The U.S. government has reimbursed auto dealers for more than $580 million in advance point-of-sale consumer electric vehicle (EV) tax credit payments since Jan. 1, the Treasury said on Friday.
Prior to 2024, U.S. auto buyers could only take advantage of the new EV credit of up to $7,500 or the $4,000 used EV credit when they filed tax returns the following year. Treasury said more than 85,000 of the time of sale tax reports were for new EVs, with over 90% of those including advance payments request for $7,500. More than 15,000 time of sale reports were for used EVs, with about 75% including advanced payments requests for $4,000.
