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EVs Eligible For Full Federal Tax Credit Through 2019

Discussion in 'Electric Vehicles' started by TMC Staff, Jan 26, 2019.

  1. TMC Staff

    Joined:
    May 19, 2017
    Messages:
    1,182
    NOT ALL ELECTRIFIED MODELS WILL BE SUBJECT TO THE FULL $7,500 CREDIT THIS YEAR. If you’re in the market for a new electric vehicle based largely on the one-time $7,500 federal tax credit enacted in 2010 to spur sales of battery-powered rides, you’ll find your choices narrowing this year. That’s because the original legislation that...
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  2. Vsasson

    Vsasson Member

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    No. No. No. Buyers of the EVs and other electrified cars listed at the end WILL NOT see an immediate reduction in the MSRP of the vehicle they buy. The credit doesn't kick in until the following tax year, and you won't earn the full $7,500 credit unless you owe $7.500 in taxes to the federal government. There even is disagreement whether you can take the credit over 2 years. So, don't go out and get a car loan for the MSRP minus the tax credit; no one will give you the car. One thing is for sure if you live in New Jersey: You won't have to pay the 7% sales tax on an EV. When I bought my Tesla Model S in 2015 for about $81,000, that was an immediate savings of about $5,700.
     
    • Informative x 1
  3. iRia

    iRia Member

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    Location:
    New Jersey, USA
    When Chris Christie wasn't on the beach, he signed into law a sales tax decrease to 6.625%. But even at that slightly lower rate, it's still a good chunk of change. Don't forget that used cars in NJ also attract sales tax.
     
    • Helpful x 1
  4. RaeW

    RaeW Member

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    Location:
    East Falmouth MA
  5. Potpourri

    Potpourri Member

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    Jun 10, 2019
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    Seattle

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