DEALERS:  Opt in for the EV tax credit by registering with the IRS Energy Credits Online portal. To register, dealers need to create an account and provide their business and contact information. Once registered, dealers will be able to log in to the portal and submit applications for the EV tax credit.

Eligibility requirements for the EV rebate:

• The vehicle must be a new electric vehicle that meets the IRS definition of a qualified plug-in electric drive vehicle (PHEV) or battery electric vehicle (BEV).
• The vehicle must be purchased from a registered dealer.
• The purchaser must be a taxpayer who meets the income requirements.
• $7,500 for new EVs
• Up to $4,000, limited to 30% of the sale price, for used EVs.

To be eligible for the EV tax credit, dealers must:

• Be registered with the IRS Energy Credits Online portal
• Sell new or used electric vehicles that meet the IRS definition of a qualified plug-in electric drive vehicle (PHEV) or battery electric vehicle (BEV)
• Submit applications for the EV tax credit on behalf of their customers

By opting in for the EV tax credit, dealers can offer their customers a sweet incentive when purchasing an new or used EV. Additionally, dealers can receive the rebate payment as early as within 72 hours of submitting an approved application.

BUYERS:  When you buy an EV from a dealer using the tax credit, the dealer will collect the credit on your behalf and apply it to the purchase price of the vehicle. This means that you will pay less for the vehicle up front.

Here are the steps involved:

1. You purchase an EV from a dealer that is registered with the IRS EV tax credit portal.
2. The dealer collects the credit on your behalf.
3. The dealer applies the credit to the purchase price of the vehicle.
4. You pay the dealer the remaining amount of the purchase price.

You will not need to file any additional paperwork or wait until you file your taxes to receive the credit. The EV tax credit is a great incentive that can make EVs more affordable. It’s important to note that there are income limits for the credit.

Here are some of the benefits of buying an EV from a dealer using the tax credit:

• You can receive the credit upfront at the time of purchase.
• You do not need to file any additional paperwork or wait until you file your taxes to receive the credit.
• EVs are more affordable when you use the tax credit.

Go electric ✌️

Web address for the IRS Energy Credits ONLINE PORTAL: https://www.irs.gov/credits-deductions/home-energy-tax-credits

For more information on the EV tax credit and how to opt in, please visit the IRS website: https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after