$7,500 EV tax credit may be easier to get in 2024 per Treasury rule

  • by:
  • Source: CNBC
  • 10/11/2023

A new proposal by the U.S. Department of the Treasury would make it easier for consumers to get a tax credit when buying a new or used electric vehicle, according to tax and energy experts.

Its proposed rules, issued Friday, would let car dealers offer the EV tax break to consumers at the point of sale — regardless of their federal tax liability — starting Jan. 1, 2024.

What that means: All eligible EV buyers — and not just a subset of eligible, typically wealthier consumers — would get an upfront discount of up to $7,500 for new cars and $4,000 for used cars, experts said.

black and silver car on parking lot by Michael Fousert is licensed under Unsplash unsplash.com

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