Instead of requiring EV buyers to request the credit when filing annual tax returns, a new dealer-based process issues the funds at the point of sale starting Jan. 1, 2024.
The US Treasury issued updated guidance today on the process for EV buyers to receive the EV tax credit.
Rather than waiting to receive the funds after filing annual tax returns, buyers can realize that credit at the dealer when purchasing the vehicle—up to $7,500 for a new EV, and $4,000 for a used one.
“[This] will lower costs for consumers and help car dealers grow their businesses by increasing access to Inflation Reduction Act credits at point of sale for new and previously owned clean vehicles,” the Treasury says.
