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Charge-Up NJ rebate program Phase 2

mlowe67

New Member
May 28, 2021
3
0
NJ
As I heard from cometee meeting last Thursday they are going to fund up $6 mln from the current year budget starting at Jul, 1 to cover 2020 year purchases. So letting the 2021 sales without covering is unfair and weird.
So the original law and incentive programmed was signed into law Jan 9th, 2020, and the incentive program active from Jan 17th to Dec 15th, 2020, and eventually ran out of funds allocated for the year. Why wasn’t 2021 figured out in Jul’20 budget? Seems odd to start a program on a calendar year, and then switch it to a fiscal year, and bone the people stuck in that 6 month gap.

People who had to purchase late 2020 deserve to get their rebate, but I believe so did the people who had to purchase early 2021🤷‍♀️
 

rjpjnk

Active Member
Mar 12, 2021
1,002
608
NJ
I received this text just now. I definitely do not want to take delivery until at least July. Not just because of the NJ rebate, but because of the removal of the radar and AP performance gimping. I’d rather wait a month or so to see if it improves. I don’t have an SA. What should I do? Just reply to the text below?

“Tesla Update - Your Model Y delivery appointment has been tentatively scheduled for 6/5 at 2 PM at the Paramus Delivery Center.

We will reach out 24-48 hours prior to this appointment to confirm your availability.”
 

Gellie

Member
May 27, 2021
132
67
NJ
I received this text just now. I definitely do not want to take delivery until at least July. Not just because of the NJ rebate, but because of the removal of the radar and AP performance gimping. I’d rather wait a month or so to see if it improves. I don’t have an SA. What should I do? Just reply to the text below?

“Tesla Update - Your Model Y delivery appointment has been tentatively scheduled for 6/5 at 2 PM at the Paramus Delivery Center.

We will reach out 24-48 hours prior to this appointment to confirm your availability.”
When did you order?
 
So the original law and incentive programmed was signed into law Jan 9th, 2020, and the incentive program active from Jan 17th to Dec 15th, 2020, and eventually ran out of funds allocated for the year. Why wasn’t 2021 figured out in Jul’20 budget? Seems odd to start a program on a calendar year, and then switch it to a fiscal year, and bone the people stuck in that 6 month gap.

People who had to purchase late 2020 deserve to get their rebate, but I believe so did the people who had to purchase early 2021🤷‍♀️
2020 was an odd year, what they did was a game of numbers, the program effective date was Jan 17th 2020, however their website didn't go live until May 2020. The state needed money as part of COVID relief, they tapped into the budgets of different programs and aligned the EV rebate to state's fiscal cycle sometime in August or September of 2020. This basically gave the state about 15 million in funds however in the process they ran out of money due to the heavy demand.

Also most of the people who ordered the cars in late Nov to mid December have received approvals but are still waiting for their checks. This was going to be subject to budget funding of the program for FY 22. When all said and done the program is still a mess just be patient.
 

pwagh31

Member
May 26, 2021
12
2
NJ
I am planning to order the Model Y in July, I am so confused if I will be eligible for the federal tax credit and the NJ rebate or not.

I know someone said that from Jan 2022 onwards, you will be receiving the federal credit but in 2021 it may or may not be the case if you don't own anything.
 
I am planning to order the Model Y in July, I am so confused if I will be eligible for the federal tax credit and the NJ rebate or not.

I know someone said that from Jan 2022 onwards, you will be receiving the federal credit but in 2021 it may or may not be the case if you don't own anything.
The Jan 2022 and onwards credit is the refundable tax credit (you get full credit regardless of how much income tax you pay). Currently the system is a non-refundable one. If the Bill gets passed, orders between the start date and Jan 2022 will be the non-refundable credit
 

fatyg5

Member
May 6, 2021
7
0
NJ
Anyone able to explain the federal tax credit to me? Do I have to owe taxes at the end of the year to the feds? Or is it if I paid 3k in federal taxes I get 3k back? (such as work taking taxes from me) I've been trying to wrap my head around this for months now.
 

DSC1

New Member
May 27, 2021
2
0
NJ
Anyone able to explain the federal tax credit to me? Do I have to owe taxes at the end of the year to the feds? Or is it if I paid 3k in federal taxes I get 3k back? (such as work taking taxes from me) I've been trying to wrap my head around this for months now.
You need to have a federal tax liability after your taxes are prepared, take a look at this: How Tax Credits Work

So to answer your question, yes at the end of the year you need to owe federal taxes to take advantage of the EV tax credits. If you owe $3k in federal taxes after your taxes have been prepared, the $7.5k will wipe out the $3k you owe, and you'll have to pay $0 in federal taxes that year. If you are to get a refund for federal, then you cannot leverage the EV tax rebate. Hope this helps
 

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