CT Tax rebates?

[davidf01]

Anyone in CT know how the tax incentives work with Ford or the dealers?

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[pstansel]

Unless you got a base trim Pro you aren't going to be low enough to get any CT tax incentives. It caps at 42k.

You can get the federal 7500, and you can get the Eversource EV installation rebate if you have them.

 

[pstansel]

Also we have a thread for CT in the Tristate forum, come on over

 

[davidf01]

Unless you got a base trim Pro you aren't going to be low enough to get any CT tax incentives. It caps at 42k.

You can get the federal 7500, and you can get the Eversource EV installation rebate if you have them.

Ok Thanks how does the Federal $7500 rebate work? Does it come off the price of the truck?

Whats the Eversource EV installation rebate?

 

[TRP]

Ok Thanks how does the Federal $7500 rebate work? Does it come off the price of the truck?

Whats the Eversource EV installation rebate?

You file for it on next years taxes. You have to have the tax liability to get the full amount. Check with your tax person

 

[pstansel]

Whats the Eversource EV installation rebate?

You can google CT EV charger installation, basically they refund you up to $500 for the installation cost from the electrician and up to $500 if you buy a charger they recommend.

 

[davidf01]

You file for it on next years taxes. You have to have the tax liability to get the full amount. Check with your tax person

Thanks for the answer. So pretty much useless if it does not come off the price of the truck. The loan amount and interest paid is not effected with the $7500 rebate in CT. My nephew bought a Tesla and that incentive came directly off the price of the Tesla.

 

[TaxmanHog]

The loan amount and interest paid is not effected with the $7500 rebate in CT

To what ever degree the [FEDERAL] credit is determined to be, put a payment against to the loan to reduce the principal.

I'm not familiar with the CT state EV incentives.

 

[RickLightning]

Thanks for the answer. So pretty much useless if it does not come off the price of the truck. The loan amount and interest paid is not effected with the $7500 rebate in CT. My nephew bought a Tesla and that incentive came directly off the price of the Tesla.

Useless? Tesla used theirs up long ago. $7,500 tax credit is not useless.

 

[vinyl_not_vinyls]

Here is a recent bill that passed impacting EV's in CT


"Additionally, the bill sets the maximum base manufacturer’s suggested retail price (MSRP) for a vehicle to be eligible for an incentive at $50,000, which applies from July 1, 2022, to June 30, 2027. Current law does not impose an MSRP cap, but under current program practice, the MSRP cap is $42,000 for BEVs and PHEVs and $60,000 for FCEVs. "

 

[pstansel]

Yeah the problem is the CHEAPR board in CT is made up of traditional industry folks and not anyone actually representing an EV company

 

[TRP]

Thanks for the answer. So pretty much useless if it does not come off the price of the truck. The loan amount and interest paid is not effected with the $7500 rebate in CT. My nephew bought a Tesla and that incentive came directly off the price of the Tesla.

???? Useless?? No, my friend it is not. It's $7500 back in your pocket if you qualify. I was fortunate to be able to purchase 2 EVs last year and got a tax refund from the IRS of just under $15000. I could have put that refund directly back into the loans for those 2 cars, or as I did, pay off a higher interest loan instead.

 

[davidf01]

???? Useless?? No, my friend it is not. It's $7500 back in your pocket if you qualify. I was fortunate to be able to purchase 2 EVs last year and got a tax refund from the IRS of just under $15000. I could have put that refund directly back into the loans for those 2 cars, or as I did, pay off a higher interest loan instead.

It all depends on what you pay or what you paid in taxes correct?

 

[TRP]

It all depends on what you pay or what you paid in taxes correct?

It comes off of what you are required to pay in via payroll taxes. If you're required to pay in more than $7500 you get the full amount deducted.

Here's my personal example rounded up. Was required to pay on $15000, actually payed in just a little less than that. Filed for the EV credit and was given a refund of $14500 approximately. If not for the tax credit we would have just about broke even.

Talk to your tax person and see where you would stand, it does depend on what you are required to pay in based on your income

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