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Tesla Model X Eligible for $25K Tax Credit

October 13, 2015

Photo of Model X courtesy of Tesla.
Photo of Model X courtesy of Tesla.

Businesses that purchase a Tesla Model X SUV for business use in California are eligible federal and state tax credits of $35,000 that could significantly reduce the $100,000 price tag of the luxury vehicle.

The vehicle already qualifies for a federal rebate of $7,500 and a California rebate of $2,500. Additionally, because it weighs more than 6,000 pounds, it would qualify under Section 179 of the IRS tax code, meaning a business owner could deduct $25,000 of its cost as business equipment.

The deduction, which is targeted at small businesses, would reduce taxable income on a business owner's tax return. Someone in the 33% tax bracket could see a reduction of $18,250, reports the Los Angeles Times.

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  1. 1. Adam [ October 22, 2015 @ 09:40PM ]

    This is a half-baked idea and explanation of depreciation!

 

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