Tesla launches Time Of Delivery tax credit for $7,500 incentive on its EVs

Tesla today announced new updates to the Federal tax credit system providing the eligible customer tax credit at the time of delivery for Model Y/X or Model 3 Performance.

Tesla confirmed that qualified Tesla vehicles for $7,500 can now be deducted from the purchase price at the time of delivery for eligible cash or loan purchases through Tesla.

Currently, a customer can be available for only two time-of-sale tax credits.

Last October, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced the point of sale for an immediate rebate at the time of the sale.

Customers who buy an eligible tax credit EV will get lower vehicle purchase prices with upfront down payments with a point-of-sale tax credit system. Therefore, the customer will not have to wait to claim their credit on their tax return the next year.

Despite is date of announcement the point of sale is now in action starting January 1, 2024.

As of the second week of this month, around 90,000 dealers across the U.S. have registered for point-of-sale tax credit. Since Tesla sells EVs through its stores, it can offer a tax credit during the time of delivery.

Tesla Model 3 Electric Vehicle (EV)

Requirements:

To claim Federal Tax, vehicle owners must need to buy it for their use and not for resale. The vehicle must be used in the U.S. and buyers also have some adjusted gross income (AGI) limitations including the following.

• $300,000 for married couples filing jointly
• $225,000 for heads of households
• $150,000 for all other filers

Tesla vehicles with their tax credit amount are:

• Model 3 Performance: $7,500
• Model X Dual Motor: $7,500
• 2024 Model Y Rear-Wheel Drive: $7,500
• Model Y Long Range: $7,500
• Model Y Performance: $7,500

(source – Tesla)