Can I get tax rebates and credits if I buy a Plug-in?

Hi, I hope you are doing well.

I have been looking into purchasing a 2012 Prius Four, but I came across this site (Toyota | Toyota Confirms Prius Plug-In's Eligibility for an Additional State of California Consumer Incentive and Its EPA Mileage Rating) that states the Prius Plug-in is "eligible for up to $4,000 worth of government-supported consumer incentives ($2,500 federal tax credit¹ and $1500 worth of the State of California’s Clean Vehicle Rebate Program)."

I live in California, and would get a Plug-in if the $4,000 of rebates and credits are easy to get and are for certain. Can someone help me out with this?

Thanks,
Vic

Maryland doesnt collect title fees on the PiP. Saved ~$1800

Talk to your CPA first. Make sure you are able to take advantage of the tax credits.

I own a business and I have a lot of deductions. I couldnt take advantage of the tax credit. SO, my mother purchased the vehicle in her name and I let her have the credit.

Bottom line, talk to a CPA. Everything hinges on your specific tax situation.

Does anyone have a link to the document that explains what would qualify and disqualify me from the credits and rebates? Thanks.

CVRP Eligible Vehicles

Google is your friend.

Thats how I found the form.

I do not have a CPA or an accountant to help me out, but filling out the forms seem relatively simple and straight-forward. Would I be certain that I would get both the federal and state tax rebates? Some people said that I should have a Certified Public Accountant (CPA) look over my expenses first, but I am not sure about that. Would my own financials somehow disqualify me from the rebates (I am not wealthy by any means).

Thanks,
Vic

Are you for real? You just bought a '12 Prius Four less than a month ago (New Prius will not start | PriusChat), left it undriven for 20 days and the 12 volt ran dead. Now you're looking at another one or a PiP instead?

I can't speak to the CVRP (but people have already given you the links). To qualify for $2500 Federal tax credit (30D. New Qualified Plug-in Electric Drive Motor Vehicles – Toyota Motor Sales, S.S.A., Inc. and Plug-In Electric Vehicle Credit (IRC 30 and IRC 30D)), IIRC, you need to have at least $2,500 of tax liability and if you don't, you can't carry it forward to other future tax years. (I only know of those because of the $7,500 Federal tax credit on the Leaf having the same issue. Blame the IRS.).

You can see the verbiage by Googling for:

Code:

site:irs.gov credit electric carried forward

.

lol. The 3rd Gen Prius was a question I was asking on someone else's behalf. I thought it would be simpler to just write it as myself so I won't confuse responders. I actually do not have a car and am looking for my first (either a Prius Four or a Prius Plug-In).

Thanks,
Vic

Orange County Prius Club -Toyota Prius Hybrid has all the links you need. It takes about 1-2 months for the CA rebate, depending on when they issue checks.

For the tax issue, basically if you usually owe at least $ 2,500 in taxes per year , you can "Usually" use the Federal tax credit. Your experience may vary as stated above.

Thank you. That actually helped me understand the federal tax credit a great deal more.

One thing I'd like to clarify here: the CVRP rebate is a rebate, not a tax deduction. You literally just get a check. The paperwork is very straightforward for that.
As far as the federal rebate is concerned, just keep in mind that you won't be getting it until April/May 2013, unless you factor in the rebate into your paycheck withholdings ahead of time.

dude seriously chill out. it amazes me how many posts in response to this simple question failed to, you know, actually address the question. how hard can it be?

For the federal tax credit, you can claim a credit of $2500, or your federal tax liability for the year, whichever is less. I would think that pretty much anyone who can afford a $30,000+ car will be paying that much, unless they have some kind of business situation that reduces their tax liability. And unlike a similar previous credit a couple of years ago, the Alternative Minimum Tax does not disqualify you for this credit.

The California rebate is real simple. Fill out a form, send a copy of the DMV registration and purchase contract, and in a couple of weeks, you get a $1500 check in the mail.

All true!

The forms and the discussions about taxes are for 2011, I can't find any info for 2012. The toyota release about it falling under the credit, give the link like above, but when you select toyota motor co. it has no vehicles.
Qualified Vehicles Acquired after 12-31-2009
I was told by one IRS worker, he could not find any supporting material to definitively say yes or no. He had stated to me there is some language which contradicts each other. He also said, he has the ability to see what forms are being revamped for the 2012 tax season and one of those forms is the 8834, So I said could that be an answer? He said "yep".

There's little reason to believe that the rules would change year over year.

Ha.

What's weird about the Qualified Vehicles page for Toyota Motor Sales, is that the content seems to have nothing to do the particular issue (plug-in credits). The page for all 0f the other manufacturers has a table for the qualifying models, and that's it.