Over $580 Million in Electric Car Tax Credits Issued by U.S. Government in 2024
IRS Receives 100,000 Requests for Electric Car Tax Credits
The U.S. government has given back over $580 million to car dealers quickly for electric car tax credits this year, according to WHTC published article. Before 2024, Americans could only get tax credits after buying a car and filing taxes the next year. Now, they can get the credit right when they buy the car which helps lower the price.
The IRS got around 100,000 reports about electric car sales this year and many of these asked for the tax credit upfront. This shows that a lot of Americans are interested in buying electric cars, according to US News report. However, there are rules to follow like limits on income and where the cars are made. These rules are meant to make sure the tax credits go to the right Americans and help the economy grow.
(photo: decorproject.ru)
New Electric Car Tax Credit System – Driving Affordability and Sustainability in the U.S.
Furthermore, this change in the tax credit system is seen as a positive step towards encouraging more Americans to switch to electric vehicles. By allowing consumers to receive the tax credit at the time of purchase and it makes buying an electric car more affordable and appealing. This could lead to a decrease in harmful emissions from traditional gas-powered vehicles benefiting both the environment and public health.
