Additional than $1 billion in EV tax credits issued upfront to consumers, Treasury and IRS say

Additional than billion in EV tax credits issued upfront to consumers, Treasury and IRS say

Vital Factors

The federal government has issued more than $1 billion in tax credits for new and utilised electric motor vehicles as an upfront money incentive to motor vehicle customers, the Treasury Section and IRS said.
The progress payments kicked in Jan. 1, 2024.
The credits for new and employed automobiles, for a respective $7,500 and $4,000, ended up beforehand offered only when EV buyers submitted their annual tax returns.

Supply

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