According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024. Before 2024, American car purchasers were only eligible for the new electric vehicle (EV) credit of up to $7,500 or the $4,000 credit for used EVs when they submitted their tax returns in the subsequent year. Commencing on January 1, consumers have the ability to transfer the credits to a car dealer during the transaction, so reducing the purchase price. This year, the IRS has received almost 100,000 reports on the sale of electric vehicles. A total of 85,000 time of sale tax reports were filed for new electric vehicles (EVs), and more than 90% of these reports included requests for advance...
