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tj1407
Mueller Community

Posts: 178
Joined on December 3rd, 2007
Chevy Volt
by tj1407 on March 12th, 2012

Thanks for being so responsive Brewster. Fantastic news!
 
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Sarah
Mueller Community

Posts: 42
Joined on April 21st, 2009
Chevy Volt
by Sarah on March 13th, 2012

Can someone fill me on the details of what the limit on the $7,500 federal tax rebate is (or just provide link)? I've read limits based on battery life and limits based on what tax you owe at the end of year. Someone set me straight.
 
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kerry
Mueller Community

Posts: 106
Joined on September 3rd, 2007
Chevy Volt
by kerry on March 13th, 2012

Hi Sarah,
The IRS has listed the limit for the Volt at $7500: http://www.irs.gov/businesses/article/0,,id=231441,00.html
IRS Form 8936 has more details on how much of the credit you can capture based on the amount of tax you owe: http://www.irs.gov/pub/irs-pdf/f8936.pdf
It's important to note that "If you cannot use part of the personal portion of the credit because of the tax liability limit, the unused credit is lost. The unused personal portion of the credit cannot be carried back or forward to other tax years".
Definitely worth looking into!

Kerry
 
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Brewster McCracken
Mueller Community

Posts: 12
Joined on February 11th, 2011
Chevy Volt
by Brewster McCracken on March 13th, 2012

Hi Sarah, Our finance director is researching the precise federal rules on the EV tax credit. As soon as we have the information, we will post on CitiCite and on the forthcoming electric vehicle FAQ page of our website. We anticipate having this information available by tomorrow.
 
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Sarah
Mueller Community

Posts: 42
Joined on April 21st, 2009
Chevy Volt
by Sarah on March 13th, 2012

Thanks, Kerry. If I'm understanding this correctly, it preliminarily looks like if we have $0 tax liability at the end of the year (which is likely since we usually get a refund), I don't get any of the $7,500 benefit? I can't imagine that is the case. I look forward to the analysis of the precise rules, Brewster - thanks!

On another note, does anyone in the neighborhood by chance have a cyber grey Volt I could just take a look at in person really quick? I have only seen this color in pictures.
 
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Brewster McCracken
Mueller Community

Posts: 12
Joined on February 11th, 2011
Chevy Volt
by Brewster McCracken on March 13th, 2012

Sarah, Here is the information our finance director has identified. You of course should consult your own accountant to evaluate how the information applies in your particular situation.

As we understand it, the question for calculating eligibility begins with a determination of one's "taxable income". Whether one receives a refund does not determine eligibility - rather, the amount of eligibility is based on one's taxable income.

For married filing jointly households, one'e eligibility for the full $7,500 tax credit would kick in at an approximate household taxable income of $55,669.

For taxpayers filing at the single rate, the full $7,500 tax credit would kick in at an approximate taxable income of $45,500.

A taxpayer should look on his/her tax return at what tax is owed based on the reported "taxable income". On my form 1040, taxable income is reported on line 43, and the tax obligation is reported on line 46. Look at line 46 – that's the number. If that number if $7,500 or greater, then one should be able to receive the full $7,500 credit. If that number on line 46 is less than $7,500, the the number on line 46 is the amount of eligible credit one should be able to claim.

1) Both the Chevy Volt & the Nissan Leaf qualify for the full $7,500 tax credit.

2) The vehicle must be a new vehicle - not a used or previously owed car.

3) The tax credit only applies to the first owner of the car and is not transferable.

4) The credits will be phased out gradually once 200,000 vehicles are sold. To date, a little under 10,000 Volts have been sold.

5) If the vehicle is being leased the tax credit stays with the leasing company and in most cases the tax credit will be factored into the cost of the lease so the customer should still theoretically benefit from the credit.

Here are a few websites that provide additional helpful information:

http://www.irs.gov/pub/irs-pdf/f8936.pdf
http://fueleconomy.gov/feg/taxphevb.shtml
http://www.edmunds.com/fuel-economy/the-ins-and-outs-of-electric-vehicle-tax-credits.html
http://consumerguideauto.howstuffworks.com/a-7500-federal-tax-credit-not-for-joe-sixpack.htm
http://www.moneychimp.com/features/tax_brackets.htm
 
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Sarah
Mueller Community

Posts: 42
Joined on April 21st, 2009
Chevy Volt
by Sarah on March 14th, 2012

Makes sense now, thanks so much!
 
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dmick
Mueller Community

Posts: 129
Joined on January 18th, 2009
Chevy Volt
by dmick on March 15th, 2012

Here's a note today from Pecan Street with some good news on the Volt program


Good morning,

We'd like to take a moment to announce a few brief, but nevertheless important, updates regarding our Electric Vehicle Research Program.

Save the date: Chevy Volt Ride-and-Drive Saturday, March 24th
Haven't had the chance to test-drive a Volt? We're working with GM to present a program-wide driving and information session, tentatively scheduled for next Saturday, March 24th. The Ride-and-Drive will take place in the late morning and will feature a number of Volts available – and we'll have Volt dealers on hand to answer all sorts of questions. More information will be made available next week.

Electric Vehicle Research Program FAQs available online
As promised, the ever-growing list of FAQs is now available on the Pecan Street website, where you can also download the participation agreement you'll sign in order to formally enroll. We won't send out another PDF version of the FAQs unless it is requested specifically, so be sure to check the website for updates to these questions and answers.

GM to cover Volt transportation costs
A few of you have contacted local Chevy dealers with the intent of leasing or purchasing a Volt only to be told that the dealership cannot guarantee delivery of the vehicles for several weeks due to the temporary manufacturing freeze. GM has since spoken notified the dealers that GM will cover all transportation costs for ordering Volts from far-away dealerships – meaning you can expect a shorter wait for your vehicle without incurring any additional costs.

As always, thank you for your continued support of Pecan Street Inc. and our flagship demonstration project. Please contact Cate Smithson at 691-9007 or csmithson@pecanstreet.org with any questions.

Best,
The Pecan Street team
 
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dmick
Mueller Community

Posts: 129
Joined on January 18th, 2009
Chevy Volt
by dmick on March 15th, 2012

Here's a note today from Pecan Street with some good news on the Volt program


Good morning,

We'd like to take a moment to announce a few brief, but nevertheless important, updates regarding our Electric Vehicle Research Program.

Save the date: Chevy Volt Ride-and-Drive Saturday, March 24th
Haven't had the chance to test-drive a Volt? We're working with GM to present a program-wide driving and information session, tentatively scheduled for next Saturday, March 24th. The Ride-and-Drive will take place in the late morning and will feature a number of Volts available – and we'll have Volt dealers on hand to answer all sorts of questions. More information will be made available next week.

Electric Vehicle Research Program FAQs available online
As promised, the ever-growing list of FAQs is now available on the Pecan Street website, where you can also download the participation agreement you'll sign in order to formally enroll. We won't send out another PDF version of the FAQs unless it is requested specifically, so be sure to check the website for updates to these questions and answers.

GM to cover Volt transportation costs
A few of you have contacted local Chevy dealers with the intent of leasing or purchasing a Volt only to be told that the dealership cannot guarantee delivery of the vehicles for several weeks due to the temporary manufacturing freeze. GM has since spoken notified the dealers that GM will cover all transportation costs for ordering Volts from far-away dealerships – meaning you can expect a shorter wait for your vehicle without incurring any additional costs.

As always, thank you for your continued support of Pecan Street Inc. and our flagship demonstration project. Please contact Cate Smithson at 691-9007 or csmithson@pecanstreet.org with any questions.

Best,
The Pecan Street team
 
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Jim Barnette
Mueller Community

Posts: 14
Joined on September 20th, 2010
Chevy Volt
by Jim Barnette on March 17th, 2012

On Friday, I drove up to Whitesboro, TX near lake Texoma between Gainseville and Sherman/Dennison and got what I believe is an excellent deal on a white/light neutral 2012 volt. They honor the prices that you see on their website and Ryan was very straightforward and honest. My trade-in was valued fairly (better than Carmax). Look at http://www.holidaychevy.com and ask for Ryan Roberts.
 
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