May 3, 2024
Today the Department of the Treasury and the Biden-Harris administration published the final regulations on the Clean Vehicle Tax Credits. This effort and the resulting guidance illustrate the administration’s continued commitment to a clean transportation future and provide clarity and confidence for manufacturers, dealers, and consumers who benefit from the EV tax credits.
One of the most significant barriers to electric vehicle (EV) adoption has historically been the higher upfront cost of purchasing an EV. These tax credits allow hardworking Americans the opportunity to purchase new and used EVs while saving up to $7,500 on new vehicles and up to $4,000 on used vehicles. Because these tax credits are available at the time of sale, drivers can experience the benefits of EVs at a lower cost, even if they don’t normally pay much in taxes. So far this year, more than 100,000 drivers have benefitted from these instant rebates.
In addition to costing less to power and maintain, EVs reduce harmful air pollution and are quick, quiet, and fun to drive. EV tax credits help create more vehicle options for drivers, which ultimately helps families keep more of their money in their wallets and the local economy. This final rule successfully accelerates EV adoption while supporting U.S. leadership in auto manufacturing, building our country’s domestic supply chain, and creating good-paying jobs.
“Plug In America commends the Biden-Harris Administration for clarifying and finalizing the clean vehicle tax credit guidance,” said Joel Levin, executive director of Plug In America. These new and used EV tax credits provide more vehicle choice and allow more drivers to experience the benefits of driving electric, including lower operating costs, better warranties, quicker acceleration, and cleaner air–all while supporting U.S. manufacturing and domestic supply chain development.”
About Plug In America
Plug In America is the nation’s leading nonprofit organization dedicated to accelerating the use of plug-in electric vehicles in the United States. Formed in 2008, Plug In America provides practical, objective information to consumers and dealerships about EVs through various programs, including National Drive Electric Week, Drive Electric Earth Month, PlugStar.com, and other public outreach events. With Plug In America’s coalition of plug-in vehicle drivers, policy experts and technical advisors, their expertise represents the world’s deepest pool of experience in driving and living with plug-in vehicles. The organization’s motto is: “We drive electric. You can too.” Learn more at PlugInAmerica.org.
Media contact: Lindsey Perkins
