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For those who may be considering a smart Ed with the rumored Q1 2014 48/50? state roll-out, HEADS UP!

The 30% Federal Income Tax Credit (up to a maximum of $1,000) for installing an electric vehicle charger in a private home will expire December 31. This credit was renewed for this year only and given the current quagmire in Congress, who knows? :confused:

As with all tax credits, you may want to talk with your tax adviser.

The Green Car Reports article noted below has more details to include tax form links.

http://www.greencarreports.com/news/1088784_electric-car-charging-station-tax-credit-expires-on-dec-31st
 

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Thanks for the heads up!

For the DIY'ers out there: I found you can only claim the credit when the unit is installed by a "professional". For me, said professional thief was going to charge more than the credit, so I did it myself. Anyone know if there is still a way to claim the credit?
 

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...yep...print your own invoice from the many sites available in the World Wide Web...

Jetfuel...www. What a wonderful thing...
 

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...yep...print your own invoice from the many sites available in the World Wide Web...

Jetfuel...www. What a wonderful thing...
True that but - not looking to give cause to that big black SUV with heavily tinted windows parking across the street over a Federal Income Tax Credit of only $1,000?

SuperSmartie, may want to be a little more stealth and NOT post your next steps to the WWW? Wait, I hear the phone at 1-800-TAX-FINK ringing now . . . :wink:
 

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Well, I only paid $500 for my Clipper Creek. And maybe $100 for wires, breakers, etc.

So I'll say "Thank You!" For the $7.5k credit for the car and skip trying to claim for the EVSE.

Look, that dark tinted van left...
 

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The EVSE (home 'charger' equip + install) tax credit is actually fairly hard to come by on the Federal side (depends on itemized deductions, adjusted gross income, etc.) but the good news is that some states (mine for instance) does still have a 50% cash rebate on the equip + install if you use a licensed contractor (still requires a fair amount of paperwork and take about 90 days to get the check). As the smart Ed is STILL unavailable in IL it's good that we should still have this rebate in '14 if that would be someone's first EV as as if they want to get the L2 EVSE in their garage.

Should also point out that the $7,500 Fed Tax Credit (for purchased cars) is just that, a tax credit --- so if you don't pay at least $7,500 in Fed Income Taxes you won't get the whole credit --- on leased cars it gets taken off the lease so better way to go for some people.
 

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Never was, or will be, an option here anyway. Our electricity is subsidized for basic usage; enough for lights, TV and maybe a water pump. Beyond that Basic rate structure, is an intermediate rate structure of twice the price per KwH. Then, there is a third tier at another doubling of price per KwH. All this is intended to encourage you to conserve electricity. If that does not get your attention, there is an Excessive Consumption rate and the loss of subsidy. So, nobody is putting an electric car and charger in Mexican garages. In fact, solar electric systems and hot water heaters are rapidly gaining popularity. everyone has used compact fluorescent bulbs for years; and we expect LED on the shelves soon.
 

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Well, I only paid $500 for my Clipper Creek. And maybe $100 for wires, breakers, etc.
You can still get the credit on the equipment. You can only claim the install costs if a professional installs it. You can still claim the materials cost no matter what.

As the smart Ed is STILL unavailable in IL it's good that we should still have this rebate in '14 if that would be someone's first EV as as if they want to get the L2 EVSE in their garage.
But that's the point. It won't be if you purchase/install it after Dec 2013. The law doesn't give a rats bits about availability of a given brand in your area. It say the cut off date, done. So if you plan on buying an EV in 2014, call that electrician now and get the credit for it now.

Also note: This (like the car credit) is also a tax credit. So to get your rebate on both, you've have to owe $8,500 if you do it in the same year. If you haven't gotten an EV yet, but plan to in 2014, installing the EVSE now works in your favor. The $1,000 credit would apply to 2013, while the $7,500 would apply to 2014.

Also keep in mind this covers 30% of costs for materials and install (if done professionally), not full cost. So on a $600 unit and $300 install, you'll only get $300 back. To get the full install back, you'd have to spend $3,000+ on the full install. Hard to do unless you're buying a commercial EVSE (90A), and/or are having major power work done to allow your home to handle it.
 

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As the smart Ed is STILL unavailable in IL it's good that we should still have this rebate in '14 if that would be someone's first EV as as if they want to get the L2 EVSE in their garage.
:confused:

Please read this without evoking "politics."

"Still have this rebate in '14" - may want to call your fave "sequester" Congressman or Senator and see what they can do for you as we teeter on the "fiscal cliff?"

Note to E SMART, the Feds don't care that "the smart Ed is STILL unavailable in IL." :wink:
 

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In Canada tax credits are refundable. Applied to tax owing first of course.

We have a rebate here in Ontario $1000 or up to 50% whichever is less on professional install of approved brands. I notice though that they are using this to register those who own L2's - maybe potential for additional tax collection - I opted to keep mine a secret.
 

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Tax credits in the US are often limited to you owing that much in tax. For example: Assuming you make $40K a year, and there was a "flat tax" of 20%, your tax owed would be $8K. If you paid $9K in taxes during the year (most pay as they go via paycheck deductions/W4), you'd get a $1K rebate. With a new EV, you'd get $8,500, your $1K over pay and $7.5K as a credit. But if you got another $1K credit during that year, say for a charger, you would only get $9K back, since the most you can get back is what you paid in (or would have paid in) that year.

If a law allows a return beyond what you owe, in the US that's typically called a tax deduction, not a tax credit. I know, it sounds backwards... But the US likes to do that, like having tolled "freeways" and slow "expressways". To make matters worse, some tax credits can be carried year over year if you can't claim all the benefit at once. Sadly, credits for EV and EVSE in the US are not carry-able. You either use them the year you get them, or you lose them.
 
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