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Tesla embraces new immediate EV tax credit system

Credit: Tesla

Tesla has embraced the new immediate use of the EV tax credit, which was announced last year by the IRS and Department of the Treasury.

In October, the IRS and Department of the Treasury announced that it would issue new guidance regarding the EV tax credit, with the changes taking effect in 2024.

In previous years, EV buyers would have to wait to receive their tax credit due to their purchase. The credit would be applied to the buyer’s taxes the following year.

Buying an EV? You won’t have to wait for your tax credit anymore in 2024

However, the October changes would let buyers use the credit as a discount immediately, giving them the option to apply it as a discount at the point of sale, essentially taking $7,500 off of the purchase price. The amount can vary depending on the vehicle model, but $7,500 is the most a buyer could receive off of the purchase price.

On used EVs, the amount is $4,000.

Regardless of the amount, 2024 presented an opportunity for owners to receive an immediate discount on their vehicle purchases. Tesla is now embracing the new system, allowing buyers to apply the credit to their vehicle purchase when buying the car online:

The new system will let the buyer immediately receive the credit amount off of the purchase price of the vehicle, given that the car still qualifies.

These are the EVs that still qualify for the $7,500 tax credit in 2024

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Tesla embraces new immediate EV tax credit system
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