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Full Tesla Tax Incentive Ends October 15

Karl Utermohlen

You may still be able to get the full Tesla tax incentive (NASDAQ:TSLA) if you order one of the company’s vehicles by this coming Monday.

Tesla Tax Incentive

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The electric carmaker announced the tax credit back in July in celebration of its 200,000th all-electric vehicle sold. The company said on its website that buyers who place an order with the company, purchasing one of its three models can still get the full tax credit.

“All orders placed by October 15, 2018 will be delivered by the end of the year and eligible for the full $7,500 Federal Tax Credit,” said the message on the Tesla site. The company added that the Tesla tax incentive of $7,500 will be cut in half to $3,750 on January 1, 2019.

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It will be cut in half again to $1,875 on July and it will be gone altogether on January 1, 2020. The company is the first electric car maker that has been benefiting from the impact of the reduction in the tax incentives that were passed into law back in December 2010 for plug-in vehicles, although hybrids don’t usually quality for this credit.

The U.S. Senate introduced a bill earlier this week designed to end the tax incentives right away for all automakers. The legislation also includes a user fee on alternative fuel vehicles due to the fact that they’re not paying federal taxes on gasoline.

TSLA stock is up about 1% on Friday following the news.

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