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View Diary: Updated x2 - CNBC/CNN put Tesla to the Test. NY Times Fails. (230 comments)

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  •  The fine print (1+ / 0-)
    Recommended by:
    radical simplicity

    The electric vehicle tax credit currently

    phases out for a manufacturer’s vehicles over the one-year period beginning with the second calendar quarter after the calendar quarter in which at least 200,000 qualifying vehicles manufactured by that manufacturer have been sold for use in the United States (determined on a cumulative basis for sales after December 31, 2009)
    - http://www.irs.gov/...

    The tax credit is "non-refundable," which means that you have to have an income tax liability of at least the amount of the credit in order to use it all.  It can't be carried forward or back, either.  See Instructions for Form 8834.  

    Of course, anyone who can afford a Tesla probably has an income tax liability of more than $7500 (for 2012 married filing jointly, that's a taxable income -- after deductions/exemptions, etc. -- of about $55, 800).

    We must drive the special interests out of politics.… There can be no effective control of corporations while their political activity remains. To put an end to it will neither be a short not an easy task, but it can be done. -- Teddy Roosevelt

    by NoMoJoe on Wed Feb 20, 2013 at 11:48:19 AM PST

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