Rebates vs. AMT (Alternative Minimum Tax)

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Dav

Well-known member
Joined
Apr 20, 2010
Messages
275
Location
San Diego, CA
The Alternative Minimum Tax hit me hard on the rebates for the RAV4-EV.

Any idea how to calculate the actual rebate you will be able to really use when purchasing a Leaf? Hopefully without consulting "your tax specialist" since that is me in my case, and I don't know! :eek:

Oh, and will those rebates be taxable as income in the following year?
 
The federal tax credit is a credit, not a rebate. The CA tax credit is also a credit.

Neither count as income, they deduct directly from your tax liabilities. If the credit is more than your tax liabilities, you can typically carry over the unused portion for some number of years until you either use it all or some number of years is reached.

As far as the AMT - it's a bit confusing and am not sure how it will limit the amount of credits you will be able to claim on your 2010 tax filings... Hopefully someone else knows as I may be affected by it, too!
 
Just another thing to consider. In 2002, the tax year it affected me, the instructions for the 1040 clearly stated that if impacted by the AMT then the amounts could not be carried over.

I've contacted a tax professional, but since April 15th just passed, guess what? They went on 2-weeks vacation!
 
While the federal $7,500 is a tax credit, I believe the CA State portion is a $5K rebate. You can't apply for it until you can show proof of registration for the EV.

http://energycenter.org/index.php/incentive-programs/clean-vehicle-rebate-project

However, the CA program only has $4.1M in funding currently, so unless they get it increased that won't provide a lot of rebates....We want our Leaves in December!!!
 
Randy said:
However, the CA program only has $4.1M in funding currently, so unless they get it increased that won't provide a lot of rebates....We want our Leaves in December!!!

Thats good for 820 Leafs ... LOL.

I guess WA is better. No sales tax (saving of about $3K) and we have no income tax ...
 
evnow said:
Randy said:
However, the CA program only has $4.1M in funding currently, so unless they get it increased that won't provide a lot of rebates....We want our Leaves in December!!!

Thats good for 820 Leafs ... LOL.

I guess WA is better. No sales tax (saving of about $3K) and we have no income tax ...

But only till Dec 31 2010 for us Washingtonians, somehow they managed to come up with a tax savings that very few will enjoy.
 
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