IRS Announces Instant Rebates for Electric Vehicle Buyers Starting January 2024

IRS Announces Instant Rebates for Electric Vehicle Buyers Starting January 2024

 

It’s worth noting that some EVs purchased before 2024 may also be eligible for the rebate, provided they were bought for personal use and not intended for resale. For vehicles placed in service on or after April 18, 2023, the IRS has established various criteria, including the make and battery capacity, to determine the potential rebate amount. Ownership duration requirements are also in place to prevent opportunistic reselling of EVs to exploit the rebate.