Submitted by kaikel_ t3_10jf7u6 in massachusetts
My wife and I planning trade in our Subaru Crosstrek and Mercedes C300 for a Tesla Model Y, cuz we only need one car for daily commute(her company is very close to mine)
First thing I would like to know how the federal tax credit work. If we have like a few hundred dollars tax return from federal am I still get the $7500 credit on return?
Is there any rebate or incentives that I can apply in Massachusetts?
Thanks anyone for helping!
Ok thanks for your respond. Do you know if there is any rebate that I can apply?
There is MA’s mor-EV rebate. The model Y qualifies for a $3500 rebate, which is not related to what you pay in taxes. https://mor-ev.org
Thank you, that’s helpful. Do we have more rebate like California have?
The only EV rebate from MA is MOR-EV linked above. If you have National Grid electric and charge from home, they also have a marginal discount for charging off-peak (something like -$0.03/kWhr charging off peak). My car (I5) and my charger aren’t eligible, so I have no experience with this new program, though. I used their similar “smart connect” pilot program with my Prius, and honestly the discount wasn’t really worth the inconvenience of setting up specific charge times and enrolling in the program. It’s like $5 off an electric bill per month max.
So I might no enroll their discount program. Thanks for sharing with me
No problem. If you plan on charging off peak regardless, it might be worth it for you to go through that process, as the model Y does qualify for it. You’d have to do the math, figure out how much you’d be saving, and determine whether it’s worth the time and convenience.
I’m just going to chime in and make sure you’re getting one under the price cap. From what I understand, the 5-seater version is not considered an SUV by the IRS, so the price cap is $55,000 which means the Performance model does not qualify and watch out if you’re adding options to the LR to not go over $55k.
Sen. Joe Manchin is proposing a bill to retroactively take away the tax credit for Model Y for this year
While this won't apply to everyone:
If you file jointly, if together you make more than $300,000 in income, you aren't qualified for the rebate. If you file as a head of household and make $225k or more, you won't qualify.
I can qualify cuz I’m poor.
No tax advice, just congrats on a good choice. And judging by your existing vehicles, get the trailer hitch on the Y - it's well worth it.
Why do you need trailer hitch?
Ski rack, light utility trailer, cargo rack; the thing works great!
I heard ppl said Tesla can’t be the only vehicle at home. You need a gas vehicle for alternative.
Have two (Y and 3) as our only vehicles and no issues skiing, camping, etc. (will go ahead and ride the downvotes out I guess)
It's only a credit for poor people.
False
https://www.kiplinger.com/taxes/605081/ev-tax-credit-inflation-reduction-act-2022-changes there are income limits for the credit listed here. As you can see, the credit is only for poor people as I wrote
150k a year isn't poor. Get the fuck over yourself.
That's exactly what poor people think.
Get the fuck over yourself. Making more than twice the median household income by yourself isn't poor.
Wait, no, you both should have cars even if you commute tothether every day. There's are cheaper EVs on the market you can look at.
Wasn’t the question, mate. Not your decision if they need two cars or one.
No shit. I can still offer my opinion it's a public forum.
Like seriously what the fuck are you even doing right now.?
Cool, but it be more appropriate on a thread where someone asks if they should be considering two cars or one. Not about the tax credits of electric vehicles. Just comes off as an unnecessary criticism.
Get the fuck over yourself.
TywinShitsGold t1_j5k1h9k wrote
It’s a credit against your tax liability, not your tax refund.