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

Claiming federal electric vehicle tax credits at the point of sale is a new and popular option in 2024.

image of an electric vehicle next to a charger
(Image credit: Getty Images)

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 80% of used EV buyers have opted for the $4,000 credit at the time of purchase.

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Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.