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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):
ā¢ VT: $26,320
ā¢ MA: $26,830
ā¢ PA: $27,330
ā¢ MD: $27,330 - Delivered after July 1, 2023 https://marylandev.org/maryland-ev-tax-credit
ā¢ RI: $27,820
ā¢ DE: $27,820
ā¢ NY: $28,320
ā¢ CA: $28,330
ā¢ CO: $28,330
ā¢ CT: $29,030
ā¢ 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
ā¢ 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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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
https://twitter.com/colorado_deal..
Model Y around $27k
https://twitter.com/colorado_deal..
"Technical Glitch" is their excuse. So now I'm losing 250$, but I am waiting for 2024 Model 3 š !!!
https://twitter.com/colorado_deal..
Model Y around $27k
https://twitter.com/colorado_deal..
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PA has a $2000 state rebate on top of that.
https://www.dep.pa.gov/Citizens/G...icles.aspx
https://www.dep.pa.gov/Citizens/G...icles.aspx
1 $54,360 $27,180
2 $73,240 $36,620
3 $92,120 $46,060
4 $111,000 $55,500
1 $54,360 $27,180
2 $73,240 $36,620
3 $92,120 $46,060
4 $111,000 $55,500
The formatting got horked a bit when you copied it from my link- so to clarify for others... the left column is max income for the $2000 rebate I mention.
If your income is below the # on the right column you'd qualify for ANOTHER $1000 for $3000 total--- either would be on top of the $7500 federally.
But in most cases if you're fitting below the right-side income figures you shouldn't be buying a new car anyway.
Our community has rated this post as helpful. If you agree, why not thank yellowsportster888
Tesla service centers = absolute effing nightmare staffed by a bunch of idiots, gave multiple centers a try in the SF Bay Area and every single one effed things up. One time waited 3 hours, they said they forgot to work on the car AND later said that they ordered the wrong part, and then sent me home.
Conclusion = will never effing buy another Tesla....and I actually have a model 3 that is less than 11,000 miles (plaqued with quality issues)
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I also save money by going to free charging stations nearby and at work because electricity here in cali is insanity. At paid charging you pay the equivalent of $5-$7/ gallon in gas depending on your ev driving habits. Also the purchasing experience was an absolute nightmare for a first time buyer like myself and since I bought it in the rain I couldn't do a 360 personal inspection before driving it off and forfeiting the 100 mile/7 day waive of paint, etc. fixes. No one also seems to talk about some serious issues with the newer Model 3s.
They took away infrared sensors so you can no longer self park like the old teslas did. FSD Beta is still awful and dangerous. Vanilla autopilot and autosteer is therefore far and away superior. The wipers do not work when set on auto.
In addition I worry about future servicing because SO MANY people purchased a tesla and all service centers will likely be inundated with the new owners and an even worse experience for all customers. However, all that aside, my model 3 performance is absolutely a blast to drive and on boring stretches on the highway is a joy that cannot be beat.
No car is perfect but this is the best car I've ever owned, ridden or purchased and I'm a fan of the car even if Elon makes seriously dubious decisions at times.
I am both parts happy and horrified that the new Model 3 Highland took away the turn stalks. Aesthetics or not having turning and shifting dependent on buttons on the steering wheel is a saftey hazard. Every time I drive I find myself needing to change lanes when my steering is not exactly straight. The button placement is confusing and hazardous. However what that means is that the old 2023 model 3 is not going to depreciate in value as much as predicted and those who bought with all the nutty awesome state ev incentives probably got the best m3 deal you can get.
I am therefore very happy with my 2023 model 3 performance purchase even though my bank account has taken a severe hit, it is NOT a perfect car, and I'll be free charging at the super slow L2 stations for a while to recoup my cash.
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