It's official, tax bill includes credit for plug in electric vehicles

hooray!

 

I would have bet a monthly pay check this would NOT have happened.

 

Still trying to get mine before 12/31, otherwise i'd have to wait an entire year before I see that tax credit refund.

 

I just bought my Prius Prime Plus yesterday. for $22K plus tax. used with 5k miles on the engine in WA state. you are saying that prime bought in 2017 qualifyies for $4500 tax credit?
How does federal tax work exactly? does anyone know details?

 

no, the tax credit only applies to NEW vehicles.

 

2017 is not new? bought in 2017

 

You just said you bought it used.

New as in it has never been previously owned, buying from the dealership.

 

yes used but it is still 2017 model and I am second owner. why wouldn't it apply to me?

 

Feel free to read it yourself. Plug In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service if you don't want to believe me.

 

well that sucks then.

 

Who in their right mind would sell a PRIME with that few miles on it?

 

I know right, but I was able to find it with just under 5K miles at Toyota of Olympia in WA state. I couldn't believe it myself but I took the chance and got Prime Plus.
Dealer told me that the owner wanted more seats in the car or becuase of the big family. But I am not sure for 100% if that was the case.

 

so they probably paid 28k, less the credit is 24.5k, 22k is still a great price for 5,000 miles, congrats, and all the best!

 

And the dealer probably purchased it for $18k or something insane

 

gotta make money to stay in business. you trade in a new car, you lose.

 

I had to put $500 deposit because there had line of other buyers that wanted it. But again maybe it was a dealer gimmick to make me more interested in the car. the sales man didn't even know that it was plug in prius LOL. I knew more about the car the the stealership

the original price on the sticker that the 1st owner bought it for Blizzard white color and some accessories was $28**** for this Plus model. I actually like plus more that premium or advanced. I didnt' like that 11.6 inch screen looks like too much of a distraction to me.

 

Because the law says so.

These credits are limited to one per vehicle. First owner only. Otherwise, people could trade an almost new car as fast as the paperwork could be processed, generating dozens of credits per car in a single year, far in excess of the value of the car. That would clearly be fraud.

 

Good. I found out I'm probably not getting mine before the end of the year.

 

"New" and "used" mean two different things. Tax credit requires "new" and you bought "used".