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Select Tesla Model 3 variants to lose $7,500 tax credit by 2024

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Tesla updated its configuration page recently, informing customers that select Tesla Model 3 variants will not qualify for the Inflation Reduction Act’s (IRA) $7,500 tax credit in 2024. The Tesla Model 3 Rear-Wheel Drive (RWD) and the Long Range variant qualify for the IRA’s $7,500 tax credit until December 31, 2024.

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How New Eligibility Criteria for the Electric Vehicle Tax Credit Affects You

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Opting for an electric vehicle and leveraging the EV tax credit to help with your next electric vehicle purchase is a smart move. One such incentive is the Clean Vehicle Credit , a key component of the Biden administration’s Inflation Reduction Act. View IRS instructions for claiming credit.