New Treasury Guidance Allows EV Tax Credit to be Used as Point-of-Sale Rebate Starting in January

U.S. Treasury issued new guidance on how the $7,500 EV tax credit can be used as a point-of-sale rebate starting in January.

Consumers can transfer the tax credit to a car dealer to lower the purchase price, which may boost EV sales.

Consumers need to meet income limits to qualify or repay the credit when filing taxes. Limit is $300k for married couples, $150k individuals.

Dealers must register via new IRS website to offer the credits and can get payment within 72 hours.

Payments to dealers won't affect tax liability and won't be considered consumer income.