Tesla Model X could be eligible for $ 25,000 in tax deductions

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Tesla Model X could be eligible for $ 25,000 in tax deductions -

Tesla Model X will be launched on September 29 e . With this announcement, there is good news and it might be popular with American business owners like the car model could be eligible for $ 25,000 in tax deductions.

Tesla Model X price starts at $ 80,000, however, the potential car owners could possibly be paying less than this, for it is $ 7,500 federal tax credit offer to purchase electric vehicles, other tax incentives the state level, as it is possible that the model X is allowable deduction to $ 25,000 tax for heavy vehicles under Section 179.

under Article 179, taxpayers are permitted to deduct the cost of certain assets rather than capitalize and depreciate what makes it popular with businesses. It is permitted deduction to $ 500,000 for the purchase of heavy vehicles and equipment. The amount was revised to be up to $ 25,000 in tax deductions; However, active lobbyists are trying to bring it back to $ 500,000.

For the car model to be eligible for this tax deduction, it must have gross vehicle weight rating (GVWR) of 00 lbs. Tesla has not confirmed that the weight of the model X, however, the comparison with the weight of the S model as a model X is built with the same platform as the Model S, Tesla Model X could easily reach over 6,000 lbs.

What is GVWR? It is the sum of the weight of the vehicle and the weight of the driver, passengers and cargo capacity excluding the weight of the trailer and towing capacity. Besides the size of the battery, the GVWR of the Model S is 5710 lbs and by Elon Musk, CEO of Tesla Model X is about 10% heavier than the Model S. With this information, the Model X will be the first electric vehicle with a GVWR over 00 lbs.

With all these deductions, it is not surprising that the Model X will be popular among US business owners.

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