More than half a billion dollars of taxpayer money has paid for other people's EVs
Apr 15, 2024
A new report by the Department of the Treasury reveals that American taxpayers have paid an eye-watering amount since the Internal Revenue Service updated its rules regarding tax credits on EV purchases on January 1st.
According to a recent report, the Internal Revenue Service (IRS) has received about 100,000 time of sale reports since January 1st, and reimbursed auto dealerships $580 million in advance point-of-sale consumer EV tax credit payments under the newly implemented ruling.
On January 1st, the IRS' updated Code Section 30D went into effect, where qualifying buyers under certain income thresholds can get up to $7,500 tax credit applied to the purchase price of qualifying North American-assembled new EVs that meet certain sticker price restrictions, or up to $4,000 for a used EV price at or below $25,000 that is at least two model years old.
https://www.thestreet.com/electric-v...ng-peoples-evs
