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Discussion Starter #1
Hi Folks, I was just checking the IRS website for the listing of the $7500 tax credit (30D). It was just updated on 11/04 and did not have the 2016 Volt listed. It did have the 2016 Spark EV listed and that was not there prior to the 11/04 update. Does anyone know if we will have the tax credit for the volt for 2016 and even more important 2017?

The fella at our local dealership in Western NC are Volt clueless (big surprise) and were not able to help much. If I was in the market for a dang big Amen brother pick up truck I would have been in business.

I plan to get my 2017 Volt until spring 2016. Also that will be when G2 Volts hit NC. Unfortunately I am counting on this tax credit. I hate having IRS hold my Volt fate, but that is where things stand for now and had to be financially creative to figure this out. (Anyone want to buy some of my metal art??) That is one of the ways I plan to fund my Volt drive. A counselor's salary ain't all it is cut out to be. Good thing I love my work and am rewarded beyond financial.

Here is the IRS Website for 30D New Qualified Plug-in Electric Drive Motor Vehicles – GM:

https://www.irs.gov/Businesses/30D-...ive-Motor-Vehicles-General-Motors-Corporation

Thank You
Jon
 

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I wouldn't sweat it either.

The IRS is not the most up to date group. They are constantly updating forms throughout the year.

Since California already has approved the 2016 Volt for the $1500 rebate based on similar criteria then I'm sure the Feds will eventually show it.

Even if not specifically listed, ill be claiming it because the tax code is quite clear that the rebate is based on battery size and I'm sure the Volt will qualify for the $7500 tax credit.

I'd be interested to hear what Jeff_h has to say on this one because I believe he has some background on this issue.
 

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I believe the Fed Tax Credit is based on the amount of EV's sold, like the Volt, and GM has not sold enough Volts to worry about the Fed Tax Credit ending in 2017 or even beyond. EV's are not selling that well in the US with gas $2/ gallon......
 

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I'd be interested to hear what Jeff_h has to say on this one because I believe he has some background on this issue.
Well I am definitely planning on filing my 8936 this year for the $7,500 credit, as I did in 2013 for both Fusion Energis that year.

The statement that the IRS site is not updated promptly on all facets of the EV credit sure seems accurate, as the last time I checked the "Quarterly Sales by Manufacturer" page (about a month ago) I think it only showed Mercedes and Ford. If I want accurate numbers on EV/PHEV sales I go to the monthly scorecard page on insideevs, but AFAIK GM is nowhere near the 200k mark, probably about halfway there around this time.

So hopefully they will update it in the next few weeks before people really need the accurate info most when prepping their tax returns.
 

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Discussion Starter #7
Thanks Folks, Jeff's report is right on. Today, I was instructed by Chevy Sales to speak to the Volt Marketing Support department at 1.888.865-8496. So I spoke to Keisha who said wont be updated till closer to the end of the year for 2016 & 2017 Volts. She said have no fear of the 200K being met since we are a few years from that window from the pace these are rolling. She reports that currently GM has produced 93,000V Volts. As far as GM overall it is a little over halfway to the 200K mark. Looks like I can chill and be able to get the credit for 2016, unless politics go sideways.
 

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Information as of 3.12.16

And as of 3/12/16 the information seems to duplicate that of 11.17.15 -- no mention of the 2017 Volt, but, then again, it's still nine months before 2017. Sigh ...
 

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The $7500 is available on your 2015 return. Just filed mine.
 

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Just a reminder,that if you are getting a refund from the IRS you won't need the $7,500 tax credit.
If you owe money to the IRS,depending on how much money you owe,you will be covered up to the $7,500 credit limit.
 

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Just a reminder,that if you are getting a refund from the IRS you won't need the $7,500 tax credit.
If you owe money to the IRS,depending on how much money you owe,you will be covered up to the $7,500 credit limit.
THAT IS NOT HOW IT WORKS!

The $7500 CREDIT is balanced against what you are LIABLE for.
Example:
If you earn enough income to be liable for $7500 in taxes and your W-4 is setup properly (you have $7500 withheld from your pay) then when you file, you owe nothing and don't get a refund because you have already paid thru your withholding.
However, if you now add in the electric car purchase, you get the $7500 tax CREDIT that erases the amount that you are liable for and you would get a refund of the withholding that you were putting in all year long.
The Volt purchase will pay your taxes for you up to $7500.

If your withholding is more than your liability you will get the $7500 plus what ever your withholding was.
 

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The Federal Tax Credit for Gen2 Volt for 2016/17? Not listed in latest IRS up...

My real and recent example. I had a $3000 refund coming for 2015. Bought my Gen 2 Volt Dec 13. Received my $10,500 federal refund last week, including my $7500 Volt tax credit.


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My real and recent example. I had a $3000 refund coming for 2015. Bought my Gen 2 Volt Dec 13. Received my $10,500 federal refund last week, including my $7500 Volt tax credit.


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Wow, that's quick. I just finished my federal and state taxes today after waiting for some additional Schedule forms. Because of the $7500 tax credit, I will also be receiving a big refund. That's better than having to pay a bunch of money to the govt.
 

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My real and recent example. I had a $3000 refund coming for 2015. Bought my Gen 2 Volt Dec 13. Received my $10,500 federal refund last week, including my $7500 Volt tax credit.


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This is a correct example, as TSquare pointed out. It's based on your tax liability. Whether you withheld too much or too little and therefore are either getting a refund or owe the IRS has nothing to do with eligibility for this tax credit.
 

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Just a reminder,that if you are getting a refund from the IRS you won't need the $7,500 tax credit.
If you owe money to the IRS,depending on how much money you owe,you will be covered up to the $7,500 credit limit.
It's the total tax bill that counts, not whether or not you get a refund.

Example: Your total tax bill is $10,000 and you paid $11,000 through payroll deductions, so you're owed you a refund of $1,000. But if you bought an eligible electric vehicle it will reduce your total tax bill to $2500, and you'll get a $8,500 refund.
 
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