Getting a $7,500 tax credit for an electric car will soon get a lot easier

A family inspects the engine of a new Toyota Prius model during the Electrify Expo In D.C. in Washington, D.C., on July 23, 2023. Getting an electric vehicle tax credit of up to $7,500 will get a lot easier next year. (Nathan Howard/Getty Images)

Getting a federal tax credit for buying an electric vehicle is about to get a lot easier — or at least, a lot faster.

Starting in January, EV car shoppers won't have to wait until tax season to pocket the incentive, worth up to $7,500. Instead, the credit will be available as cash in hand on the day of purchase — and it'll be available regardless of the size of a customer's tax bill.