IRS Announces Instant Rebates for Electric Vehicle Buyers Starting January 2024
The IRS has compiled a list of eligible vehicles, encompassing battery electric, plug-in hybrid, and fuel cell vehicles, available on FuelEconomy.gov. This list will be regularly updated to incorporate evolving vehicle eligibility requirements.
Overall, this IRS guidance aligns with the Biden administration’s goal of achieving 50 percent of new car sales from EVs by 2030. The introduction of instant rebates aims to incentivize more buyers to opt for electric vehicles, providing them with tangible rewards at the point of purchase rather than having to wait until tax filing season. Albert Gore, Executive Director of the Zero Emissions Transportation Association, lauds the IRS memo, emphasizing that it simplifies access to new and used electric vehicle tax credits for all buyers during the purchase process.