<div class='quotetop'>QUOTE(n8kwx @ Sep 12 2007, 12:54 AM) [snapback]511118[/snapback]</div> The tax credit is 85% of the difference in price between the EV and the most similar vehicle. This works out to be about $23,800. If the owner disposes of an emitting vehicle 10 years old or older, the credit goes to 100%, or in my case about $28,000. There is a five year carry forward limit, however, so at 4.7% income tax on your AGI, you need to have an AGI well above 100k a year to take all of it. Basically, I have stopped paying income tax in Colorado (withholding zero dollars, declared "exempt"). I will get back every penny paid thus far for 07 next year, and won't pay in for 08, 09, 10, and 2011. I will have to start paying tax again in 2012. I will likely buy a second EV in 2012, the last year of the Colorado tax credit (I can still carry forward for five years, but MUST buy the vehicle in 2012). (Tesla, I need my Whitestar by 2012)! Nate
<div class='quotetop'>QUOTE(n8kwx @ Sep 12 2007, 12:54 AM) [snapback]511118[/snapback]</div> The tax credit is 85% of the difference in price between the EV and the most similar vehicle. This works out to be about $23,800. If the owner disposes of an emitting vehicle 10 years old or older, the credit goes to 100%, or in my case about $28,000. There is a five year carry forward limit, however, so at 4.7% income tax on your AGI, you need to have an AGI well above 100k a year to take all of it. Basically, I have stopped paying income tax in Colorado (withholding zero dollars, declared "exempt"). I will get back every penny paid thus far for 07 next year, and won't pay in for 08, 09, 10, and 2011. I will have to start paying tax again in 2012. I will likely buy a second EV in 2012, the last year of the Colorado tax credit (I can still carry forward for five years, but MUST buy the vehicle in 2012). (Tesla, I need my Whitestar by 2012)! Nate
