About GA tax credit

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leafhelloroad

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Jul 30, 2014
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Hi there, I am a new leaf user in GA. Now I have a question about the tax credit.

Is there a limit of GA Tax credit ($5000). Let's say it limit one per person or limit one per household?

Now I already leased a leaf this year. I am supposed to get the $5000 credit. After driving it for a few month, I am thinking of get another one for my wife. So is the second one qualified for another $5000 credit? Is it per household or per person?

Thanks
 
It is $5000 per vehicle, or 20% of vehicle cost, whichever is less. So you could get two credits the same year, but you need $10000 of tax liability to use it up. Currently, you can roll over the unused credits into future years, but who knows what they might do with it in the legislature next year.
 
I see. Thank you for the info

nogajim said:
It is $5000 per vehicle, or 20% of vehicle cost, whichever is less. So you could get two credits the same year, but you need $10000 of tax liability to use it up. Currently, you can roll over the unused credits into future years, but who knows what they might do with it in the legislature next year.
Click to expand...
 
What if I cut a lease short, or pay off the purchase debt and sell the car? Do I get another credit if I buy/lease another one?

Just wondering...
 
The law doesn't address any length of time, as long as you claim the tax credit while you have the car. If you can't use 100% of the credit on year one, you must own it to claim any remainder of the credit during the next years. But if the law is repealed next year as expected, you might be left holding the bag.
 
braineo said:
The law doesn't address any length of time, as long as you claim the tax credit while you have the car. If you can't use 100% of the credit on year one, you must own it to claim any remainder of the credit during the next years. But if the law is repealed next year as expected, you might be left holding the bag.
Click to expand...


Are you saying if you get the leaf while the credit is still in effect, but then the credit is later canceled before you are able to claim your entire 5k, that you will not receive your entire credit?

That's not typically how Tax credits work. Do you have documentation of this? Typically, once you qualify for the credit, you are able to claim the entire credit over the specified period of time (in this case 5 years) regardless of whether or not the credit has been repealed.
 
largeman said:
braineo said:
The law doesn't address any length of time, as long as you claim the tax credit while you have the car. If you can't use 100% of the credit on year one, you must own it to claim any remainder of the credit during the next years. But if the law is repealed next year as expected, you might be left holding the bag.
Click to expand...


Are you saying if you get the leaf while the credit is still in effect, but then the credit is later canceled before you are able to claim your entire 5k, that you will not receive your entire credit?

That's not typically how Tax credits work. Do you have documentation of this? Typically, once you qualify for the credit, you are able to claim the entire credit over the specified period of time (in this case 5 years) regardless of whether or not the credit has been repealed.
Click to expand...
We are just saying thee is change in the wind and that it would be risky to expect everything to be the same next year. There has been no change, so there is no documentation. The GA legislature can be very difficult to predict.
 
So basically in 2years the Georgia market will be flooded with off lease Leafs. I read that one metro dealer is selling and leasing 200 per month.
 

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