EV buyers will receive as mush as $7,500 in instant rebates when they purchase a new vehicle in 2024.
According to The Verge, the rebates are part of new regulations unveiled by the Treasury Department. The regulations are part of the Biden administration’s efforts to spur EV adoption.
Unlike in the past, when rebates were bundled with tax filing, the IRS has cleared the way for dealerships to give users the rebates immediately:
A dealer can provide a purchasing taxpayer with a financial benefit in cash or in the form of a partial payment or down payment for the purchase of the vehicle. The taxpayer benefits by receiving an immediate financial benefit at the time of sale, rather than having to wait to file a tax return and claim the credit.
The credits could go a long way toward convincing car buyers to opt for EVs over traditional gasoline-powered options.