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What is the latest on the federal tax credit for 2021?

Discussion in 'Prime Main Forum (2017-2022)' started by ETP, Jan 23, 2021.

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  1. Salamander_King

    Salamander_King Senior Member

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    Fed tax credit is not a deduction. It is a tax credit. A tax deduction reduces your taxable income whereas a tax credit reduces the amount of tax you are liable for. You can purchase two Prius Prime in the same year and get a $9004 tax credit if your tax liability is at least $9004. If your tax liability is less than that amount, then you can only get up to that amount.
     
    #21 Salamander_King, Jan 28, 2021
    ETP likes this.
  2. Trollbait

    Trollbait It's a D&D thing

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    Yes on the multiple incentives, but as pointed out above, it's a tax credit. One which can not be carried over to the next year if it is higher than your tax liability. Getting the most of the benefit means only getting one plug in a year for many people.
     
    #22 Trollbait, Jan 28, 2021
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  3. ETP

    ETP 2021 Prime(Limit),24 Venza Limit,B52-D,G,F,H

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    So, I love my 2021 Prime. However, it looks like Toyota is or will be dead in the water with the new tax credits. Batteries etc must be made in the US with US materials.

    The quality of the 2021 Prime watered my eyes to say the least. And after a 6 month test run I drive in Hybrid mode only and keep fresh gas in it. 75MPG in the display which may be 69MPG real world.

    Great thing is I can do either depending on my needs for driving and gas supply. Hurricanes are known to shut down power for up to two weeks.
     
    #23 ETP, Sep 13, 2022
    Last edited: Sep 13, 2022
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