Buying An Electrified Vehicle? Soon Get Your Green New Deal Baksheesh Directly From Your Local Dealer
Dealers Will Register Soon for Permission To Become Middle Man For New, Used EV Payoff TransfersWashington DC September 8, 2023; The AIADA reported that in the coming months Auto Dealers will be able to sign up for preapproval for point-of-sale tax credits on new and used electric vehicles, a senior Treasury official told reporters Thursday. Officialo Details have not been made clear, but according to Automotive News, starting in January, consumers will be able to transfer EV tax credits of up to $7,500 to dealers at the point of sale so those funds can be applied DIRECTLY to the down payment.
The credit transfer is allowed under the Inflation Reduction Act's section 30D credit for EV purchases and the consumer incentive for used EVs, known as 25E. "In the next few months, dealers will be able to register via an online IRS portal," Assistant Secretary for Tax Policy Lily Batchelder said in the press briefing. "In January, registered dealers will be able to submit 'clean vehicle' sales information to the IRS and promptly receive payments for transferred credits."
The U.S. Treasury Department also said it plans to issue more guidance by Dec. 31 that is crucial to the act's EV tax credits and other incentives, including a much-anticipated rulebook on the "foreign entity of concern" provision.Subscribe to Automotive News for the complete articlelick here for the full story.