Tax Credit

[Jppumper]

Well, the benefit of buying an EV is paying off literally. When we purchased the car, a $7,500 tax credit was promised. Today we cashed in on it. Of course, there is fine print, but we qualified for the entire credit.
We have not bought gas since the 2nd week of November and it's now $4.40 per gallon here in Largo, Florida as of today March 9th.
Charging the car at home, at night when the rate is lower does not affect our bill that much. WOO-HOO!

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[SDMMEGT]

Was this simply when filing your taxes? There are no other "credits" that the federal or state governments are offering, correct? The tax credit (not to be confused with rebate) will be when filing for taxes? Just got my MME GT on Thursday and want to get on any savings ASAP, if I can. Otherwise, I know I have to wait until next year for the tax credit...

 

[mpillini]

I got my MME in Feb 2022 - tried to claim the tax credit and I have to wait until I file my 2022 taxes.

 

[FLmac]

Well, the benefit of buying an EV is paying off literally. When we purchased the car, a $7,500 tax credit was promised. Today we cashed in on it. Of course, there is fine print, but we qualified for the entire credit.
We have not bought gas since the 2nd week of November and it's now $4.40 per gallon here in Largo, Florida as of today March 9th.
Charging the car at home, at night when the rate is lower does not affect our bill that much. WOO-HOO!

It’s good to see another space white in the area! I’m am definitely looking forward to the tax credit next tax season. Maybe even 2 if I get good money for my 21 I bought off a lot.

 

[Jppumper]

My MME was delivered the week before Thanksgiving 2021. Doing my taxes for 2021 in March 2022, I was able to claim the tax credit. My tax preparer had to look it up since MME's are rare around here. I am currently waiting for it to be put into my bank account. Already spent, bought new living room furniture.

 

[Jppumper]

You are correct, you have to wait until next year to claim it on your 2022 taxes.

 

[Neil4Real]

Was this simply when filing your taxes? There are no other "credits" that the federal or state governments are offering, correct? The tax credit (not to be confused with rebate) will be when filing for taxes? Just got my MME GT on Thursday and want to get on any savings ASAP, if I can. Otherwise, I know I have to wait until next year for the tax credit...

Seems like you're in California, hopefully your dealer was part of the CA rebate for $750 off at time of purchase. There is also the Clean Vehicle Rebate, link below, for some more cash back that you can apply for now and get in a few months, due to processing time. Lastly, make sure you get your HOV stickers.

https://cleanvehiclerebate.org/en

https://www.dmv.ca.gov/portal/vehic...n-air-vehicle-decals-for-using-carpool-lanes/

 

[Murse-In-Airy]

I managed two credits last year. And will be able to claim one more this year. Really made my GT pretty affordable.

 

[shadowsjc]

It's worth checking what specific state level incentives you may also be eligible for. In NJ, EVs are exempt from sales tax, which was huge for a $56k vehicle (over $4k savings). I missed out on some other NJ incentives/rebates because my purchase price was too high, but I'm sure other states offer different tax incentives.

 

[NJ_MachE]

All you guys concerned about not getting the tax credit benefit until you file your taxes next year- why don't you just adjust your withholding or estimated tax payments so you can get the benefit sooner? Plenty of time left in the year to reduce tax payments. Otherwise you are just giving the feds a no interest loan of $7500.

 

[SDMMEGT]

I managed two credits last year. And will be able to claim one more this year. Really made my GT pretty affordable.

We need to talk….haha

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