Electric Vehicle Tax Credit Applications Pour In to Treasury

The Treasury Department said it has sent out about $580 million in advanced payments to electric vehicle dealers since the start of the year.

More than 13,000 dealers have registered with the IRS Energy Credits Online, a Treasury Department spokesperson said Friday, and around 90% of new clean energy tax credit reports have requested advance payment.

The 2022 so-called Inflation Reduction Act is allowing consumers to reduce the up-front cost of clean vehicles, “expanding their choices and helping car dealers grow their businesses,” said Haris Talwar, the spokesperson in a statement. “Demand is high four months into implementation of ...