People shopping for electric vehicles starting next year will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, rather than having to wait months to receive their tax returns.

Not much to add. Other than the IRS PDF is written is legalese…

  • Wooster@startrek.websiteOPEnglish
    0·
    2 years ago

    It’s worth noting that the CNN article doesn’t say what happens if your taxes for the year are lower than the incentive.

    I assume you get the full incentive at the dealership, and then are responsible for the difference come tax day.

    So if your taxes are… say $4,000 and you buy a new car with the $7,500 rebate. That’s a difference of $3,500 and your taxes become 4K + 3.5K = $7,500 for that year… or so I’m assuming.

    • Stillhart@lemm.ee
      1·
      2 years ago

      I believe with these sorts of things, you’re signing it over to the dealership so it goes against THEIR tax burden, not yours.