NEW: Instant Rebate of $7,500 Starting in 2024 for EV Buyers in U.S.?

Starting in January 2024, car dealers can offer instant rebates to buyers of certain electric vehicles (EVs), according to IRS guidance in the USA. Eligible EVs can qualify for a tax credit of up to $7,500, based on specific criteria. The EV must have a minimum battery capacity of seven-kilowatt hours, and buyers’ adjusted gross income should not exceed certain thresholds.

Instant Rebate

The manufacturer’s suggested retail price for the EV must also fall within set limits, which vary for different types of EVs. Some EVs purchased before 2024 may also qualify if they were not intended for resale. The IRS maintains a list of eligible vehicles on FuelEconomy.gov.