gregincal
Active Member
It would seem, then, that they (or I suppose this forum) misunderstands the requirements for the $7500 tax credit. Everything I've read shows that the car must be put in service (i.e. actually being driven around by the owner) before the end of 2012. That being the case, having it on a truck on it's way from the factory doesn't cut it.
Well, TMC, am I missing something?
That appears to be the common wisdom, but if you look at the IRS instructions for the credit, what it actually says is:
"The vehicle must be acquired for use or lease and not for resale. Additionally, the original use of the vehicle must commence with the taxpayer and the vehicle must be used predominantly in the United States. For purposes of the 30D credit, a vehicle is not considered acquired prior to the time when title to the vehicle passes to the taxpayer under state law."
Basically what counts is how your individual state determines when you take title. In California, that date is the date in which Tesla mails the forms to the DMV.
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Sorry, here's the link:
http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-(IRC-30-and-IRC-30D)