Tax Credits for 2024 Purchase of CT (Fed, CO, PV REA)

[SentinelOne]

I'm a Colorado resident and as far as I can tell, for me:

- No Federal Credit - both MSRP exclusion and Income Level exclusion
- No CO Credit - both MSRP exclusion and income level exclusion
- CO Innovative Truck Credit - appears possible for $5k Credit - https://tax.colorado.gov/sites/tax/files/documents/ITT_Innovative_Truck_Credit_Feb_2024.pdf
- Federal Refuling Credit - appears possible for $1k Credit toward PowerShare - https://www.irs.gov/instructions/i8911
- Local Power Company (PV REA) - appears possible for $1k Credit toward Charger Install (I did my previous charger install) - https://pvrea.coop/for-members/rebates/ev-rebates/

Moral of the story, there may be money to be had, so do your research!!!! My best case is $7k, worst case is $0 - devil in the details but I'll give it a whirl come tax time!

$7k would cover: Red Calipers or RB Brakes, LineX exterior Plastic or Rims and Tires - but close enough I'd get all the above as long as I get something back (or prob even if not, just makes it easier! )

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[getsometom]

Thanks for sharing. I didn’t know about the federal refueling credit

 

[M0unt41nm4n]

You can get the $7500 tax credit if you put the vehicle in a business. No income or MSRP requirement when you do that.

 

[SentinelOne]

You can get the $7500 tax credit if you put the vehicle in a business. No income or MSRP requirement when you do that.

DIdnt know that, I dont have a registered business.....but will look into it!

 

[FitNess]

Look into the Residential Clean Energy credit too if you’re using the truck as a home battery backup.

https://www.irs.gov/credits-deductions/residential-clean-energy-credit

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[CyberT1]

Look into the Residential Clean Energy credit too if you’re using the truck as a home battery backup.

https://www.irs.gov/credits-deductions/residential-clean-energy-credit

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That's if we actually can get the software

 

[FitNess]

That's if we actually can get the software

Haha that’s true BUT just in case for under $40 I have this persons solution on hand since I’ll file the credit regardless of the software.

https://www.cybertruckownersclub.com/forum/threads/macgyver-powershare-only-36-49.22605/

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[Rock5tar]

That's if we actually can get the software

You don't need it. Just install a 50 amp inlet. A generator inlet on a 60 amp breaker works fine. That's what I do.

 

[RidnDirty]

You can get the $7500 tax credit if you put the vehicle in a business. No income or MSRP requirement when you do that.

Can you still do that after you purchased the vehicle until your own name? IE, the correct way to transfer into a business?

 

[M0unt41nm4n]

I don’t know… you need to ask your accountant. I think if you transferred the title to your company and transferred the funds in the same year for the same amount from the company to you, you could argue it was your company’s purchase. But again, ask your accountant.

 

[RidnDirty]

Thank you, I’ll look into that.

 

[SentinelOne]

You don't need it. Just install a 50 amp inlet. A generator inlet on a 60 amp breaker works fine. That's what I do.

this is what I would have done had I not qualified for the free $4k install or if my quote was outrageously over the $4k credit....nice setup, simple and works!

 

[Facedown]

Thank you for this. I had no idea about the innovative truck credit. Given that the Cybertruck has a GVWR greater than 8500 lbs, I think I'm good to go. This piece also seems key:

" A credit is allowed only for trucks that are either titled in Colorado and registered by the purchaser or lessee in Colorado or are registered by the purchaser or lessee under the International Registration Plan (IRP) and base plated in Colorado. "

My truck is registered and plated in Colorado. I don't have the IRP but that is an "or" statement. What do you all think? Should us Coloradans be able to get this $5k credit based on this language?

 

[cyberos]

You don't need it. Just install a 50 amp inlet. A generator inlet on a 60 amp breaker works fine. That's what I do.

I am nominating this for post of the year. This is less than $2k for parts and labor by electrician. No fussing with Tesla’s bs parts and installation hurdles

This was what I was planning to do but made the mistake of installing only a 30 amp transfer switch last year. My electrician warned me to get a bigger amp one

 

[SentinelOne]

Thank you for this. I had no idea about the innovative truck credit. Given that the Cybertruck has a GVWR greater than 8500 lbs, I think I'm good to go. This piece also seems key:

" A credit is allowed only for trucks that are either titled in Colorado and registered by the purchaser or lessee in Colorado or are registered by the purchaser or lessee under the International Registration Plan (IRP) and base plated in Colorado. "

My truck is registered and plated in Colorado. I don't have the IRP but that is an "or" statement. What do you all think? Should us Coloradans be able to get this $5k credit based on this language?

I read it as yes and plan to submit for it come tax time!

I cant take credit, someone else on here found this credit years ago, I just summarized what I'm aware of / plan on trying to get! If it helps anyone I'm happy!

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