Electric car buyers have new options in 2024 to make it easier to purchase a new electric vehicle (EV) by using the federal EV tax credit. While the tax credit has been around for a while in various forms, the Inflation Reduction Act made substantial changes to the tax credit, with modifications to who is eligible to take the credit, new requirements on EV models, and also new ways for buyers to access the credit. A number of these changes will increase the availability and usefulness of the credit, from now through 2032, such as the removal of the cap on the number of tax credits available. One big addition this year is the ability to transfer the EV tax credit to a dealership (or manufacturer for direct-to-consumer auto companies). This means income-eligible buyers will receive the incentive at time of purchase, rather than waiting until the spring of the following year…
Read the full article originally published at blog.ucsusa.org.