IRS Offers Up to $7,500 Instant Rebates for Electric Vehicle Purchases Starting 2024

Car dealers can provide instant rebates up to $7,500 for certain EV purchases starting in 2024, per new IRS guidance.

Rebates depend on the EV model, price, battery capacity and buyer income thresholds.

The rebates aim to incentivize more EV purchases to meet the Biden administration's 2030 EV sales goal.

Pre-2024 EV purchases may also qualify if bought without intent to resell.

Advocates praise the IRS guidance for making EV tax credits accessible at point of sale.