Fact Finders: Can I use those clean vehicle tax credits at the dealership? – KY3

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SPRINGFIELD, Mo. (KY3)—The Biden Administration recently announced the 2024 electric vehicle tax credit rules and restrictions. On this Fact Finders, we’re tackling the question: If I buy an electric vehicle, do I have to wait until I file taxes to get the credit, or can I get the money right away?

All-electric, plug-in hybrid, and fuel cell electric vehicles bought new in 2023 or after may be eligible for a federal income tax credit of up to 75 hundred dollars. Pre-owned cars can get a tax credit of up to 4-thousand dollars. You can find eligible vehicles at fueleconomy.gov.

The Treasury Department says, “Unlike other tax credits, eligible buyers can receive an immediate reduction in the cost of the vehicle at the point of sale rather than waiting until filing their taxes.”

There are 10 thousand dealers nationwide in the program.

The best advice is to research the vehicle and make sure you qualify. Then, if you meet the requirements, you can use the credit at the time of the purchase. So, the answer is YES. If you meet the requirements, you can immediately get the money at a registered dealership.

We asked the IRS for the best EV tax credit program resources. Here’s what they shared with us.

Start here: Manufacturers for qualified commercial clean vehicle credit | Internal Revenue Service (irs.gov)

And more comprehensive: Clean vehicle credit seller or dealer requirements | Internal Revenue Service (irs.gov)

Also, the Department of Energy offers this resource: New and Used Clean Vehicle Tax Credits | Department of Energy

If you have a question for Fact Finders, email us at [email protected].

To report a correction or typo, please email [email protected]

This post was originally published on this site

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