I've looked into the CA Electric Vehicle Rebate program and currently is everyone aware that only the Roadster is on the Approved Vehicles list! The Model S is not on the list and does not currently qualify.
Has anyone heard from Tesla on why this might be? Are they awaiting approval? Have they petitioned the Model S to be included?
The more and more I've looked into the rebate and tax credits the more I realize this car will be expensive.
Im looking at the 230 mile option, with pano roof, $950 sound system, $3500 premium wheel and $1500 leather seats and realizing for the US Federal Tax credit, it's a credit meaning you will still have to come up with the $7500 at signing. This car with a 8.75% sales tax using either Fremont city or Los Angeles as the tax region comes out to $81,399.00!!
Please also know that the Federal credit works like this: If you owe $2500 to the government after you computed your taxes, you'll owe nothing with a $7500 credit, but you won't get the leftover $5000 in a rebate check if that's what you were expecting.
Additionally, if you owe nothing and almost always get a return, the tax credit will do nothing for you.
It seems as though it cannot be applied to lower your tax basis. I will be confirming this with my accountant but if anyone has info to the contrary please advise.