What do you guys think about the Nissan Leaf
#22
Correct me if I'm wrong, but isn't saying the car is $7500 cheaper due to the federal tax credit a bunch of bullshit? A tax CREDIT is where your taxable income is just reduced by whatever amount, in this case saving you from paying tax on $7500. A tax REBATE is where you would be getting a check for $7500. This is a tax credit, not a rebate (unless this is the exception: a refundable tax credit).
In other words: you're still paying 30-some grand and not this "oh, it's only $25,000 after all the tax credits".
I bought a new car a year back and there was a program for a tax credit for the sales taxes and dealer fees paid for the car. As it was a credit, I didn't get a refund for that money, I just had my taxable income amount reduced.
As far as the states go, I've read that California has a $5000 tax rebate, Georgia a $5000 tax credit, and Oregon a $1500 tax credit. Notice one being an actual rebate and the others credits (like broke-ass California can afford to pay people $5k for buying an electric car )
In other words: you're still paying 30-some grand and not this "oh, it's only $25,000 after all the tax credits".
I bought a new car a year back and there was a program for a tax credit for the sales taxes and dealer fees paid for the car. As it was a credit, I didn't get a refund for that money, I just had my taxable income amount reduced.
As far as the states go, I've read that California has a $5000 tax rebate, Georgia a $5000 tax credit, and Oregon a $1500 tax credit. Notice one being an actual rebate and the others credits (like broke-ass California can afford to pay people $5k for buying an electric car )
#23
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I thought it was a federal tax credit in that you got your income tax reduced by $7500, not your stated income reduced. However, I could be wrong as I've never looked into the mater too carefully. You are very right to point out the very large difference between "your tax bill is reduced by $7500" and we cut your stated income by $7500. If we assume income tax at 33% then a $7500 credit saves you just $2500. Nothing to shake a stick at but not as good as $7500.
I was currious and found this. This suggests that tax credits mean your taxes are reduced by up to the credit amount. However, if your federal taxes are say only $5000 then you don't get the rest of that $7500. With a tax rebate you will get a refund check for the last $2500.
http://www.publicradio.org/columns/marketp...tax_rebate.html
I was currious and found this. This suggests that tax credits mean your taxes are reduced by up to the credit amount. However, if your federal taxes are say only $5000 then you don't get the rest of that $7500. With a tax rebate you will get a refund check for the last $2500.
http://www.publicradio.org/columns/marketp...tax_rebate.html
#24
The Leaf can be a third car, it makes sense for local errands only, and it needs garage space which it isn't worthy of. Get a scooter with a basket instead, save the rest of the $$$ for strippers, vodka and memories.
#25
Tax credit = $ for $ reduction in your tax bill. Equal to a discount or rebate, aside from any time value of money differences
Tax deduction = reduction in your taxable income. Cuts your tax bill by (the deduction x your marginal income tax rate)
Tax deduction = reduction in your taxable income. Cuts your tax bill by (the deduction x your marginal income tax rate)
#27
Originally Posted by GinoGT,Aug 30 2010, 04:36 AM
As far as the states go, I've read that California has a $5000 tax rebate, Georgia a $5000 tax credit, and Oregon a $1500 tax credit. Notice one being an actual rebate and the others credits (like broke-ass California can afford to pay people $5k for buying an electric car )
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Originally Posted by WolfpackS2k,Aug 30 2010, 09:15 AM
Leave it to California to do this when their state is on the verge of bankruptcy. What a bunch of idiots; they can't pay for their public education but they've got no problem propping up a glorified golf cart.
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Originally Posted by Randizzle88,Aug 30 2010, 12:03 PM
I know that cali sucks I live here and hate it. but how many people really drive over 100miles a day?? Even if this car can go up to 300miles people will still hate this technology. People hate everything new that comes out but years later people will have it.