When you can grab a $7,500 tax credit – or more - on a Tesla (TSLA) electric vehicle that retails for $35,000, pour yourself a cold beverage.
You deserve it.
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That’s a scenario likely to play out across coast-to-coast as Tesla recently announced its Model 3 Versions all qualify for the Federal Government’s $7,500 EV tax break, according to Tesla’s website.
That after the same tax credits were reduced by 50% to $3,750 for the auto manufacturer’s Standard Range and Long Range RWD brands, in an adjustment to last August’s Congress-approved Inflation Reduction Act.
“All versions of the Tesla Model 3 and Y now qualify for the full $7,500 IRA tax credit,” said Tesla investor and social media sustainability influencer Sawyer Merritt on June 2 on Twitter. “Along with other state tax incentives, the Model 3 Rear Wheel Drive is well below $30,000.”
Tesla founder Elon Musk retweeted the Merritt Tweet to his 142.3 million followers the same day.
Depending on your income level and adding in the M3 RWD $7,500 tax break, you can get a Tesla 3 for these low prices in the following states, Sawyer reported.
- VT: $26,320
- MA: $26,830
- PA: $27,330
- RI: $27,820
- DE: $27,820
- NY: $28,320
- CA: $28,330
- CO: $28,330
- CT: $29,030
- ME: $29,320
Take a state like Colorado which just boosted its EV tax credit to $5,000. Couple that with the $7,500 federal tax credit on the Tesla Model 3 and you’re saving $12,500 on one of the most popular EVs on the planet.
The expanded tax credit also narrows the price gap between gas-fueled sedans and EVs.
“With EV incentives, the difference in starting price between a new Honda Accord and a new Model 3 RWD is now just ~$5,000,” Sawyer reported. “It's a $6k difference between the Toyota Camry & the RWD Model 3.”
While Tesla and various media outlets have reported the updated $7,500 Tesla federal tax incentive, the Internal Revenue Service has yet to update its numbers, according to Tech Crunch.
