$7500 dollar rebate

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mvukovich11

Active member
Joined
Oct 22, 2011
Messages
37
I don't understand the $7500 dollar rebate. Do I have to apply for it after I purchase the car or does Mistubishi apply for the rebate?
thanks
 
Found some more information on the tax credit. The minimum credit amount is $2,500, and the credit may be up to $7,500.
A tax credit reduces the total amount of income tax you owe. So, if you owed $10,000 in federal income tax, a $2,000 credit would reduce the amount you owed to $8,000. With a credit, your actual savings would be $2,000.
I normally owe $200 dollars, if I purchase the Mitsubishi Imiev I would save $200.00. The tax credit for buying a electric car is set up for the upper class not the middle class.
 
I'm glad you've now found out that it's a tax credit and not a rebate. Do you only owe $200 because of other deductions, or simply because you don't earn that much?

It's somewhat vulgar to discuss money, but for the sake of discussion......I consider my family "middle class" with a normal household income of between $100k and $120k. I'll concede that might look like "upper middle class" to some, but it sure doesn't feel that way from where I stand. Tax liability at the lower end of that range, with the deductions we are usually allowed - mortgage interest and a couple of kids - is right around $7500, so the perfect model for someone considering an electric vehicle purchase.

Now this year, due to me having 2 mandatory furlough days from work a week, I'm having to be a bit more creative in making sure I have enough income to take full advantage of the credit. So I'll be taking an early disbursement from my 401K to make up the difference. I'm not sure how much yet, but I'm guessing anywhere from $15k to $20k. I don't want to do it, but I figure it's better than loosing out. Besides, I still can't get that kind of return from anything else in the way of an investment vehicle in the near term. Is it possible you could consider something like this too?
 
No, you are right I don't make very much money anymore I am retire and live on a fix income. We have enough tax's taken out of my pension check to cover most of are tax's. If you live in California it looks like $5000 will be taken off the sticker price. Thanks for the reply.
 
Wait a second. So you usually "owe" $200 because you've underpaid your taxes slightly come the end of the year? But what do you owe in terms of you total yearly tax liability? Because the tax credit comes off the top of this figure.

The rebate in CA has come down to just $2500 in recent months, in order to be able to spread the funds as widely as possible.
 
I'll ask my tax accountant if there is away around the problem. I pay tax's on my pension, SS, and my part time job.Thanks
 
Still looking into the Fed tax credit, I wonder if Mitsubishi have turn in their paper work.

Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks. For vehicles acquired after 12/31/2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours. The total amount of the credit allowed for a vehicle is limited to $7,500.

Manufactures of the vehicles listed below have provided appropriate information and have received from the Service acknowledgement of the vehicles eligibility for the credit and the amount of the qualifying credit. The list of qualified vehicles provided below applies only to vehicles acquired after December 31, 2009

Mitsubishi not listed.
 
The i qualifies for the full $7500 credit. I'll be an early test case, as mine was delivered on Dec 29th, and I pay quarterly taxes. I may also be a test case because I've got buyer's remorse about not stepping up to get the ChaDeMo quick-charge inlet. :oops: The first public quick-charge station on the planned I-5 "Electric Highway" broke ground literally while I was signing the papers. The car's such fun to drive and feels fine on the highway, so I want to move up to a quickcharge-capable vehicle. That's right, my i is for sale.
It's a silver ES model, with the cold weather package, LED interior lights, etc. Sticker was over $33k. I'll accept the first offer over $30k. If you are a retiree or nonprofit with difficulty claiming the tax credit, here's your chance to share mine.
Odometer will roll over 500 miles tomorrow and most trips have been logged with start/stop State of Charge and distance, plus notes.
more details at http://www-new.evtradinpost.com/item/160
 
My initial i is now on EBay, item#190628877292 Check it out before Friday!
If you are a retiree with low tax liability, this is a chance to buy an i below MSRP, thereby 'sharing' my tax credit.
 
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