So, if you are looking to buy and wondering if you'll receive the full $7,500 tax credit look at your tax return from 2011. If nothing much has changed in you income or tax withholding then look at line 44 of your 1040. This line shows how much tax you have paid to the US Treasury for that tax year. If the line is greater than or equal to $7,500 you have no worries, you should be entitled to the full tax credit. If that line is under $7,500 then you are only eligible to recoup the amount of line 44.
So, line 44 is $10,000, you receive the full $7,500.
Line 44 is $5,000, you receive only $5,000.
The tax credit only allows you to recoup an amount up to $7,500 that you have paid the US Treasury during that tax year.
If you income does not allow for the full tax credit then the lease option may be the better option for you since the credit can be applied to the lease.
Good luck on getting your Volt! Hope this has helped your calculus.
I am not a professional tax representative or agent....work was completed using internet research on IRS website and Turbo Tax gaming.
Oh yeah.....we just purchased our new 2012 Volt this week. Boogie-woogie-woogie-woogie!