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Planning to buy a Tesla? Timing is Critical to Claim the Electric Vehicle Credit

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 $7,500 credit if acquired before Jan. 1, 2019.

Beginning Jan. 1, 2019, the credit will be $3,750 for Tesla's eligible vehicles.

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