The Inflation Reduction Act turned a $7,500 tax credit for new electric vehicles into an upfront discount for buyers via an advance payment of their tax break.
They allow dealers to give an upfront discount to qualifying buyers, delivered as a partial EV payment, down payment or cash payment to consumers. The IRS then reimburses the dealer. Advance payments are also available for purchases of used EVs. The so-called "previously owned clean vehicle" credit is worth up to $4,000.
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