"refundable"? Help me understand your use of that term. As in, from the IRS to you? or from you to the IRS? or?
A refundable tax credit is one the credit is refunded to the tax payer in the instance it is not needed to offset liability to the government.
...based on my understanding, no. I judge this because altogether with the Ground Source Heat Pump renewable energy credit, the PiP credit and the 240V permanent Leviton EVSE charger credit, I zeroed out my liability and could actually use only two out of the three. In other words, my tax liability became a tax credit but once the credit wnet positive for me, I couldn't "add" yet another credit. In my situation, I then added up the two best credits and abandoned the cheapest one (the Leviton charger) as unusable. Too bad they don't roll over to the next year. Does my answer make sense for your situation?
If your total federal tax liability is less than $2500, then no, but you could get a partial credit of your total. If you only owed 1900 in Federal tax, you could get that back as a tax refund.
and you cannot carry forward the remainder to the next year. If you don't owe at least $2500 in taxes for the year you buy the car, you lose the balance of the credit. The credit is not subject to AMT.
Plug-In America is trying to get the tax credit changed to a full-out rebate, but right now as stated above you can only deduct to the limit of your tax owed. See the "Federal and State Incentives" sticky thread. Also tell us what state you live in for tax credits.
