There are a few things of interest to us:
1) They didn't tinker with the $7500 Qualified Plug-in Electric Drive Motor Vehicle Credit.
2) SEC. 205. EXTENSION OF DEDUCTION OF STATE AND LOCAL GENERAL SALES TAXES.
(a) IN GENERAL.—Subparagraph (I) of section 164(b)(5) is amended by striking ‘‘January 1, 2012’’ and inserting ‘‘January 1, 2014’’.
(b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2011.
Comment: If you itemize your deductions, you could deduct the larger of either the state income taxes you paid, or the state sales taxes you paid in the tax year. This expired at the end of 2011 and has now been extended to carry through tax year 2013. If you paid a lot of sales tax for your Model S, and live in a state that has a state income tax, you may find yourself better off taking the sales tax deduction. In my personal case, I live in CA and purchased both a Leaf and a Model S in 2012 and will now do much better by taking the sales tax deduction.
3) SEC. 402. EXTENSION OF CREDIT FOR ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY.
(a) IN GENERAL.—Paragraph (2) of section 30C(g) is amended by striking ‘‘December 31, 2011.’’ and inserting ‘‘December 31, 2013’’.
(b) EFFECTIVE DATE.—The amendment made by this section shall apply to property placed in service after December 31, 2011
Comment: If you installed the HPWC or a NEMA 14-50 in 2012 or plan to install either in 2013, you may be able to take a tax credit for a portion of the cost. Check with your tax pro.
Thanks.
Very helpful!
Thanks.
Thanks Steven. V. helpful. Have passed this onto my CPA.
Steven,
Thanks. Your post is going to my accountant as well. I had been sweating the $7,500 credit for many weeks.
Note on the charger- I read the tax form. Seems to say that you have to USE the charger in the SAME YEAR it is installed. In other words, if you installed in 2012 and don't get the car until 2013 you might be out of luck. (I'm not a tax accountant. Don't take my word for it).
So I waited to install the 14-50s till this month, since my delivery window is in 4 weeks. (Cant wait... now I have to crank on cleaning out the garage!!)
@DTsea - May take on the form (http://www.irs.gov/pub/irs-pdf/f8911.pdf) is that you take the credit in the tax year you place the charger in service. In other words, if you had it installed in 2012 but didn't start using it until your Model S comes in 2013, you would take the credit in tax year 2013. I'm not a tax pro either, but that's how I interpret the guidance.
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I thought it might be good to get some Questions with Official Tesla answers going for the EU reservation holders.
To start with below my questions...