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Federal and State Incentives for Plug-Ins, EV's

Discussion in 'Gen 1 Prius Plug-in 2012-2015' started by wjtracy, Sep 24, 2012.

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  1. fortytwok

    fortytwok Active Member

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    I called the MA rebate people just days ago and my check (for a Volt) is coming within the next week.
    They said they'd email in advance which is nice because I hate the thought of possibly mixing the check up with the junk mail - 10 weeks is a long time to wait...
     
    #281 fortytwok, Sep 25, 2014
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  2. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

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    With the usual clarification this refers to the total tax owed for the year, not the balance you have to pay when you file, that wasn't covered by payroll withholding or quarterly payments.
     
    #282 CharlesH, Sep 25, 2014
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  3. wjtracy

    wjtracy Senior Member

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    ...hope you like the Volt...I was going to mention it but I did not want to dissuade our potential PiP customer
     
    #283 wjtracy, Sep 25, 2014
  4. fortytwok

    fortytwok Active Member

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    haha thanks Mr Tracy!
    and I do. Liked my PiP a lot too and would still be driving it if not for the new MA incentives.
    MA + Fed = $10,000 off, strange times we live in...
    Given that and not needing much storage space it was hard to pass up trading an old PiP for a new Volt almost even up
     
    #284 fortytwok, Sep 26, 2014
  5. fortytwok

    fortytwok Active Member

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    MA rebate now in the mail.
    Pretty efficient process overall. Not sure why it takes 75 days but they emailed when the check was mailed eliminating that fear of it being tossed in the junk mail bin... Now if only the Feds were as easy
     
    #285 fortytwok, Sep 30, 2014
  6. wjtracy

    wjtracy Senior Member

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    Well, it's been quiet on the incentives front for PiP.
    However, there have been some recent news (details later):

    1. Washington State at the last minute saved its EV tax credit and extended it to Plug-Ins. Only cars less than $35k but Plug-In Prius is excluded for insufficient battery capacity (need 30 miles). So we can possibly see why Toyota needs a bona fide 30 miles next PiP2.

    2. Delaware has added ~$2000 EV/Plug_in incentive looks like PiP might be included! Not sure if PiP gets the full amount. The DE FAQ section specifically mentions PiP as an example, unless PiP is unobtainium it appears PiP is included. DE is CARB-Lite (not 150k for batts).

    3. California has modified the CVRP rebate program for less payout to higher income folks, but doubles the incentive for lower income folks. $3000 off for PiP for some? Grab it if you can.

    4. Bad news: Idaho had added a new Hybrid tax of $75/yr and EV fee of $150/yr ...right now I am not sure if this new "hybrid" tax is targeting hybrids, or plug-in hybrids, or both.

    5. South Carolina has some stealth incentives going on looks like an old Hybrid incentives law is still on the books from 2005 and some owners are getting credits. It is not well publicized. Anyone from South Carolina? Help me understand this one.

    Of course, quite surprisingly, PiP as we know it is apparently out of production now by Toyota. But presumably there should be new PiPs on the market for the next 6 months or so.

    I get a lot of my news from the Washington Hybrid Vehicle and Alternate Fuels Report
    WSDOT - Budget and Financial Analysis - Hybrid Vehicle and Alternative Fuel Report
     
    #286 wjtracy, Aug 2, 2015
    Last edited: Aug 3, 2015
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  7. mozdzen

    mozdzen Active Member

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    Will be interesting to see how many PiPs they built in their last batch. "This means a ~14 month gap (with zero production) will open up shortly and there will be no newly produced cars to sell over that period. We do expect inventories to see a slight bump this summer as the final build-out might mean some additional depth for America before the long hiatus begins." Monthly Plug-In Sales Scorecard
     
    #287 mozdzen, Aug 3, 2015
  8. wjtracy

    wjtracy Senior Member

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    Yes interesting to see...a couple months after Toyota announced the end of PiP1 manufacture, California extended the green sticker HOV sales. I would think that development sucks up any spare PiPs in fairly short order, unless Toyota accounted for that and made more PiP in June than we thought. who knows maybe the plant is not shutdown? Conspiracy theory, I know.
     
    #288 wjtracy, Aug 3, 2015
  9. wjtracy

    wjtracy Senior Member

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    Check out this California Incentive update: Sounds like lower income folks get more money $3000 off for PiP?!! Possibly this helps some retired folks who are reporting lower income. Whereas over $250k income, you get less credit.

    California putting limits on EV incentives for the rich
     
    #289 wjtracy, Aug 3, 2015
    Last edited: Aug 3, 2015
  10. lensovet

    lensovet former BP Brigade 207

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    yes, they boosted the incentives for lower-income folks using some existing formulas for determining the cutoff limit (I think 3x the poverty line for your family size)
     
    #290 lensovet, Aug 4, 2015
  11. bigbearballs

    bigbearballs Junior Member

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    I'm sure this has been asked before, but I'm bad at searching. I don't ever owe money on my taxes, I WILL NOT get the credit because of this, right?
     
    #291 bigbearballs, Aug 9, 2015
  12. sillylilwabbit

    sillylilwabbit Active Member

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    You are referring to a federal tax credit, this is a rebate.

    So to answer your question, you will not be able to take advantage of a federal tax credit, but will be able to obtain the rebate.


    iPhone ?
     
    #292 sillylilwabbit, Aug 9, 2015
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  13. wjtracy

    wjtracy Senior Member

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    BigBear- You have to say exactly what you mean. There are two reasons to have zero tax bill.
    The first reason is if you have smaller income, and owe no tax, in that case the Federal Incentive is not applicable.
    The second reason is you actually owe tax, but you have monthly withholding so you've pre-paid. But the withholding is immaterial what matters is your actual Tax on FORM 1040.

    TX has incentives too, so it depends on how TX works. CA is recently doubling!!! state incentive for lower income folks.

    The other option is to lease, because the people who lease the car to you have taken the Federal subsidy on your behalf, so you get a decent lease price.

    Yet another option available to some is to make moves (like IRA withdrawals) that generate tax.

    By the way, PiP has been unavailable in TX for the most part. You can import one but the TX rebate presumes it is bought from in-state dealer. You would still qualify for Fed credit, given the options above. This thread tries to be PiP-specific so if you are considering a non-PiP plugin be sure to check outside sources for more info (or ask here).
     
    #293 wjtracy, Aug 9, 2015
    Last edited: Aug 9, 2015
    Andyprius1, PriusC_Commuter and bigbearballs like this.
  14. bigbearballs

    bigbearballs Junior Member

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    My wife and I make about 100k a year, so we do pay lots of taxes. I am considering a PiP, but I didn't realize there were none in Texas. So, back to my original question, I will get the 7500 back in one way or another?
     
    #294 bigbearballs, Aug 9, 2015
  15. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

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    As pointed out by another poster, how much you pay (or get back) when you file your tax return is irrelevant. What matters is your tax bill for the year. If you earn wages, then it is likely that you paid much or all of your tax bill via withholding from your paycheck, and you can get all or part of that back when filing, using the credit (which is $2500 for the PiP)
     
    #295 CharlesH, Aug 9, 2015
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  16. bigbearballs

    bigbearballs Junior Member

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    I found this, I assume if my federal tax liability is $7500 or above I would qualify for the max amount. I know the PiP is just $2500.
     
    #296 bigbearballs, Aug 9, 2015
  17. wjtracy

    wjtracy Senior Member

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    You got it BigBear. If you really want a PiP, you probably want to call Dianne Whitmire ASAP and order one, or used PiP is another decent option. They are selling out soon. $2500 Fed credit if new.

    do not know if there could be a new PiP or two in TX, which you could tack on another $2500 off.

    If you want to go with Leaf, or Volt, or Tesla etc. you can get the $7500 and maybe TX incentive.
     
    #297 wjtracy, Aug 9, 2015
    Last edited: Aug 9, 2015
  18. sillylilwabbit

    sillylilwabbit Active Member

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    I wonder if any of these incentives can be applied to used cars?

    I think the calif rebate only applies to new, but unsure of the federal incentive. Probably not since the first person who bought got the incentive, doubt a second owner can claim the same incentive. (Think calif: buy a car pay full sales tax, sell the same car to a second owner, the second has to pay the full sales tax again ... Wash, Denise , repeat...)

    iPhone ?
     
    #298 sillylilwabbit, Aug 9, 2015
  19. wjtracy

    wjtracy Senior Member

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    Good question...in most cases it has to be new to get the incentive, but you'd have to check each program specifics. Normally you need to be the first title owner. Not aware of any exceptions but Wash DC case might be example.
     
    #299 wjtracy, Aug 9, 2015
  20. Zythryn

    Zythryn Senior Member

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    Used cars already benifit from the rebates indirectly.
    The rebates force the used EV costs down, simply due to competition.

    For example, why would someone buy a used plugin for more than the cost of a new one, minus any incentives?
    That is a big part of the reason you see such great prices on used EVs of almost all sorts.
     
    #300 Zythryn, Aug 9, 2015
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