ggcc
Member
I got the 2013 Leaf in Sept 2013 and got $7500.00 Fed tax credit and $2500.00 California Clean Vehicle rebate. I would like to know how long I have to keep the Leaf so I don't have to pay back the Tax credit and the California rebate?
Tax Credit Question: How long to keep the 2013 Leaf?
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cwerdna
Well-known member
IIRC, it's 3 years for both.
The California CVRP rebate is definitely 3 years, and if the car is sold (or registered outside California) before then you have to pay back a pro-rated amount. This also applies if the car becomes an insurance write-off for any reason.
I'm not sure about the Federal rebate, since many folks got 2 year leases whose numbers relied on that $7500 rebate being deducted up-front. The best info I could locate is that the car is "not for resale" but the IRS website about the Plug-In Electric Drive Vehicle Credit (IRC 30D) does not specify a minimum time frame: http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-(IRC-30-and-IRC-30D" onclick="window.open(this.href);return false
The instructions for taking the credit (Form 8936) also does not mention a minimum time frame of ownership: http://www.irs.gov/pub/irs-pdf/f8936.pdf" onclick="window.open(this.href);return false;
I'm not sure about the Federal rebate, since many folks got 2 year leases whose numbers relied on that $7500 rebate being deducted up-front. The best info I could locate is that the car is "not for resale" but the IRS website about the Plug-In Electric Drive Vehicle Credit (IRC 30D) does not specify a minimum time frame: http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-(IRC-30-and-IRC-30D" onclick="window.open(this.href);return false
The instructions for taking the credit (Form 8936) also does not mention a minimum time frame of ownership: http://www.irs.gov/pub/irs-pdf/f8936.pdf" onclick="window.open(this.href);return false;
cwerdna
Well-known member
Whoops... I assumed (possibly incorrectly) that the OP bought their Leaf.
For leasing, the $7500 Federal tax credit goes to the leasing company/automaker, even if if the lease under 3 years. The lessee is ineligible to claim the Federal tax credit for him/herself, at least w/NMAC leases.
For leasing, the $7500 Federal tax credit goes to the leasing company/automaker, even if if the lease under 3 years. The lessee is ineligible to claim the Federal tax credit for him/herself, at least w/NMAC leases.
No minimum time for the tax credit. 3 years for the CVRP money.
ggcc
Member
mwalsh said:
Yes, I purchased the 2013 Leaf in Sept. 2013.
So if my car is sold now or within 3 years, I don't have to return the $7500.00 Federal Tax Credit, but I have to pay back $2500.00 CVRP right?
ggcc said:
That is my understanding as a non-accountant, yes.
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