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$7500 tax credit is still in the final version Tax Bill

$7500 tax credit is still in the final version Tax Bill

I am glad the $7500 tax credit got kept in the final version. ...

TESLA CA | 19 december 2017

@ending00 +1 Very good news! :-)

Eric.sackmann | 19 december 2017

Indeed. I’m surprised how man comments I have read where folks claim they don’t care about the $7500. I care! I would prefer to keep that money and it definitely made purchasing this car an easier decision!

ONI222 | 19 december 2017

So do we know if people getting their cars in April if they will get the full 7500?

ebmcs03 | 19 december 2017

I totally care. It’s $7500! Whether I can afford the car with or without it is still $7500!!!!! That’s a lot of electricity.

As a day 1 reservation holder Californian (non owner) I still feel like I got a chance at the $7500

Carl Thompson | 19 december 2017

@ONI222:
"So do we know if people getting their cars in April if they will get the full 7500?"

That seems very certain at this point. If you receive your car before Jun 31 you'll get the tax credit.

Model_D | 19 december 2017

31 June. That is funny. Was that on purpose?

Carl Thompson | 20 december 2017

@Model_D:
"31 June. That is funny. Was that on purpose?"

Nope. Just a mistake. ;-)

PhillyGal | 20 december 2017

So why does the bill still make me feel sick?

:-/

andy.connor.e | 20 december 2017

Every dime i get (if any) from the tax return is going into a lockbox for autopilot. Assuming i cant afford EAP by mid next year (2018), ill use the tax credit i receive in 2019 to immediately activate EAP.

If i can afford the EAP with the car purchase, $4,000 goes in a lockbox for FSD when it becomes available, and the remainder also goes in a lockbox designated for maintenance/repairs for the vehicle. First action is reimbursement for snow tires!

stevenroglen | 20 december 2017

It's nice that they kept that. It's unfortunate that the rest of the bill just sucks, but that's another topic for another time.

Mike83 | 20 december 2017

@PhillyGal don't think about it. It will change again. I suggest you go see Star Wars, The Last Jedi in 3D. The analogies to our world today is entertaining. Enjoy the ride. I am happy for all EV buyers as their actions are rewarded. We'll be on another trip in our Tesla as it seems we spend more time traveling than at home but we get to sse a lot and traveling in our safe, quiet and powerful Tesla is just too much fun.
Happy Holidays.

LostInTx | 20 december 2017

The $7500 tax credit pays for EAP. Pure and simple.

bcimae.co.us | 20 december 2017

@pillygal - probably because an extra $1.5 trillion of debt makes most people sick!!

PhillyGal | 20 december 2017

@Mike - Have you ever heard of "escalation of commitment?" I feel like that regarding Star Wars. Since I've never seen the original, I've never bothered to see any new ones either. Now it just feels weird, like I'm not allowed.

@mcimea - Sigh... Knowing I'll pay fewer taxes while nearly everyone I know and love struggles with basic expenses and healthcare costs makes me sick too.

burdogg | 20 december 2017

I'll chime in :)

Healthcare as is before this bill was in trouble - the costs continues to skyrocket and healthy people were already dropping out and paying the fine if need be. I speak from personal experience.

My cost for insurance last year would have been $21,000. That was just to have the insurance, but it was a High Deductible, so we had to meet a $13,000 deductible BEFORE any insurance would pay. So, for me to have any money cover anything, I would pay $33,000! That is NOT sustainable. I dropped out last year. Actually found a much better system for my healthcare needs - one that has some personal responsibility (sorry, but an office visit should be our personal responsibility, not want insurance was ever intended for) but then covers when things get beyond a certain expense - only $5400 a month and BETTER coverage than I had when I had true insurance.

So sorry, I have heard story after story of people unable to afford the cost of healthcare - it just continues to skyrocket (and this before this tax bill) and people dropped it as they could not simply afford the outrageous prices. I hear it is set to raise another 20% this year (again BEFORE this tax bill was even passed.)

So I guess I just am saying - the healthcare as is was already set up to eventually collapse.

Just my personal experience with it, others on here probably completely disagree with me, that is ok, as I am sure we would disagree on a lot of things, but that is what makes us great, we can hopefully disagree, but still be civil and imagine this - even friends still - at least that would be my hope and what I think America needs more than ever, the willingness to still be friends even though we don't always see eye to eye :)

Now back to the tax credit...

burdogg | 20 december 2017

wow, not $5400 a month - that was supposed to be $5400 a year :)

Jordogross | 20 december 2017

For Tesla electric vehicles with MSRP under $60,000.00, the full $7500 tax credit will be available in the quarter in which Tesla reaches 200,000 sales. The full credit will continue throughout the next full quarter, before the gradual phase-out begins. I would think that Tesla will do everything in its power to delay the 200,000th sale until a new quarter begins. If the threshold is reached between January 1, 2018 and March 31, 2018, the full credit will survive through June 30, 2018. If the threshold isn't reached until April 1 to June 30, 2018, the full credit will survive through September 30, 2018.

burdogg | 20 december 2017

It would be really nice if somehow they could make it until April 1 to reach that 200,000 threshold, but with the rate they want to be producing the Model 3 - I would be surprised if they make it that long - but it would be nice and help out that many more people.

Maybe a little delay is a good thing, if it pushed them into April for that 200,000 car :)

ybbor | 20 december 2017

@Jordogross what if the MSRP is over $60k? Are we still eligible for the tax credit?

burdogg | 20 december 2017

Hm - yeah, where did you pull out the MSRP under $60,000? The tax credit did not change, and it does not have any cap on price for vehicle to qualify.

I haven't researched it yet - but my understanding - nothing changed for that tax credit hence disregard the under $60,000 statement :)

PhillyGal | 20 december 2017

@burdogg - I was about to say $5400/month?! By the way, I totally agree that this tax bill isn't at all responsible for how outrageous healthcare (and education) already was. I just meant I hate to see the most fortunate of us benefit when so many suffer. I'd rather pay MORE taxes so that my mom can finally get that heart test her doc ordered a year ago, my nephews can attend schools that aren't horrible, and my grandmom isn't forced to be shuffled from relative to relative because no one can handle her care but she can't afford the assisted living her mental health requires.

Bluesday Afternoon | 20 december 2017

Remember Tesla has a worldwide presence. Let’s say it’s early March and projected USA deliveries are getting within range of the 200,000 mark before April 1st. Production would shift to deliveries in Canada, Mexico or other international markets. Tesla has done this in the past. How well they do this is to be seen.

It’s well known that Tesla’s intent is to maximize the future owners opportunity to receive some level of tax credit. This was discussed back in April, 2016:
http://www.hybridcars.com/musk-hints-tesla-could-try-to-maximize-tax-cre...

Jordogross | 20 december 2017

Burdogg...my error. The $60,000 MSRP only applies to those of us in New York State seeking to also claim a state tax rebate of up to $2,000.00. Many other states offer various incentives as well for EVs.

burdogg | 20 december 2017

Thanks for the clarification Jordogross - that makes more sense - figured you didn't pull that out of nowhere :)

Simply Red - yeah I still remember Elon's tweet about it - loyalty begets loyalty :)

razvanel | 20 december 2017

Do we know anything whether the 14k tax credit will still be available in Canada in 2018/19?

LostInTx | 20 december 2017

Back to health care, my 26-year-old daughter (not married; no children) received her January healthcare statement. Her rates are increasing 62%. I had to check the figures twice. She called the provider this morning and was given the typical platitudes about increased costs for everyone, including insurance companies.

The current system is indeed unsustainable.

burdogg | 20 december 2017

LostInTx - send me an email to my handle @ hotmail.com. I would love to discuss with you the option we took, as it has been amazing for my family, and may work great for your daughter. Just want to give you another option to look into that i feel is much better than the healthcare system.

andy.connor.e | 20 december 2017

@LostInTx

When chronic health conditions, and things like autism are exponentially rising, eventually we wont have any money in government for anything other than health care, because every single person in this country is going to have 10 medications coming in the mail every month for their entire lives.

Cause > Treatment But the cause is not good for business.

Carl Thompson | 20 december 2017

@PhillyGal:
"Knowing I'll pay fewer taxes ..."

Are you sure you'll pay less tax under the new plan? Remember the tax plan eliminates the deduction for state and local taxes. For me that one thing will cost me several thousand dollars next year easily outweighing any small savings the bill would give me.

Totally coincidentally Red states tend to have low or no state income taxes and Blue states tend to have higher state income taxes.

andy.connor.e | 20 december 2017

If you have no deductions, you pay less taxes. I will also be paying less taxes, as i have no deductions.

burdogg | 20 december 2017

Carl - it didn't eliminate state and local taxes - it just capped them - this is the problem - there is so much misinformation out there. Sure being capped at $10,000 may still hurt, but it is the honest way to respond :)

Plus, doubling the standard deduction may shift many away from even itemizing anyway??

ST70 | 20 december 2017

I'm still in shock that PhillyGal hasn't seen Star Wars...

PhillyGal | 20 december 2017

@Carl - A tax expert I am not but the way I figured it even with the cap at $10,000 my husband and I will still pay less. Guess we'll find out in or around February of 2019 when we file out 2018 taxes.

Though to be honest, it'll be a hot mess between my EV credit and adding a dependent. No idea how to even estimate this year to adjust my witholdings.

NESM | 20 december 2017

I agree that health care costs are unstainable. I also agree that individuals need to take more responsibility for their health. We over prescribe, and over test in this country and our outcomes are worse than any other high income country but we spend far more. Our health care system is very broken but until we are willing to make some drastic changes, it will only get worse. Unfortunately, the system may need to collapse before enough people are willing to make the hard choices. As far as the new tax bill, I am unsure how my family will be affected. I suspect it will not make a significant difference but I greatly resent the ultra rich and multinational corporations getting a major tax cut on the backs of the poor, the middle class and the overall welfare of this country.

Mike83 | 20 december 2017

This is simple? Why does the Tax bill include allowing drilling in the Arctic? Favors for favors doesn't seem to serve Americans. Who is profiting off of this?

andy.connor.e | 20 december 2017

@Mike83

Monster billion dollar corporations.

burdogg | 20 december 2017

Yeah, corporations are so bad...

Maybe things like this may change your mind, probably not, but hey, I will share it anyway:
https://finance.yahoo.com/news/att-plans-give-1000-bonuses-200000-employ...

andy.connor.e | 20 december 2017

Using that, with that statement, to send that message, is clearly showing in bright and shiny colors, you dont understand much.

burdogg | 20 december 2017

Yes, sorry, corporations are bad - I need to stop using my cell phone, stop buying my corporate food, heck to it all, I am going to live off my own grown food. I get it we seem to hate corporations, they make so much money and give me nothing in return.

Sorry if I don't have the same generic corporate view as all. Sure are there some corporations that are run terribly, or that overpay a CEO, sure. But this disdain for corporations, I don't share the view.

You can hate them all you want, but tell me what this world would be like without corporations...and no, it would not be all happy unicorns.

andy.connor.e | 20 december 2017

Not even what you said there is correct. Its a matter of understanding, not having a biased assumption.

andy.connor.e | 20 december 2017

But if we didnt have corporations, i imagine it would be a little like Vietnam. Where everyone has a business. Cost of living is lower, because people dont have alot of money, and the quality of life may be a little less, because there arent huge infrastructure projects. Because there arent corporations to afford them.

Learn from @CT's behavior, and try not to be so emotionally opinionated. Because i had not even said anything about corporations being bad, and you exploded into a rant at me.

burdogg | 20 december 2017

:) Thank you for pointing out that I am ignorant - good to know. Continue on without me, I will be taking more classes to educate myself, cause I must be too stupid to understand. I mean, I only was raised off a high school teachers salary and therefore couldn't afford to educate myself.

andy.connor.e | 20 december 2017

A bit too emotional for the internet. Strongly opinionated this one is.

"Thank you for pointing out that I am ignorant - good to know"
"I must be too stupid to understand"
"I only was raised off a high school teachers salary and therefore couldn't afford to educate myself"

You said it, not me. Enjoy your edumacashin.

Carl Thompson | 20 december 2017

@burdogg , @PhillyGal

Thanks for the correction. I didn't realize that the the state and local tax deduction was still there but just capped at $10k. I may still lose because of it anyway but it won't be as bad as I thought.

Carl Thompson | 20 december 2017

@andy.connor.e

Wow! You're young and you know everything! The world has never seen that amazing combination before.

andy.connor.e | 20 december 2017

What exactly does that do? Like for someone that actually effects, what does that deduction change have an effect on for you?

Loc_Nguyen | 20 december 2017

Wait, what’s with “being capped at 10k”? So if my tax return amounts to more than 10k, I would only get 10k?

andy.connor.e | 20 december 2017

Forget that question.

Arguing and ranting with opinions on things you dont even understand, while making assumptions of what others are saying/thinking is exactly why i left in the first place. What a mistake!

PhillyGal | 20 december 2017

@loc - No, not at all! The deduction for state and local taxes is what we're talking about being capped.

burdogg | 20 december 2017

andy - maybe it is just that I can't make sense of your posts - sorry if I am totally misunderstanding - but I really cannot tell what you are saying. That is why I went into my statement of me being uneducated, I honestly cannot follow what you are saying - it seems cryptic - "Using that, with that statement, to send that message, is clearly showing in bright and shiny colors, you dont understand much." Not sure at all how to interpret that, and since my post was about something good a corporation was doing, I must have misinterpreted what you were saying - sorry.

I still am not sure what you are saying but oh well.

Loc - yeah, what PhillyGal said - when itemizing your deductions (instead of taking the standard deduction, which will now be double) you can only claim $10,000 for state and local taxes paid, along with property tax.

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