Quote:
Originally Posted by zmyride
Mine is $32000.
Tax is $3120 (9.75% in CA where i live)
I'm in the 30% tax bracket. so $3120 x 30% = $936 tax refundable.
Not bad.
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Your 30% sounds like FEDERAL TAX. Where does the question of federal tax brackets come in? I was thinking this is how it works:
Car: 30,000
NY sales tax: 8.625% = $2587
NY sales tax table for salary $20k+ = 6.85%
So refund = 6.85% of 2,587 = $177.
And so, agree with the OP - savings are really negligible. When the quoted post said $936, I felt I had been wrong about this tax credit law. Can someone confirm?