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Planning to Buy a Tesla? Tesla's Electric Vehicle Tax Credit Expires Soon

Tesla has sold more than 200,000 cars and therefore the electric vehicle tax credit is now being phased out for Tesla vehicles.

Qualifying vehicles from Tesla, Inc. purchased for use or lease are eligible for a $3,750 credit if acquired before July 1, 2019.

On July 1, 2019, the credit will be reduced to $1,875 for the remainder of the year.

After Dec. 31, 2019, no tax credit will be available.

Richard Pon CPA, CFP