FILE PHOTO: Hummer EVs are seen on the production line as U.S. President Joe Biden tours the General Motors 'Factory ZERO' electric vehicle assembly plant, in Detroit, Michigan, U.S. November 17, 2021. REUTERS/Jonathan Ernst/File Photo
Currently, consumers can only take advantage of the $7,500 new EV credit or $4,000 used EV credit when they file their tax returns the following year. For new vehicles, the adjusted gross income limit is $300,000 for married couples and $150,000 for individuals. Dealers will need to register via a new IRS website to offer the credits. Beginning in January, dealers can submit vehicle sales to the IRS and receive payment for tax credits within 72 hours.
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