People buying a new electric vehicle will get an instant rebate of as much as $7,500 starting in 2024, according to new guidance from the Treasury Department.
The Treasury Department released new guidance Friday outlining how car dealers can give customers instant access to the electric vehicle rebate starting in January 2024. It’s the latest move by the Biden administration to bring down the cost of EVs in the hopes that more people will buy them.
Now, dealers can apply the credit at the time of purchase — effectively making it a discount — or provide the rebate to the buyer as cash. Participating dealers will have to register through an IRS portal to apply the credit at the time of purchase. Buyers will have to confirm to dealers that they fall within the income limits outlined in the tax credit rules before accepting the rebate.
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