US takes steps to make tax credits easier for used electric vehicles

ISTANBUL

The US government has taken steps to make tax credits easier for used electric vehicles (EVs), the White House announced Wednesday in a statement.

The White House said it hosted private sector leaders in the pre-owned vehicle sales industry, in addition to clean car advocates and state and federal officials, together with the Treasury Department in order to encourage the use and adoption of the dealer transferability option that allows American consumers to claim the tax credit at the point of sale.

“Already, more than 13,000 dealerships have signed up to provide the tax credit at the point of sale, and 90% of EV buyers that qualify for the credit are opting to receive their cash immediately instead of waiting until tax season, saving buyers over $850 million this year alone,” said the statement.

“The Inflation Reduction Act’s 25E used clean vehicle tax credit provides up to $4,000 off qualified electric vehicles for taxpayers that fall below certain income limits—individual taxpayers making less than $75,000 or up to $150,000 for married taxpayers that are filing jointly,” it added.

The White House noted that most Americans buy used cars instead of new ones, so this tax credit makes going electric more affordable and accessible.

It said companies at Wednesday’s gathering made major and voluntary commitments to increase the use of the credit and integrating the credit into their websites and other point of sale platforms, developing targeted campaigns and new tools for consumers to learn more about the credit.

LAST UPDATE: June 21st, 2024 11:43 am

• Electric Vehicles
• EVs
• tax credit
• US
• White House