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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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Tesla rep says not possible. Any one done that?
Tesla rep says not possible. Any one done that?
Ordered a model Y midnight Silver paint and 20'' Induction Wheels from local inventory for 50490 after 2100 price adjustment offered for inventory ordering.
I used a referral link from my friend, but did not see referral benefits in confirmation page. Confirmed by calling Tesla there is NO referral associated with my order.
The agent suggested me either cancel the order and reorder, but I have to pay another $250 order fee, and he said that he can not guarantee that I will get the same vehicle which has that price adjustment.
Ordered a model Y midnight Silver paint and 20'' Induction Wheels from local inventory for 50490 after 2100 price adjustment offered for inventory ordering.
I used a referral link from my friend, but did not see referral benefits in confirmation page. Confirmed by calling Tesla there is NO referral associated with my order.
The agent suggested me either cancel the order and reorder, but I have to pay another $250 order fee, and he said that he can not guarantee that I will get the same vehicle which has that price adjustment.
Just as and FYI, if you are getting a referral, there will be a banner at the top of the right column just before you pay the $250, telling you the name of the person getting the referral and you will see the current referral discount in the totals. If you don't, click the referral link and start over.
https://www.msn.com/en-us/autos/news/conservative-states-are-piling-new-taxes-on-evs/ar-AA1fsO3S?oci... [msn.com]
https://www.msn.com/en-us/autos/news/conservative-states-are-piling-new-taxes-on-evs/ar-AA1fsO3S?oci... [msn.com]
As the story notes, not coming- already here... the majority of states were already doing this before Texas joined the crowd.
Roads are largely funded by fuel taxes,. EVs don't pay em, so they have to make up that revenue SOMEHOW.
That said- the fee (in my state anyway) is still less than I was previously paying for total gasoline tax in the Lexus my Tesla replaced.... that on top of the much lower ongoing fueling and maintenance costs. compared to the old gas car.
Roads are largely funded by fuel taxes,. EVs don't pay em, so they have to make up that revenue SOMEHOW.
That said- the fee (in my state anyway) is still less than I was previously paying for total gasoline tax in the Lexus my Tesla replaced.... that on top of the much lower ongoing fueling and maintenance costs. compared to the old gas car.
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On the other hand, I would be thrilled to see the full tax credit available again on the non-Performance 3, but according to the IRS, the credit is still $3,750. See here [fueleconomy.gov]. This is current as of 6/1, so unless something changed since yesterday (and there is no news supporting this), it sounds like an error.
"Technical Glitch" is their excuse. So now I'm losing 250$, but I am waiting for 2024 Model 3 😁 !!!
Roads are largely funded by fuel taxes,. EVs don't pay em, so they have to make up that revenue SOMEHOW.
That said- the fee (in my state anyway) is still less than I was previously paying for total gasoline tax in the Lexus my Tesla replaced.... that on top of the much lower ongoing fueling and maintenance costs. compared to the old gas car.
We should just toll all roads, or they should charge us a per mile amount on registration yearly (my state requires a safety and emissions inspection where they check the odometer). With smart/connected cars, they could even get it directly from the manufacturer. I drive 5-8k mi/y but pay as much as someone who drives 40k.
We should just toll all roads
, or they should charge us a per mile amount on registration yearly (my state requires a safety and emissions inspection where they check the odometer). With smart/connected cars, they could even get it directly from the manufacturer. I drive 5-8k mi/y but pay as much as someone who drives 40k.
The majority of states do NOT have such annual inspections though- so no way to check the odometer (otherwise I agree that WOULD be a great method)
Most cars on the road (the vast vast majority) have no way to report to the manufacturer either right now-the amount of data available to Tesla of their fleet is much higher than any other maker-- though that'll be changing going forward over enough time.
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The income ceiling you can use either 2022 or 2023 income.
The liability the credit can offset is only 2023 liability however.
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