U.S. Department of Treasury, IRS, or official automotive industry reports

U.S. Treasury Announces $1 Billion in Upfront EV Tax Credits Under Inflation Reduction Act

Jun 12, 2024, 10:47 AM

The U.S. Department of Treasury and the IRS have announced that more than $1 billion in electric vehicle (EV) tax credits have been issued upfront to buyers. This initiative, part of President Biden's Inflation Reduction Act, has resulted in significant savings for American consumers, according to the White House. Since January 1, 150,000 EVs have benefited from these tax credits, leading to $1 billion in upfront savings. Additionally, consumers are expected to save $1,750 annually on fuel and maintenance, and $21,000 over the lifetime of the car. The program also includes 25,000 used EV tax credits, which are seen as crucial for the long-term development of the used EV market. The new program allows for faster payouts.