As far as the EVSE stuff goes, interestingly enough, turbotax asked me if I had installed one, and I answered "yes", and put in the costs (both my HPWC and 14-50), and it came back with a $0 credit. I'm not sure if it's because it hadn't been renewed yet, or if there's something that makes it ineligible.
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New "Fiscal Cliff" bill seems to keep EV tax credit
- Thread starter aviators99
- Start date
It expired at the end of 2011. So if you put it into service after 2011, it wasn't eligible for a credit. Now, if the terms of the just-passed bill are as reported, then, it will be re-enacted go forward, and if I'm reading correctly, will be retroactive to 2012 as well.
Obama needs to sign it, but that's a given. Probably by the time I finish this post.
Yep, and then you just need to wait for some TurboTax update for the credit to appear.
gg_got_a_tesla
Model S: VIN 65513, Model 3: VIN 1913
The highlighted one is interesting. I had my 14-50 installed in 2012 but, will start using it only this month. So, I may not qualify?!
Seems like the credit continues into 2013, so claim it for 2013. My situation is interesting, since the 14-50 was installed in December and the HPWC will be installed in 2013. Maybe even more interesting since the wiring for the HPWC was installed in 2013.
dsmith2189
Active Member
While I am waiting for my car I entered some numbers into TurboTax.
Turbotax said I would get $7461 (of the $7500 that I qualified for) with the Model S. Adding the HPWC and 14-50 made no difference. If I eliminate the car and just had the HPWC and 14-50 it told me $500
Well, there were Alternative Minimum Tax (AMT) implications that precluded some people from being able to reap the full benefits of both the EV (7500) and EVSE (1000) tax credits in teh same year. Often, by claiming the EV credit, it would put people into the AMT situation, so they couldn't get the EVSE credit.
Now, also part of the new fiscal cliff deal is a change to the AMT rules that should address this. The problem stemmed from the AMT index not being tied to inflation for many years, thus the AMT (intended only to hit very high income people) was beginning to impact upper middle income folks as well. The new deal re-sets the income thresholds and indexes it to inflation for future as a permanent fix. (I'm not sure if the AMT fix is retroactive to 2012 also though. It may only be 2013 forward.)
Again, all tax software will need to be adjusted for these changes, particularly ones for 2012 tax year, since those programs are already out.
I'd watch the Plug In America site for the full details as they've been watching this.
I found this article titled "Fiscal Cliff Deal Extends/Improves 12 Alt-Energy Credits", but I don't see it explicitly mentioning the extension of EV tax credit. Should I be worrying about it?
No, you shouldnt worry about the 7500 EV credit. Again, it doesnt expire by date, but by volume (per manufacturer). So, it's omission means it continues. Only if it is specifically repealed or modified, would it matter. If it was killed, it would be specifically stated.
Thanks for the clarification - I can sleep a bit better tonight. Out of curiosity, what is the allocated number for Tesla?
strider
Active Member
The EV credit is NOT affected by AMT but the EVSE credit IS affected by AMT and AFAIK they are not related as I installed EVSE's in 2011 but didn't buy an EV that year but still couldn't get the EVSE credit due to AMT. So if you're into AMT you cannot get the EVSE credit (this could be aviators99's problem).
Update: re-read your post and I think we agree, my post was just worded differently.
At 20,000 cars per year, it will only take Tesla 10 years to reach that!
Though I suppose they are going to be making more vehicles than that when the X comes online and then the gen3.
At 20,000 cars per year, it will only take Tesla 10 years to reach that!
Yes, my personal guesstimate is that it will apply to about the first 60K Gen III, max. Won't that be fun!
