I realize that there have been a number of questions on the $7500 Federal credit and "if I qualify?".
Here are a couple of pointers:
1) If you lease, then you can be assured of getting most of the value of the federal tax credit, as the lease price has incorporated some value for the tax credit
2) If you buy, a relatively easy way to see if you would qualify (in general) for the tax credit is to check your line 44 on your personal US Income Tax Form 1040 (either or both 2010 and 2011) and see if your tax liability for the year is greater than $7500. If it is not, then you won't get any more than the tax liability you show. PLUS, there are many other credits that you might benefit from that also go against your tax liability (Child care, education, etc). Those all show up on the lines right below line 44 (lines 47-53) For the most part, and to keep it simple, the total of your credits can't be greater than your tax liability--there are exceptions for "refundable tax credits", but this guideline provides a quick general idea, it is not cast in concrete. This also assumes that your tax situation is fairly similar year to year.
3) The great majority of citizens in the US do not have a tax liability greater than $7500, so they wouldn't benefit fully from the credit, only partially. None-the-less, it is a credit that many benefit from in some degree.
4) Finally, I don't recall the exact number of cars, but the rebate runs out after a certain threshold number of car registrations is reached, so it won't last forever. In fact, a similar style credit was offered on the Prius when it first came out, and was rapidly used up.
Regarding different states, you are on your own there, as all are different, and some offer no special treatment.
Anyone with additional pointers, please feel free to add or correct any of the above.
Here are a couple of pointers:
1) If you lease, then you can be assured of getting most of the value of the federal tax credit, as the lease price has incorporated some value for the tax credit
2) If you buy, a relatively easy way to see if you would qualify (in general) for the tax credit is to check your line 44 on your personal US Income Tax Form 1040 (either or both 2010 and 2011) and see if your tax liability for the year is greater than $7500. If it is not, then you won't get any more than the tax liability you show. PLUS, there are many other credits that you might benefit from that also go against your tax liability (Child care, education, etc). Those all show up on the lines right below line 44 (lines 47-53) For the most part, and to keep it simple, the total of your credits can't be greater than your tax liability--there are exceptions for "refundable tax credits", but this guideline provides a quick general idea, it is not cast in concrete. This also assumes that your tax situation is fairly similar year to year.
3) The great majority of citizens in the US do not have a tax liability greater than $7500, so they wouldn't benefit fully from the credit, only partially. None-the-less, it is a credit that many benefit from in some degree.
4) Finally, I don't recall the exact number of cars, but the rebate runs out after a certain threshold number of car registrations is reached, so it won't last forever. In fact, a similar style credit was offered on the Prius when it first came out, and was rapidly used up.
Regarding different states, you are on your own there, as all are different, and some offer no special treatment.
Anyone with additional pointers, please feel free to add or correct any of the above.
