Quote:
Originally Posted by GrussGott
Right - I was just following from my original post about the BMW X5 45e, which is still eligible for a $7500 federal tax credit  ... which, to my understanding, is based on one's personal income (i.e., what you owe in federal taxes) and so wouldn't be rebateable by BMWFS (I could be very wrong though - taxes never make sense - maybe Run Silent can give us his advice?). |
Quote:
Originally Posted by GrussGott
Yeah, I think this is the key line: Can I claim the credit for a leased vehicle?
If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit. That means BMWFS can claim the federal tax credit on leased vehicles |
Yes, in a lease they
can claim the credit, and they
do. However, they pass that on the consumer as a cap reduction to boost sales. In fact, Hyundai and Kia claims it themselves and don't pass on the credit as cap reduction like BMW does. To clarify, $7500 does not show up as a fed tax credit rebate on lease contract, it is simply a cap reduction. So your income or your tax liability would not come into play.
Quote:
Originally Posted by GrussGott
This is key for me, because in my personal case I'm NOT eligible for the state credit but AM eligible for the federal credit if I buy before BMW gets to 200,000 in EV sales.
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The CA state rebate only looks at personal gross income. As a business owner I was able to get around this because of income splitting. They do not look at corporate income and the car is under my personal account
Quote:
Originally Posted by GrussGott
Though, someone had posted they got a tax rebate check on that federal credit - my supposition is that the check was actually state credit, not the federal credit, but  |
Were you thinking of me? I got the check for the state credit.