The Tesla's Model X doesn't just offer safe and environment-friendly drives; this electric sports utility vehicle can apparently save prospective buyers at least $25,000 on top of federal and state tax credits.
This is because the Model X's Gross Vehicle Weight Rating (GVWR) exceeds 6,000 pounds, making it qualify for the tax break under Federal Tax Laws Section 179, when certain conditions are met, of course.
"Yes, the curb weight of Model X is 5,441 pounds. So we expect the GVWR to exceed 6,000 pounds. This means a Section 179 deduction could be taken for to up to $25,000 of the purchase price" says Tesla spokeswoman Alexis Georgeson.
However, even if the Model X fits the loophole in the tax laws, it is still advisable to seek counsel from qualified tax professionals.
What are the conditions to meet Section 179's requirements? Well, first, Model X has to be bought and not given because gifts don't qualify for the tax break. Second, the owner has to have a business and has to prove that the vehicle would be essential for providing transportation in the company's dealings.
The Internal Revenue Services (IRS) website provides more details on Section 179. This is all on top of the $7,500 federal tax deduction and California state rebate of $2,500.
Don't celebrate just yet because Tesla still has not released the price for the Model X but Tesla CEO Elon Musk tweeted on Sept. 30 that the price would be at least $5,000 higher than the Model S.
Btw, price of Model X is actually only $5k more than S. Lower cost versions coming later.
— Elon Musk (@elonmusk) September 30, 2015
The Model X is an all-electric, aerodynamic, falcon-winged SUV designed with safety as its first priority. It has built-in camera, radar and sonar systems that provide real-time feedback to avoid collisions and an automatic braking system that can be applied even at highway speeds.
The Model X boasts of its pollution-free design, equipped with medical-grade HEPA filter strips that purify outside air from pollution before circulating it inside the vehicle, not to mention a bioweapon defense mode. It is available in six or seven-seater configurations.
