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Question about federal credit

Discussion in 'Model 3' started by KL670, Apr 9, 2016.

  1. KL670

    KL670 Member

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    Feb 7, 2016
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    San Francisco
    I understand that the state credit is given at delivery and for CA, we get the full $2500. But for the federal credit of $7500, assuming we still get the full credit before the phaseout, how do we get paid? And will it actually be the full amount or will we just get taxed $7500 less from our income tax? Thanks.
     
  2. BluestarE3

    BluestarE3 Active Member

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  3. shade_tree

    shade_tree Member

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    keep in mind the $2500 CA credit recently changed too, now depends on your income
     
  4. JPP

    JPP Active Member

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    The CA CARB payment has nothing to do with taxes. It is $$ paid for buyers of appropriate EVs. It used to be $2500 to every CA owner who kept the car for 3 years (if you sell/trade there is some kind of pro-rated setup). As of last month CA CARB put into place a 'means test' based on income. If you make over $250k individual/$500k joint, no $$ for you at all.

    Search these forums for lots of info on the Federal tax credit. This is an offset to tax liability in the year you purchase your EV. You have to have the tax liability. No tax liability--no credit. Only have $3000 tax liability--you only get $3000.
     
  5. Darryl

    Darryl ModelXTracker.com Co-Adm

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    Jul 27, 2015
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    There is also several other threads about this. If you get a rebate (the majority won't get it) you get the $7500 as a credit against your tax bill when you file taxes the following year. If you don't have $7500 in tax liability you only get up to the amount of your tax liability but now more than $7500. There is no care over to a future yeas.

    Therefore Tesla is not involved and you gave to pay them the full amount.
     

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