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IRS instant tax credit for EVs, PHEVs, e.t.c.
Source: IRS Press Release:
WASHINGTON – As part of Bidenomics and the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today released guidance that will lower costs for consumers and help car dealers grow their businesses by increasing access to Inflation Reduction Act credits at point of sale for new and previously owned clean vehicles. Researchers have found that consumers overwhelmingly prefer an immediate rebate at point of sale.
Under the Inflation Reduction Act, consumers can choose to transfer their new clean vehicle credit of up to $7,500 and their previously owned clean vehicle credit of up to $4,000 to a car dealer starting January 1, 2024. This will effectively lower the vehicle’s purchase price by providing...
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