Overview

• Starting January 1, 2024, eligible buyers can get EV tax credits of up to $7,500 off new EVs and $4,000 off used EVs at the point of sale.
• Buyers can transfer the tax credits to dealers, who provide the discounts upfront instead of buyers claiming credits later on tax returns.
• Vehicles must meet certain requirements on manufacturing location, price caps, and battery size to qualify for the instant rebates.
• Income limits determine buyer eligibility; those exceeding limits may need to repay credits when filing taxes.
• The new guidance from the Treasury aims to boost EV sales by making tax credits more accessible to buyers.