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.
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