[strokerlinx]

Maybe someone smarter than me can assist. I'd like to wait until Jan. 2nd to purchase my Volt because I will avoid property taxes in my state (Missouri). But by doing that, I won't be able to claim my tax credit until I file my 2017 taxes in 2018. Should I be worried that the credit may be gone by then or will I get credit for have purchased it before 200K were sold? Or will Trump kill the whole program...ha.

 

[Steverino]

You'll be fine. You'll just be waiting until you file your 2017 taxes to claim the credit.

 

[DonC]

No problem. Wait away. The eligibility is set by date. So the earlier the better. Should be plenty of credits left. Even if not there is a period when the credit is still available. Trump is a non-factor. You'd have to have legislation, which is less than unlikely, and, even if that happened, you can't retroactively change the rules.

 

[KenC]

Maybe someone smarter than me can assist. I'd like to wait until Jan. 2nd to purchase my Volt because I will avoid property taxes in my state (Missouri). But by doing that, I won't be able to claim my tax credit until I file my 2017 taxes in 2018. Should I be worried that the credit may be gone by then or will I get credit for have purchased it before 200K were sold? Or will Trump kill the whole program...ha.

He won't be President by then, and tax laws are rarely enacted retroactive. You can claim your 2017 tax credit early by doing an estimate, and paying quarterly.

 

[VoltenRock]

If getting the tax credit, you could also just adjust your withholdings for 2017. $7,500 / 12 = a $625 raise per month. Not too shabby a way to take it right away.

 

[llninja]

If getting the tax credit, you could also just adjust your withholdings for 2017. $7,500 / 12 = a $625 raise per month. Not too shabby a way to take it right away.

I would adjust your withholdings to zero, then once you collect $7500 in cash, turn your withholdings back on. This is the quickest path to not giving the government and interest free loan. If you are nervous about the tax credit, then keep the money around just in case until you submit your taxes in 2017. At worst, you can pay the tax burden with the money you didn't withhold. Just don't buy a bass boat or a new dining room set with this new found cash until you are comfortable that the tax credit is indeed coming.