An update on the Tesla website shows that buyers are eligible for a $7,500 tax credit on the company’s Model X and Model Y EVs. This includes the following makes and models sold by Tesla.
- Model 3 Rear-Wheel Drive
- Model 3 Long Range
- Model 3 Performance
- Model Y All-Wheel Drive
- Model Y Long Range
- Model Y Performance
There are also a few requirements that customers must meet to be eligible for the Tesla tax credits on Tesla vehicles. They are as follows.
- Customers must buy the EV for their own use and not for resale.
- They must primarily use the vehicle in the United States.
- Adjusted gross income ( ) limitations ranging from $150,000 to $300,000, depending on filing status.
- MSRP price caps of $55,000 for the Model 3 and $80,000 for the Model Y.
Why This Matters for TSLA Stock
The new tax credit for Tesla vehicles comes from the Inflation Reduction Act, which went into effect earlier this year and includes benefits for customers looking to buy EVs. With its inclusion on the list, Tesla is set to benefit from customers buying its EVs and getting a tax break for their purchases.
Today’s news has TSLA stock up 3.9% this morning and the company’s shares are also up 112.6% since the start of the year.
Investors seeking out even more of the most recent stock market news will want to take a look below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.