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Saturday, 11/25/2023 10:58:54 AM

Saturday, November 25, 2023 10:58:54 AM

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For EV customers, everything changes on January 1, 2024. The Treasury Department has now issued new rules that will turn the federal EV tax credit into what is basically a point of sale rebate. The new regs, published October 6, 2023, bring happy news for EV buyers.

“Under the Inflation Reduction Act, consumers can choose to transfer their new clean vehicle credit of up to $7,500 and their previously owned clean vehicle credit of up to $4,000 to a car dealer starting January 1, 2024. This will effectively lower the vehicle’s purchase price by providing consumers with an upfront down payment on their clean vehicle at the point of sale, rather, without having to wait to claim their credit on their tax return the next year. Only vehicles purchased under the consumer clean vehicle credits are eligible for this benefit.”

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