Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. income tax credits at the time of purchase. The Treasury Department says the near-instant credits of up to $7,500 for an eligible new vehicle and $4,000 for a qualifying used vehicle should lower purchasing costs for consumers. This year eligible buyers can receive the credits, but they have to wait until they file their 2023 federal income tax returns to get the money. Under the Inflation Reduction Act buyers can transfer the credits to dealers, which can apply them at the point of sale starting Jan. 1. The vehicles have to qualify under guidelines spelled out in the law, and buyers’ incomes have to fall below limits.
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The Treasury Department says the near-instant credits of $7,500 for an eligible new vehicle and $4,000 for a qualifying used vehicle should lower purchasing costs for consumers and help car dealers by boosting EV sales., which included the credits, buyers can transfer the credits to dealers, which can apply them at the point of sale starting Jan. 1.
Dealers have to hold state or local licenses in order to offer the credits, and they must register on an Internal Revenue Service website. After dealers turn in the sales paperwork, dealers can expect to get payments from the government within about 72 hours, officials said.
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