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Phaseout of tax credit for Tesla plu-in electric vehicles

Posted Jan 11, 2019

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The IRS announced a phaseout of the tax credit for Tesla plug-in electric vehicles. The reason? Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the 3rd quarter of 2018. Thus, a phaseout of the credit available for purchasers of new Tesla plug-in electric vehicles is triggered beginning 1/1/19. The tax code provides a credit that begins to phase out for a manufacturer’s vehicles after a certain number have been sold for use or lease in the United States. Contact us for more details.

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