WASHINGTON — Dealers in the coming months will be able to sign up for preapproval for point-of-sale tax credits on new and used electric vehicles, a senior Treasury official told reporters Thursday. Details were not yet clear.
Starting in January, consumers will be able to transfer EV tax credits of up to $7,500 to dealers at the point of sale so those funds can be applied to the down payment. The credit transfer is allowed under the Inflation Reduction Act's Section 30D credit for new EV purchases and the consumer incentive for used EVs, known as 25E.
"In the next few months, dealers will be able to register via an online IRS portal," Assistant Secretary for Tax Policy Lily Batchelder said in the press briefing. "In January, registered dealers will be able to submit 'clean vehicle' sales information to the IRS and promptly receive payments for transferred credits."