$42,000 Tax Break for Tesla Buyers
10-22-2009, 11:08 AM
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$42,000 Tax Break for Tesla Buyers
It sounds too good to be true, but here it is: You can buy a 2009 Tesla Roadster, with a list price of $109,900, and pay just $67,800 for it.
At least, you can if you live in Colorado and buy it before December 31.
That's when a special Colorado tax credit, designed to encourage the purchase of low-emission cars, is due to end.
$42K Tesla tax credit
The measure gives Colorado residents a credit on their 2009 income tax for up to 85 percent of the difference between the price of certain alternative-fueled vehicles and the price of an equivalent vehicle running on liquid fuel.
In the case of the 2009 Tesla Roadster, the tax credit is $42,083. Which translates to a healthy 38.6-percent discount on a brand-new Tesla.
(That's better than the best incentive you could get on some deeply undesirable model from the most desperate dealer in the country.)
And as anyone who's driven a Tesla will tell you, the car's all-electric power is addictive. The tradeoff: the more power you use, the lower the range.
Click here for a full review of the Tesla Roadster from Fox Car Report
Boulder store opens Friday
Tesla will open a new store in Boulder, Colorado, this Friday with an invitation-only VIP cocktail gala. Kimbal Musk, brother of Tesla Motors CEO Elon Musk, wrote enthusiastically about the car and the event in a guest article on HuffingtonPost.
Why Colorado? Well, inventor and electrical engineer Nikolai Tesla spent many years in Colorado Springs.
Lighting up the state
As Kimbal Musk notes, "While in Colorado, Tesla proved that earth was a conductor of electricity, produced artificial lightning with discharges consisting of millions of volts...and performed long distance power transmission experiments that lit up banks of lights around Colorado Springs."
But it's equally important that the state has many wealthy, green-minded residents. The kind who buys Tesla Roadster.
Especially if the state funds almost half the purchase.
At least, you can if you live in Colorado and buy it before December 31.
That's when a special Colorado tax credit, designed to encourage the purchase of low-emission cars, is due to end.
$42K Tesla tax credit
The measure gives Colorado residents a credit on their 2009 income tax for up to 85 percent of the difference between the price of certain alternative-fueled vehicles and the price of an equivalent vehicle running on liquid fuel.
In the case of the 2009 Tesla Roadster, the tax credit is $42,083. Which translates to a healthy 38.6-percent discount on a brand-new Tesla.
(That's better than the best incentive you could get on some deeply undesirable model from the most desperate dealer in the country.)
And as anyone who's driven a Tesla will tell you, the car's all-electric power is addictive. The tradeoff: the more power you use, the lower the range.
Click here for a full review of the Tesla Roadster from Fox Car Report
Boulder store opens Friday
Tesla will open a new store in Boulder, Colorado, this Friday with an invitation-only VIP cocktail gala. Kimbal Musk, brother of Tesla Motors CEO Elon Musk, wrote enthusiastically about the car and the event in a guest article on HuffingtonPost.
Why Colorado? Well, inventor and electrical engineer Nikolai Tesla spent many years in Colorado Springs.
Lighting up the state
As Kimbal Musk notes, "While in Colorado, Tesla proved that earth was a conductor of electricity, produced artificial lightning with discharges consisting of millions of volts...and performed long distance power transmission experiments that lit up banks of lights around Colorado Springs."
But it's equally important that the state has many wealthy, green-minded residents. The kind who buys Tesla Roadster.
Especially if the state funds almost half the purchase.
Wow :suprised:....seems like a no brainer. Thoughts?
10-22-2009, 12:48 PM
#5
Do you mean it's a load of crap as in nonfactual, or that it's bullshit that such a thing can occur?
If it's the latter, I am sure that this is just a fluke where you can exploit a system that is designed to account for cars like the Civic where you can get a regular and hybrid version.
Also, correct me if I am wrong, but I am reasonably certain that you don't just get all of that cash. Wouldn't it just go against your earned income credit or some such thing?
I've lived in two states and neither of which had state income tax, so maybe it's different.
If it's the latter, I am sure that this is just a fluke where you can exploit a system that is designed to account for cars like the Civic where you can get a regular and hybrid version.
Also, correct me if I am wrong, but I am reasonably certain that you don't just get all of that cash. Wouldn't it just go against your earned income credit or some such thing?
I've lived in two states and neither of which had state income tax, so maybe it's different.
10-22-2009, 01:02 PM
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You would get the entire amount...if you owe $42,000 or more in taxes. I dont know how the CO state tax works but unless this is a refundable credit that for example would send you a check for $20000 if you only owed $22000 in taxes, you would lose the excess amount.
10-22-2009, 01:05 PM
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Originally Posted by Mr.E.G.,Oct 22 2009, 12:48 PM
Do you mean it's a load of crap as in nonfactual, or that it's bullshit that such a thing can occur?
If it's the latter, I am sure that this is just a fluke where you can exploit a system that is designed to account for cars like the Civic where you can get a regular and hybrid version.
Also, correct me if I am wrong, but I am reasonably certain that you don't just get all of that cash. Wouldn't it just go against your earned income credit or some such thing?
I've lived in two states and neither of which had state income tax, so maybe it's different.
If it's the latter, I am sure that this is just a fluke where you can exploit a system that is designed to account for cars like the Civic where you can get a regular and hybrid version.
Also, correct me if I am wrong, but I am reasonably certain that you don't just get all of that cash. Wouldn't it just go against your earned income credit or some such thing?
I've lived in two states and neither of which had state income tax, so maybe it's different.
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10-22-2009, 02:44 PM
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Still not worth it. Might as well get a Prius and an Elise!
And you'd have to have an income of $907,127 or more to qualify for the FULL credit. This credit is not likely to get used for a Tesla.
And you'd have to have an income of $907,127 or more to qualify for the FULL credit. This credit is not likely to get used for a Tesla.