this post was submitted on 06 Oct 2023
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[Dormant] Electric Vehicles

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Car buyers can get their EV tax credits up front at the dealership starting in January | CNN Business (www.cnn.com)
submitted 1 year ago by Wooster@startrek.website to c/evs@lemmy.world
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Not much to add. Other than the IRS PDF is written is legalese…

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[–] Wooster@startrek.website 3 points 1 year ago* (last edited 1 year ago) (1 children)

It’s worth noting that the CNN article doesn’t say what happens if your taxes for the year are lower than the incentive.

I assume you get the full incentive at the dealership, and then are responsible for the difference come tax day.

So if your taxes are… say $4,000 and you buy a new car with the $7,500 rebate. That’s a difference of $3,500 and your taxes become 4K + 3.5K = $7,500 for that year… or so I’m assuming.

[–] Stillhart@lemm.ee 4 points 1 year ago (1 children)

I believe with these sorts of things, you're signing it over to the dealership so it goes against THEIR tax burden, not yours.

[–] Wooster@startrek.website 2 points 1 year ago

Currently, if your taxes are under the rebate, your tax incentive is only as good as your taxes are. So if you owe $3k in taxes, you're only getting a $3K tax incentive, regardless of if it's new ($7.5k) or used ($4k).

I'm seeing the government giving us easier access to that $3K… not granting the full 4k or 7.5k. For simplicity's sake, the full rebate is applied at the dealership, but the difference is still due for that year's taxes.