Tax breaks could give some Tesla buyers a big payback.
Many new car buyers know they can count on some government incentives when they purchase hybrid or electric vehicles. But the Tesla Model X electric SUV may offer some buyers the mother of all tax breaks.
Some buyers could receive as much as $35,000 back on the $100,000 electric car, according to the Los Angeles Times. While the eye-opening figure may attract some buyers, some experts warn that the company could face a backlash from the perception that it is taking advantage of government tax breaks for those who are wealthy enough to buy a $100,000 car.
The major federal tax break Model X owners may qualify for involves subsidies from the stimulus package that were meant for small business owners who need to buy heavy equipment. But the deduction has been used by business owners for buying Hummers and other large vehicles that qualify because they weigh more than 6,000 pounds.
The so-called “Hummer tax loophole” now may appeal to Model X buyers, as the vehicle comes in at just over 6,000 pounds. A Tesla spokesman told the Autoblog online news site that buyers could take up to $25,000 off of their purchase price with the deduction.
According to LA Times data, companies owned by Tesla chair Elon Musk have reaped a combined $4.9 billion in federal subsidies, including tax breaks, grants, factory construction support, discounted loans, environmental program benefits and other government incentives.
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