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. government income tax credits at the time o
Eligible buyers, including those that bought an EV or hybrid this year, have had to wait until they filed their federal income tax returns to actually get the benefits.
Plus, the government says people can get the full credits from dealers regardless of how much they owe in federal taxes. 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.
To qualify, buyers have to be below the income limits either in the year of purchase or the prior year. If their income exceeds the limits both years and they took the credits, they'll have to repay them when they file their income tax returns, the government said.
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