The IRS has just released new guidelines to enable dealers to take the $7,500 electric vehicle tax credit from the buyers and apply it directly to the purchase of new and used electric vehicles.
When the EV tax credit reform was announced last year, it included a provision to introduce a new “point of sale” option after a year into the program – starting January 1, 2024. What the IRS calls a “transfer” is the ability of a new EV buyer to give the tax credit to the dealer that is selling the electric vehicle to them. In exchange, the dealer can give the equivalent “in cash or in the form of a partial payment or down payment.”
