tax credit myth?

[NomadMac]

I posted on the Tesla forum that an owner has to retain an EV for three years, if not, the tax credit has to be paid back, something that has been gospel on this forum in the past.

I was called on my above statement and now I can't seem to find that data on the IRS website.

Anybody have any further info or links?

Thanks,

Martin

 

[MrDRMorgan]

I posted on the Tesla forum that an owner has to retain an EV for three years, if not, the tax credit has to be paid back, something that has been gospel on this forum in the past.

I was called on my above statement and now I can't seem to find that data on the IRS website.

Anybody have any further info or links?

Thanks,

Martin

The California Air Resources Board requires ownership - leased or purchased - for a minimum of 30 consecutive months in order to keep the $2500 rebate. I did not see anything about a federal limit in the instructions for IRS form 8936. The federal tax credit only applies to the actual owner of the vehicle. Those of us who leased our EVs do not qualify for the $7500 federal tax credit. Here is the link to the instructions for federal form 8936-
https://www.irs.gov/pub/irs-prior/i8936--2015.pdf.

 

[NomadMac]

In my case, the federal credit came off the top of my lease which worked out fine for me.

 

[MrDRMorgan]

In my case, the federal credit came off the top of my lease which worked out fine for me.

Which line item on your lease contract contained the federal credit amount and did they give you the full $7500? I can only find $7025 on line A1 of my contract - "Capitalized Cost Reduction".