Tesla Tax Credit To Be Slashed Monday, Eliminated In 2020

TAX CREDIT FOR TESLA TO DROP TO $1875 ON MONDAY

(CNN) – If you own a Tesla, time is running out to get a pretty big tax credit.

Starting Monday, its federal tax credit will drop to $1,875.

The Tesla tax credit will disappear at the start of 2020.

Buyers of plug-in vehicles, both pure electrics and plug-in hybrids, are eligible for a $7,500 credit that reduces their federal taxes by that amount.

But once a manufacturer has sold 200,000 of those cars to us buyers, the credit starts being phased out.

Tesla was the first to hit that mark.

Categories: US News