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Kiplinger
Kiplinger
Business
Kelley R. Taylor

'Instant' EV Tax Credits Are a Hit: $1 Billion Paid This Year

Image of an electric vehicle next to a charger.

Most eligible buyers of qualifying electric vehicles this year, are taking their federal EV tax credit at the point of sale. That’s according to recent data from the U.S. Treasury Department.

Since January 1, when the point of sale credit became available, about 90% of eligible buyers have claimed the credit on new electric vehicles at dealerships. As of April, about 75% of used EV buyers have opted for the $4,000 credit at the time of purchase.

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