Submitted by philippkhabak on Wed, 2016-05-11 18:48
Things to consider about the incentive.....
The 7,500 tax incentive is not a refundable tax credit..... this means that the government does not cut you a check such as the check you get as a tax return, which is a refundable tax credit..... This means that depending on your state the incentive can be up to 7,500(read below what this means), plus other state rebates which out of 50 states are not that many, mostly states that have a high sales tax....... what does this mean for you.
That 35,000 price tag plus sales tax tag and title and other out the door fees you are looking at a price tag of a minimum of $42,000.
The incentive that you receive that is up to 7,500 will be used to pay off any taxes that you owe to the IRS. So if your income is high and depending on what tax bracket you fall into this will be valuable to you, or if you are a college student and file joint with your parents, one way you can pitch on the purchase to your parents is that they will save an additional 7,500 come tax time.