Prius Prime Preliminary State Tax Credit Discussion

But you extended the ownership for 30 months instead of 16 months for $200. Now you have to wait 30 months to apply for another rebate, not 16.

 

Nah, I don't want to owe them time or money. If I trade in, it would be in December 2021 or December 2022, and in either case, I'm better off with having $200 now.

 

Interesting decision. If you take option 1 and then trade in your 2021PP at Dec2021, then you will again have to return ~$600. That would be a net loss of $400. Of course, if your new vehicle is equivalent to PP, then you can just transfer the term at that time. Or if the $1000 rebate is still available, then you may do the same thing again and pay back $600 and take a new $1000 rebate. If there is no new rebate or your new vehicle does not qualify for the transfer, then you are short $400. Whereas if you take option 2 now, you are transferring the term to your 2021 PP for the remaining 16 month. If you again trade in your 2021 PP in Dec, then your will have to return about ~4 mo worth or $200 of the initial rebate (if they care to trace it and ask for it). You will be faced with the same possible options for the new car you will have. There may or may not be any rebate then. It really comes down to what you would have to do after you trade in at 2021 Dec, but seems like option 2 is more likely to save you money if you are sure that you will be trading in less than a year again..

 

Oh well, hindsight is 20/20. He already chose his decision and can't go back on it now.

 

LOL Guys, no, I still don't won't Option 2. If I trade it in, it would be earlier than December 2022, and I'm still better off with Option 1. As I said I don't want further complications with the CVRP people if I trade in early. $200 is nothing compared to the federal tax incentive, which may be gone by December 2023, when Option 2 finally becomes more profitable.

 

I really like my current 2021 Prius Limited Blue Magnetism but I may have to trade it in again. $5,000 in tax credits, reducing the loan payments, etc. is hard to sneeze at. It would be a sad breakup but I would make sure to get the same trim and color.

The $1,000 check is on the way and my $800 check was sent a couple of days ago. If I trade in in December, I would have to send them a check for $566.67 and get one for $1,000 in return. The reason why I'm sending back a larger check this year is because the rebate used to be $1,500. The $1,000 Southern California Edison rebate has now become a $900.11 point-of-sale rebate.

—

We are pleased to inform you that we mailed your Clean Vehicle Rebate Project (CVRP) check via USPS on to the address on your application.

This is what the envelope with the check looks like:



If you do not receive your check within 30 days, please contact us to confirm your mailing address.

Now that your rebate is approved, will you help us by answering a few questions about your experience purchasing or leasing your clean vehicle?

 

It's been 20 days, and I'm still waiting to receive the envelope pictured above in my mailbox. I've run out of patience and have already emailed them about it, eleven days short of the 30 days. Why would you say to someone that you sent a check weeks before you actually do so?

In contrast, I received my $1,000 SCE rebate check today, and they said they sent it only seven days ago—so, they actually sent it after they said so.

 

Update: It's been almost a month, and I've reached out to them. Apparently my check was never mailed—I am guessing because they had never cleared the hold despite I had sent them the prorated refund check for my previous Prius Prime. They say they will send me my check now.

 

I finally got my CVRP check after the last contact. However, there is bad news. It looks like CVRP for Prius Prime is going away on April 5. If you are in California and buying right now or have just bought a Prius Prime, hurry and submit your application by this Monday, April 5 to have a last chance to get this $1,000 rebate.

California CVRP Rule Change Will Soon Exclude Half A Dozen Plug-In Hybrids - CarsDirect

 

I'm located in PA

Is it only a 500 rebate or am I missing something here?

Figured I'd double check before submitting

 

Looks like NY Clean air rebate is almost out.
Drive Clean Rebate for Car Dealers - NYSERDA


8,900 left. Not sure how accurate the site is, but I would assume that gone already unless that is real time. Not sure if that will be extended or budgeted for more.

 

Hey folks. Just purchased a 2021 Prime and wondering if anyone from Delaware has taken advantage of the state tax credit here. Thanks!

 

MA Prius Prime rebate is $1500.

 

Can someone check my thinking on the new Oregon Charge Ahead Rebate income eligibility? The DEQ website says:

"If your purchase or lease occurs on or after January 1, 2022, your income must be below 400% of the federal poverty guideline to receive the $5,000 Charge Ahead rebate.

For Charge Ahead income calculations, household income is gross annual household income which includes both taxable and non-taxable income sources. Gross annual income which includes, but is not limited to the following: Wages, unemployment, workers' compensation, Social Security, Supplemental Security Income, public assistance, veterans' payments, survivor benefits, pension or retirement income, interest, dividends, rents, royalties, income from estates, trusts, educational assistance, alimony, child support, assistance from outside the household, and any other sources of income.​

Our third-part administrator, The Center for Sustainable Energy verifies the total gross income from the sum of Lines 1–7 on the 2020 IRS Form 1040; Line 9 is not used to calculate total gross income. If applicable, CSE also verifies the total gross income from the sum of Lines 1-8 on 2020 IRS Schedule 1 (Form 1040 or 1040-SR). If Line 8 on “Other Income” is negative, then Line 8 will not be included as part of total gross income." ​

My salary is above the maximum household income, but if I increase my 401k contributions I can get my income under 400% of the federal poverty level. Would I then qualify?

 

I'd say it works since the box 1on 1040 is your report income from W2 (after deduction from such as health insurance, 401K, flex...)
I assume you will make the 401k contribution changes in 2022, it means you will need to wait till 2023 to have the 2022 1040, you should check when the program ended.

 

Why would your 401k contributions change your income, which is basically your salary, anyway? Money spent for any purpose does not decrease your income unless it is considered a capital loss, which is obviously not the case for 401k contributions.

 

Thanks for your response! This is going to be interesting, trying to thread the needle between keeping income safely under 400% FPL while also incurring close to $4502 in federal taxes. The eligibility rules changed 1/1/22 and my PP arrived 1/5/22 :'(

 

This is what I'm seeking clarification on. It's my understanding that my 1040 (the form used to determine eligibility) will show post- 401k deduction income on Lines 1-8. But the rebate is a large amount of money and the deductions will change my budget significantly, so I want to get some other eyes on my thinking.

 

I think you are right that since 401k contributions are tax-exempt, they wouldn't be in your AGI. Moreover, there is a limit on how much you can contribute.

However, note that it is not the date your car was delivered that matters—it is the date you paid for it. Check your purchase contract for the actual sales date, which could be well in the 2021. In that case, you need to claim the tax credits for the 2021 tax year.

 

Thanks again for helping me to think this over! The individual annual contribution limit is $20,500, the 400% FPL cutoff is $51,520, and my pre-everything income is going to be less than 70k, so theoretically I can make it work. Unfortunately, I paid for the car in 2022.