Re:Tesla’s new Solar Roof costs less than a new roof plus so...
by Someone1234 on Saturday October 26, 2019 @09:29AM
(#21363537)
Indeed. The electric vehicle incentives are very much designed that way. The rich get more money than the poor. The higher your income, the more you get back. I'd have to earn an extra $30K to get the full $7,500 (and switch from high deductible to traditional healthcare/cancel my HSA), whereas someone wealthier buying the same car gets every cent.
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Re:Tesla’s new Solar Roof costs less than a new roof plus so...
by selectodude on Saturday October 26, 2019 @10:02AM
(#21363720)
Not quite. That $7500 is a full on tax credit. Not a deduction. So as long as you pay more than $7500 in taxes, you get it all back. And if for some reason you pay less, you’ll get a refund.
Re:Tesla’s new Solar Roof costs less than a new roof plus so...
by joshcain on Saturday October 26, 2019 @10:39AM
(#21363932)
No, he’s right. The EV credit is not refundable* so your tax liability has to be at least $7500 to get the full benefit of it.
* https://ttlc.intuit.com/community/tax-credits-deductions/dis...
Re:Tesla’s new Solar Roof costs less than a new roof plus so...
by selectodude on Saturday October 26, 2019 @11:09AM
(#21364110)
I didn't realize it wasn't refundable. However you don't need to make much to pay $7500 in taxes. I don't make enough to buy an electric car and I pay three times that.
Re:Tesla’s new Solar Roof costs less than a new roof plus so...
by Someone1234 on Saturday October 26, 2019 @11:53AM
(#21364390)
> However you don't need to make much to pay $7500 in taxes.
You do if you're a family, with a 24K standard deduction, a family HSA ($7K), and any number of 401Ks for retirement. A group of people who would benefit significantly from an electric vehicle.
As I said, I don't qualify for the full amount and I earn well above the state's average.