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While buyers have long been able to receive a tax credit of up to $7,500 when they purchase a new electric vehicle, they have had to wait until tax time to see that money. Starting in January, the IRS says that buyers will be able to get their credit within three days of purchasing their new vehicle.<\/p>\n

That comes after months of talks between federal regulators and the National Automobile Dealers Association (NADA) to find guidance on how to apply credits faster. They have determined that the reimbursement of buyers will be handled through registered dealerships<\/a>.<\/p>\n

Starting in 2024, dealers that are registered via a website called IRS Energy Credits Online will be able to submit EV sales<\/a> information to the IRS. They will then be able to receive payments for transferred credits, which they can apply to the purchase price of a new or used vehicle or as cash to the buyer.<\/p>\n

Read: American Buyers Can Now Get Up To $4,000 Used EV Credit, Here’s How<\/a><\/strong><\/p>\n

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