The Biden administration hopes the immediate refund will help meet the president's goal of lifting EVs to 50 percent of new car sales by 2030.
The Biden administration hopes the immediate refund will help meet the president’s goal of lifting EVs to 50 percent of new car sales by 2030.
The new guidance lays out how dealers can effectively reduce the price for an electric vehicle for consumers by as much as $7,500 at the time of the purchase, rather than requiring the buyers to wait until they file their annual federal taxes to claim the credit. The proposed rule is aimed at “expanding consumer choices and helping car dealers expand their businesses,” Laurel Blatchford, Treasury’s chief implementation officer for the Inflation Reduction Act, said in a statement.
found that EV buyers — especially lower-income buyers — overwhelmingly preferred a point-of-sale rebate to a tax credit, valuing the rebate at $1,450 more than a credit. The IRA stipulates that beginning in January 2024, dealers can provide the credit as a rebate at the time of purchase.
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