year and will keep doing so.
The great thing about EVs is they make your "fuel" creatable by a ton of sources... you don't really have to care HOW the electricity is generated.... versus gasoline that has far fewer ways to make.
No more wasting 10-20 minutes a week at gas stations, and Teslas vehicles have the lowest chance of injury to occupants of any vehicles ever tested by the NHTSA.
also youre confused, fishkilla said the model 3 was for low-income, which is like saying buying solar is for low income.
Im not sure why someone on slickdeals would flex about how much they pay bmw and OPEC per month unless they themselves are low-income and are clinging onto artificial status and/or financially illiterate as to what net worth is. There are parts of the country that have 84 month auto-loans for trucks... Strangely theres an inverse correlation for ev adoption in those same regions.
Buying an EV in cash is what a high income person does. They likely have solar on their house and know how to invest money wisely. Meanwhile a low income financially illiterate might see a person with a $100,000 lease and think that person has more income than the person with a $37,000 tesla, not realizing that the net worth of the person who owns the tesla+houses with solar is possibly 100x higher than the person who doesnt own any car.
Just to clarify for you though, I am not anti EV, how do you know I don't have 1 (my second one)? Maybe that's how I know the truth about cold weather highway range.
I just am not a zealot like some folks here trying to convince people that an EV is for everyone...for REASONS
EVs are great for around town errands or a short commute. They are not good for road tripping. An EV is a good second or third car, but to try and suggest that it is not inconvenient to road trip, well you are just lying then.
What will you do if an EV is your only car and you have to evacuate because of an impending hurricane. Could you imagine everyone at the superchargers?
Now if you want to talk about the false advertising Tesla does with oh say, FULL SELF DRIVING, or their overly inflated range claims, or the poor quality of the fit and finish, well that is all well documented elsewhere on the web.
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similar concept to tax loss harvesting.. have you ever done that orrr...
if you actually knew what you were talking about you would be inquiring why im not writing off a lease
on top of all that its a laughably high agi limit if you are married filing jointly and one parent takes a hiatus from work to actually raise a child (and they can basically just run the other investments.)
im gonna guess you are still interested in "flexing" on people though if you are a wage slave driving $100k car lol
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