This is a great idea btw. Both of my Volts were bought used for significant discounts under asking price.Buy a used Volt to reduce depreciation loss and enjoy the tax credit reduction in resale cost of a used vehicle.
The EVSE credit (Alternate Fuel Vehicle Refueling Property Credit) has expired.Also, as I recently found out, while there is a related federal tax credit program called the Alternate Fuel Vehicle Refueling Property Credit where you can claim a credit on your federal income tax for installing a home charging station (the amount of this credit is limited to 30% of the cost of installing the home charging equipment) however the Alternate Fuel Vehicle Refueling Property Credit is limited by amount of the the tax credit you may have received for the Plug-In Vehicle tax credit in that tax year. Together these two tax credits cannot exceed $7500 for one year. If you decide to purchase a Volt or other plug-in vehicle and want to install a Level II EVSE at your home, to be able to take full advantage of both tax credits, you should wait until January of the following year to purchase and install the home charging station, then you can claim the Alternate Fuel Vehicle Refueling Property Credit. In the example above where the total tax owed was $6000 you would receive $6000 tax credit and then could still claim the Alternate Fuel Vehicle Refueling Property Credit in the same tax year. Note: even a relatively expensive install of a dedicated circuit and Level II EVSE for the Volt, say $2400, you could receive a credit of 30% or $800. Your total tax credit would be under $7500, in this case $6800. You would not receive the unused portion of the combined tax credit programs ($7500 - $6800 = $700) as a refund or be able to carry this over to the next tax year.
If you are filing taxes as a regular individual taxpayer and not any kind of business, yes, it's only* based on tax liability.Hi all.
About to buy a 2017 Volt, just getting the old cars sold and affairs in order before pulling the trigger. So wanted to say hi, as I've trolled the forums here for a bit learning about this amazing car and I'm sure to be on here quite a bit once I actually get the car.
One quick question I'm hoping you guys can finally confirm the answer for me is about the tax credit. As I understand it, as long as my tax responsibility for 2017 is $7500 or more, I will get the full credit. So please correct me if I'm wrong, but here is how I think it will work for me based on 2016. I payed $15,000 in federal taxes in '16 and owed $10,000 after all deductions, so I got a $5,000 "refund" this year(these are not actual figures, but nice round numbers that represent my actual situation and will allow me to understand how it will work). Assuming everything stays the same to '17 (I know it won't exactly), I would then get a "refund" next year of $12,500?
I've read several articles on this, including the IRS website, and I believe this is correct, but I just want to make sure I know what to expect.
Thanks in advance and look forward to talking to you about the actual Volt going forward.
Thank you for this information. I wanted to take advantage of the Alternate Fuel etc. etc. tax credit on my 2016 taxes but learned that since I received the full amount of the Plug-In Vehicle tax credit ($7500) that I was ineligible to receive any tax credit for the EVSE.The EVSE credit (Alternate Fuel Vehicle Refueling Property Credit) has expired.
A co-worker found a pre-owned 2017 Volt for say that was certified. It turned out he wound up with a more warranty coverage than I got buying new (36 months vs his 42 months) and he bought a $41K 2017 for about $26K OTD. It was 8 months old and only had 4K miles on it.This is a great idea btw. Both of my Volts were bought used for significant discounts under asking price.