Treasury Details New Instant EV Tax Credit for 2024, Allowing Up to $7,500 Off at Purchase

Treasury Dept released guidance on how dealers can provide EV rebates of up to $7,500 at point of purchase starting in 2024.

Rebates will be available immediately rather than having to wait until filing taxes. Aims to convince more buyers to consider EVs.

Dealers can register through IRS portal to apply credit at purchase. Buyers must confirm income eligibility.

Dealers can provide rebate as instant discount, cash back, or down payment. Taxpayer gets benefit immediately.

Most dealers will get rebate repayment within 72 hours. New rules simplify process and maximize benefit according to EV advocates.