Model 3 Tax Incentive Rebate

[Skione65]

Great "Read" and article on how Elon can work on maximizing the EV Tax Incentive to help his Sales Numbers and Buyers. I hope he either "knows" this (I'm sure he does) or reads this!

http://www.forbes.com/sites/markrog...ple-who-get-7500-back-heres-how/#29c2d4e72783

Ski

 

[Mitchs_Model_3]

Definitely keeping my fingers crossed for the full $7,500.00

 

[TrevP]

It makes total sense for them to ramp up production as fast as possible so when the 200K is reached they can haul ass and deliver as many as they can!

 

[Ken Hixson]

Here is a link to the best review I have seen on what might be reasonable for Model 3 reservists to expect from Tesla and the current US $7500 tax incentive. Highly likely many if not most of the 250,000 or so will receive the full tax incentive and, using past history with Elon, a reasonable expectation that he will attempt to sell 199,999 just before a quarter close so the next 2 quarters he can push as many though as possible to provide as many full incentives as possible.

New US currency motto: "In Elon we Trust!" -- Hopefully no one takes this as sacrilege as it isn't meant to be.

http://www.forbes.com/sites/markrog...ple-who-get-7500-back-heres-how/#75e9535b2783

 

[Model 3 lover]

Can I get the tax credit incentive if I lease the M3? Thank you in advance for answering

 

[Model 3 lover]

Can I get the tax credit incentive if I lease the M3? Thank you in advance for answering

I answer my own question. I have contacted Tesla, and they responded if we lease the car, we only get the state incentive, not the federal. The bank who does the lease contract will take that federal tax credit incentives.

 

[Van Shrider]

I answer my own question. I have contacted Tesla, and they responded if we lease the car, we only get the state incentive, not the federal. The bank who does the lease contract will take that federal tax credit incentives.

Thanks for the research

I was digging in my browser history to try to find it, I ran across this which might also be of interest .

http://insideevs.com/when-will-the-7500-us-credit-expire-for-the-tesla-model-3-and-everyone-else/

 

[JeffinAZ]

Thanks for the research

I was digging in my browser history to try to find it, I ran across this which might also be of interest .

http://insideevs.com/when-will-the-7500-us-credit-expire-for-the-tesla-model-3-and-everyone-else/

Best article I have read on that topic! Thanks for sharing.

 

[WaitingForTesla]

I feel like Forbes has been strangely favorable to Tesla to the point that I've questioned their coverage. On the flipside other publications are incredibly negative. Hard to tell who to trust.

 

[Mirek]

Can someone confirm incentives in Ontario? What I understand it should be $13,000. I do not think there is limit on how many cars are made?

 

[EV_Future]

Maximum limit is $14000 or 30% of car's MSRP whichever is less. Plus you get up to $1000 for charger and installation (up to $500 for charger and up to $500 for installation).

 

[Mirek]

That's sounds great. Is there limit on how many cars are made?
Thanks

 

[EV_Future]

They never specified any limits but I suspect they will change the program somehow in several years like they did for original rebate for hybrids. Now you cannot get a rebate on a non-plugin hybrid vehicle. Several years ago you could.

 

[Mirek]

Hopefully they won't change anything before I get my model 3

 

[xxZULAxx]

So, i am bit confused what exactly this is. I hear many names being mentioned out there, federal cash rebate or federal tax incentive. If i understand this right, one gives you check and the other one reduced your income, hence, paying less taxes. I was listening to TalkingTesla podcast and the very last bit they asked was, would you buy model 3 if federal cash rebate was gone.

Here is link to the podcast, http://www.talkingtesla.net/blog-episodes/ , April 12 EP 29 - ELON STICKS THE LANDING, if you listen to the last few seconds

 

[TrevP]

That's sounds great. Is there limit on how many cars are made?
Thanks

No the 200,000 car limit is only in the US. Canada has so such limits imposed for how many cars. The only limit is whatever is in the fund and I can't seem to find what the limit is. The only numbers given were 20 million set aside for a charging network deployment in Ontario, other than Tesla's which is self-funded.

 

[TrevP]

So, i am bit confused what exactly this is. I hear many names being mentioned out there, federal cash rebate or federal tax incentive. If i understand this right, one gives you check and the other one reduced your income, hence, paying less taxes. I was listening to TalkingTesla podcast and the very last bit they asked was, would you buy model 3 if federal cash rebate was gone.

Here is link to the podcast, http://www.talkingtesla.net/blog-episodes/ , April 12 EP 29 - ELON STICKS THE LANDING, if you listen to the last few seconds

It's pretty straight forward. In the US there is a Federal Tax credit of up for $7500 which can be used to reduce your tax liability. Your accountant will be able to help you out with that one. You fill out form 8636 to claim the credit. Your state however may have extra rebates you can apply but you'll have to look that up yourself.

In Canada our rebates are exactly as they sound: real rebates in the form of a cheque that is mailed to you after you take delivery of the car and you've submitted the paperwork to the government. Takes a few weeks to get it.

It has nothing to do with taxes or income. Everyone qualifies. However, we don't have anything at the federal level, it's provincial and only 3 provinces have EV rebates: Ontario, BC and Quebec.

There are links to each rebate program for those provinces in the FAQ section at the top of this website.

Here I am, a Canadian, explaining the US tax credit

 

[AEDennis]

...Here I am, a Canadian, explaining the US tax credit

In light of the pending Presidential elections, please explain our Electoral College vs. Popular Vote to us as well.

Thanks!

 

[MelindaV]

or in light of the pending election, the Canadian immigration policy for US citizens

 

[ölbrenner]

It's pretty straight forward. In the US there is a Federal Tax credit of up for $7500 which can be used to reduce your tax liability...Here I am, a Canadian, explaining the US tax credit

Bravo, finally the correct answer. There is no US EV Federal tax rebate or incentive, cash or otherwise. It's a tax credit.

Also saw mentioned elsewhere above if you lease, you don't get the tax credit. That is incorrect. The lease company buying the car gets the credit, and that credit is passed on to you in the form of lower payments. In effect, if you lease you are guaranteed the full credit, whereas if you buy you won't if your tax bill is less than $7500.