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90% Of Qualifying Electric-Vehicle Buyers Opt For $7,500 'New Clean Vehicle' Tax Credit As Upfront Payment, Treasury Says

15 Apr 2024 | Abstracted from CNBC

"Advance payments are a new, optional financial mechanism created by the Inflation Reduction Act, which President Joe Biden signed in 2022. They allow dealers to give an upfront discount to qualifying buyers, delivered as a partial EV payment, down payment or cash payment to consumers. The IRS then reimburses the dealer.

"..households with low annual tax burdens may not be able to claim the tax break's full value..."



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