While buyers have long been able to receive a tax credit of up to $7,500 when they purchase a new electric vehicle, they have had to wait until tax time to see that money. Starting in January, the IRS says that buyers will be able to get their credit within three days of purchasing their new vehicle.
That comes after months of talks between federal regulators and the National Automobile Dealers Association (NADA) to find guidance on how to apply credits faster. They have determined that the reimbursement of buyers will be handled through registered dealerships.
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