Electric car orders placed by Oct 15 eligible for $7,500 tax credit: Tesla

Buyers of electric cars get full tax credit for the quarter in which the company hits the 200,000 delivery mark and the next

Electric carmaker Tesla Inc said all orders for its vehicles placed by October 15 are eligible for full federal tax credit of $7,500 and such customers will get their cars delivered by the end of the year.

Under a major tax overhaul passed by the Republican-controlled US Congress late last year, financial incentives in the way of tax credits that lower the cost of electric vehicles are available for the first 200,000 such vehicles sold by an automaker. The tax credit is then reduced by 50 per cent every six months until it phases out.

In July, Tesla said it delivered 200,000