$7500 available tax credit not available to Lease?

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MitsuJoe

Member
Joined
Jan 22, 2013
Messages
7
My dealer told me the $7500 available tax credit not available to Lease. Can anyone confirm.

Thanks!
 
MitsuJoe said:
My dealer told me the $7500 available tax credit not available to Lease. Can anyone confirm.
Yes, this is correct. The purchaser is the lending institution, they get the the tax credit. Taking that into account is why the "promotional" i-MiEV lease doesn't really look like all that great a deal - it's especially awful if you think you might want to keep the car. I guess it's okay if you absolutely plan to turn it in, but I was worried there wouldn't be an affordable EV I liked at that point - I'm not convinced the EV is well and truly resurrected just yet, which is part of the reason that I bought now .
 
They told me at lease turn in time that it would be around 22k to buy. Considering I am seeing used i's with low low miles around 20-21 this is a horrible post lease sale price. I would not intend to keep the one I would be leasing now. I guess at least I can get the local 2500 energy rebate from the energy company for installing a level 2 system.
 
BillThompsonMIEV said:
Yes, it is available when you file your 2012 tax return.
Yes, I understand that. But it's now 2013 and if you buy the car this year, will the credit still be there for you when you file your 2013 taxes a year from now?

Don
 
Hi Don:

Congress can always change the rules. Right now the credit is available for those that file a 2013 return in Feb/Mar 2014. The IRS web site states that the first 200,000 electric vehicles produced by any one manufacturer will be eligible for the credit. Of course, one has to have a tax liability of more than $7,500 to get the full credit. Bill.
 
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