Born and raised in Metro Detroit, associate editor Lucas Bell has spent his entire life surrounded by the automotive industry. He may daily drive an aging Mustang, but his Porsche 944 and NB Miata both take up most of his free time.
A new set of rules proposed by the U.S. Department of the Treasury has the potential to make receiving tax credits associated with an electric vehicle purchase much simpler for consumers. If codified, the proposal will allow all-electric vehicle buyers the chance to receive their tax credits at the point of sale starting in 2024, regardless of their federal tax liability.
The Inflation Reduction Act already allows dealers to begin offering point-of-sale credits on new EVs starting in 2024, but questions surrounding tax liability have remained a sticking point. The proposed rule set would eliminate some of that difficulty at the dealer itself, with no consideration of tax liability being required after December 31, 2023.
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