Prius Prime Preliminary State Tax Credit Discussion

Don't forget that employer contributions is not counted towards the $20,500 limit. I noticed these two things also reduces your W2 income: HSA contributions and health insurance on your paycheck.

You'll have to make sure you don't get too much overtime, bonuses, dividends, etc. Good luck.

 

Not necessarily. If you fall under Alt min tax, that knocks you out of a lot of deductions.

 

That's good thinking, unfortunately HSA's contribution limits are low, < 4K for a single person.. See if your employer offers a 457 plan; in most cases you can double-dip - check with your HR benefits department to make sure. Max. contribution is the same 20.5K for 2022.
Don't forget to double-check your monthly budget to makes sure you can make this work with your new car payments - otherwise you'll be eating Raman noodles for the next year.

Ahhhhh; memory of my old college days.....

 

Sorry I'm late on this but $500 is correct. I live in the LHvalley and got the same amount via check about 2 1/2 months after purchase.

 

I purchased my 2011 Prius Prime May 2021. I’m still waiting on my 1K check!! LoL

 

Thanks to all who commented! Unfortunately, the Oregon rebate administer clarified that you only have 6 months to apply after purchase, so I can't do any fancy tax moves and will miss out on the rebate. There are so many "if-only"s in this situation:
- If only the car had arrived at the dealer 6 days earlier, I'd have qualified for the $2500 credit
- If only I had switched over from Roth 401k to Traditional 401k earlier last year, my income would be low enough to qualify for the $5000 credit
- If only there wasn't a benefit cliff, if only the administrators looked at more than lines 1-8 of 1040 so I could deduct IRA contributions, if only I was able to recharacterize Roth contributions, if only I'd read up more closely on the legislative changes, if only the DEQ had updated their website earlier...
But there's nothing I can do at this point. Here's to learning (again) that nothing is guaranteed.

 

You can add Ohio as a NEGATIVE tax situation! $200 additional registration tax ANNUALLY for an electric OR Plug in Hybrid! What morons we have running our government here in Ohio!

 

LoL, I think I was one of the last ones to get my application in before they ran out of money in mid-March 2021. Got my check in late April or May 2021. Sorry

Gotta love those states that "unknowingly" encourage low mileage vehicles. Our state legislature tried that garbage out here too, anti-tax activists told them to find some other excuse to use - and they did .

 

What $1k check? The CVRP for the Prius Prime has ended.

 

The Delaware Clean Vehicle Rebate Program - DNREC Alpha

This is for Delaware residents. I took a look at this just now and noticed that the RAV4 Prime is no longer eligible for the $2500, downgraded to $1000 (unless I am remembering incorrectly). It says it was revised 2/14/22. Interesting. Makes me a whole lot less interested in the RAV4 Prime. I'm still trying to make a deal on a '22 PP at or under MSRP, but I am currently sidelined for a few weeks after some minor surgery. One of the dealers reached out and said they are out of stock on Primes, but will be getting more in the next few weeks, so hopefully that will work out.

 

A few States have a max yearly budget for EV rebates. It's always good to double check your State's web site.
For a State EV rebate, many States also require that the vehicle be purchased in that State, and by a State resident.

 

It was some sort of privately sponsored green initiative program, out of the LA region. I stumbled over it while looking for additional rebates and incentives, after I already purchased the car.
It's a moot point now, since they ran out of money last year.

 

Virginia is messed up. Pennsylvania is too regarding vehicles- but wow

Pennsylvania you need a new $100+ inspection around 11 months after you purchase a brand new vehicle. Doesn’t matter if you drove it 4 miles - that only exempts you for from emissions. Cross the river into NJ and you are good for 4/5 YEARS.

 

Oregon rules are crazy, I purchased a Prius Prime in December and I get the $1,500 rebate but because of my “income” (even though I’m retired) I don’t qualify for the $5,000 rebate.

 

In Colorado the state tax credit is $4,000....I just moved to Kansas....where the State Tax Credit is...........(blank stare...) Oh and you pay taxes on where the car is garaged.....so 9.0% sales tax for me....regardless if I drive to Alabama to pick it up.

 

Welcome to my world, no credit, extra taxes and fees

 

Yes. My brother lives in VA. It's crazy what you guys have to pay. Kansas is a bit behind in EV adoption and despite being a Red state I happen to live smack dab in a Very Blue Area. despite being Purple myself.