Model 3 : Clarification regarding Tax credit

[SageBrush]

To clarify, if Line 63(Total Tax) on my 1040 is more than $7,500, then I will get the full $7,500 credit?

Lines 57 - 62 are liabilities that cannot be offset with the EV tax credit.
We usually say Line 47 but keep in mind Line 56: Total tax credits > tax on income will not get you a check from the IRS. Put another way, other tax credits may reduce how much of the EV credit you can take.

Example:
$10k tax on income
$5k other tax credits
$7.5k EV tax credit
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Your owed taxes are zero. $2.5k of credits are unused.