People shopping for electric vehicles starting next year will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, rather than having to wait months to receive their tax returns.
The changes to how car buyers can get the federal tax break on EVs — part of the Inflation Reduction Act — were announced by the Biden administration on Friday, and are being rolled out to car dealerships before they take effect starting January 1. Under the new guidance, those purchasing a new electric vehicle or plug-in hybrid electric vehicle that qualifies under the Treasury Department’s guidelines can either take $7,500 off the sticker price of a new EV or $4,000 off the cost of a used EV.
A small number of models, mostly foreign-made vehicles, are not eligible for now. Most of the eligible cars so far are made by the “big three” EV automakers in the US — Ford, General Motors and Stellantis — plus Tesla and German carmaker Volkswagen. More foreign companies are building EV factories in the US in order to take advantage of the tax credits in the future.
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