Tesla Inc.’s decision to drop the price on several of its models will enable more buyers to qualify for a $7,500 federal electric-vehicle tax credit, but there is a catch: new income limits that kicked in Jan. 1.
EV tax credits were created in 2009, but late last year, the government changed many of the rules. It removed a cap on the number of vehicles sold per manufacturer, and added restrictions based on the vehicle price, place of manufacturer and taxpayer income.
