How much longer will the $7500 tax credit last?

[schonelucht]

Do we know how many US cars Tesla has sold so far? And is there any projection on when they'll hit the 200,000 car trigger for US sales, and begin the tax credit phaseout?

Tesla will sell its 100 000th car by the end of the year in the US. It won't reach 200 000th before the end of 2017 in my humble opinion. After that, all bets are off.

 

[Troy]

Hi everybody. I have now added two new sections to the sheet. The first one is an info box for Model 3 buyers. The second one is a counter that answers the two questions the OP had asked. The counters will update automatically every day. To see the latest info click HERE and scroll all the way to the right. Cheers

 

[fallen888]

Allowances don't matter. It's your tax burden. If you have $7500 total withholdings for the year and apply for the EV rebate, you'll get a $7500 rebate when you file your taxes.

Oh, I think I misunderstood how that whole thing works. So if I understand you correctly, $7500 is subtracted from your overall tax burden before even considering what of that amount was already withheld from paychecks. And being that we can all afford a Tesla, we're all in a high enough tax bracket to have a tax burden well over $7500 (unless you're a low income, extreme saver).

So no matter what, we'll all max out on the $7500 savings (no matter the allowances). Did I get this right this time?

 

[Max*]

Oh, I think I misunderstood how that whole thing works. So if I understand you correctly, $7500 is subtracted from your overall tax burden before even considering what of that amount was already withheld from paychecks. And being that we can all afford a Tesla, we're all in a high enough tax bracket to have a tax burden well over $7500 (unless you're a low income, extreme saver).

So no matter what, we'll all max out on the $7500 savings (no matter the allowances). Did I get this right this time?

Yes.

It was also mentioned way upthread:

If you paid $7,500 in taxes, you will get $7,500 back*.

It doesn't matter if you're getting a refund or if you owe the IRS money. If you're getting a refund, that just means that you overpaid the IRS during the tax year from withholdings from your paycheck (or other source of income). If you owe the IRS money, that just means that you didn't pay the tax man enough during the year, and he's coming to collect. Neither of these have any effect on the $7,500 tax credit.

*This is an oversimplification.