The Treasury Department confirmed that nearly 9,000 auto dealers have registered for the point-of-sale electric vehicle tax credit since it became available on the 1st day of January.
9,000 Auto Dealers Registered for Electric Vehicle Tax Credit (Photo: Top Gear)
9,000 Auto Dealers Registered for Electric Vehicle Tax Credit
According to Free Public, the Treasury Department confirmed that more than 1,000 additional auto dealers have registered for the point-of-sale electric vehicle tax credit since it became available on the 1st of January.
Moreover, Treasury officials stated that more than 8,700 dealers have recorded for the credit, up from the 7,400 announced in December.
The Inflation Reduction Act allows electric vehicle buyers to claim it upon purchase from registered dealers rather than waiting until filling their taxes the following year.
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Auto Dealers Submits Reports for Electronic Service
According to The Hill, under the alterations to the electric vehicle tax credit – dealers must submit a time-of-sale report within a certain period after they sell an electric vehicle in order to claim their point-of-sale rebate.
In addition to the point-of-sale rebate, the electric vehicle tax credit excluded certain vehicles associated with foreign entities of concern, including companies owned by China, Iran, Russia, and North Korea.
For a vehicle to be eligible, they have to pass a $7,500 credit, the critical battery must also be at least 40 percent sourced from the US or parties that have agreements with the US.
