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The California rebate ($2500) as has been noted is slow in coming. I found out however that if you sell the car within three years you will likely have to return part of the rebate.

Anyone know the specifics? Is it pro-rated in the sense that, if you keep the car for 1 1/2 years you have to return half the rebate?

I understand the U.S. Federal "rebate" even less. I gather you get a credit for $7500 when you do your taxes for the year you purchased the car (that will be April 2015 for me). I believe it is in fact a credit (like a rebate) and not a deduction. Is this correct?

Also, I wonder if anyone knows if there is a three year requirement for the full Federal rebate here as well?
 

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Yes, it is pro-rated and tracked by your registration renewal every year.
If the car is stolen (fat chance) or totaled in an accident, keep your supporting documentation and you may be able to avoid a chargeback.

Not sure if the Feds care or not...
 

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Also, I wonder if anyone knows if there is a three year requirement for the full Federal rebate here as well?
There is no time requirement I'm aware for the for Federal credit, but understand that to qualify for the credit you have to actually wind up owing that much in Federal taxes after deductions.

That's not to say you need to owe at the end of the year, but that your AGI must qualify you to owe at least $7,500, after any deductions or exemptions. (So minimally, filing single you'd need to make about $56, married about $76K.) There are several ways to calculate the value to see how much you roughly owe, but the best way is usually to look at last years 1040 form and look at line 61.

Calculator: https://www.calcxml.com/calculators/federal-income-tax-calculator
 
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