US issues auto dealers over $580 million in advance EV tax rebates this year
WASHINGTON -The U.S. government has reimbursed auto dealers for more than $580 million in advance point-of-sale consumer electric vehicle tax credit payments since Jan. 1, the Treasury said on Friday.
Starting Jan. 1, consumers can transfer the credits to a car dealer at the time of sale, effectively lowering the purchase price. The Treasury issued guidelines in December aimed at weaning the U.S. EV supply chain away from China. The number of EV models qualifying for U.S. EV tax credits fell on Jan. 1 to 19 from 43 with some Tesla (NASDAQ:Consumers must attest they meet income limits to qualify for the tax credit at time of purchase or they will need to repay the government when filing their taxes. For new vehicles, the adjusted gross income limit is $300,000 for married couples and $150,000 for individuals.
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