For all of those on the waitlist, or delaying purchase worried about the $1500 check, I just received this email a few days ago (I was on the waitlist) Clean Vehicle Rebate Project <[email protected]> To:XXXXXX Sep 24 at 9:45 AM Dear XXXXXXX We are pleased to inform you that we mailed your Clean Vehicle Rebate Project (CVRP) check via USPS on to the address on your application.
That's probably one of those California perks, along with seeing Claritys on the road and in dealerships, and not worrying about the steel parts rusting, right?
You forgot about the longer warranties on the electrical drive components/battery , but yes it is a Cali thing
We get the longer warranty in NY too. Also $1,700 from the state, but you have to buy from a NYS dealer (they pay the dealer directly)
Has anyone gotten a bill from them for selling the car within 30 months? Sent from my iPhone using Inside EVs
Iirc they'll do periodIc checks, if you get caught they will. You can also contact them directly and they'll prorate and tell you how much to return based on how long you kept the car
Submitted my application in mid June after buying the car. Got e-mail 9/24 notifying check has been sent out. Received check via USPS mail on 9/26. Also got my SCE rebate earlier this month as well. With all the rebates, Clarity is a really great deal in CA. Now just need to wait to file the tax return next January to get that last chunk of change back.
Glad to hear they have money again! I got my $1500 CVRP in March after filing in January. $1000 SCE was prompt took only 60 days...
If you’re expecting to actually get $7500 back from the IRS you’ll be disappointed. It is a tax credit, not a rebate or refund. If all goes well you will owe the IRS $7500, at which time your tax preparer will submit the appropriate document to verify your purchase. Then you will owe $0.
Not really...most people will have already had UP TO $7500 deducted from their paychecks from their employers throughout the year. They will get UP TO $7500 of that refunded due to their EV purchase. Even if you're self employed, you're supposed to pay your taxes monthly or quarterly at a minimum, depending on your income level and size of company that you own.
Yup. This is exactly what I am looking forward to next year from the IRS. A nice refund from my tax withheld this year.
I've said this a few times before, but I'll say it again for those who don't read every post in this voluminous forum. Retired people may not have any taxes withheld and may not make enough money to have a $7,500 income tax bill. We converted enough IRA funds to Roth IRA funds to generate a $7,500 tax liability. The federal EV tax credit enabled us to avoid ever paying taxes on those converted funds and we won't be required to start selling them off at age 70-1/2.
That's a great strategy and good to know for retirees. I'm retiring in about 5 years so it's something good to know. Will have to consult a tax person to find out how people with 403b and investment accounts would work when I retire...
You pretty much have it exactly wrong. You need to OWE $7500 in taxes to receive the credit. So you don’t want to have a large amount deducted. It is late in the year but there is still time to change your deductions to have the least amount taken out of your check. Again, it is a credit, not a refund.
As I'm a few years shy of retirement age, am self-employed and have ACA health insurance I have to keep my income below $48K or my monthly premium will jump from $320 to $1100 - so my tax liability is fairly low. I'll just be happy to get whatever I can of the $7500 tax credit.
@Landshark is absolutely correct. The tax credit is subtracted from your tax liability and has nothing to do with how much you had withheld. Since my tax liability was below $7,500, I used @insightman’s strategy to make sure I benefited from the full amount.