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Readout of White House Convening on Used Electric Vehicles

Publisher: The White House
Date: 5 June 2024
Subjects: American Government , Electric Vehicles

Today, June 5th, 2024, the White House and the Treasury Department hosted private sector leaders in the pre-owned vehicle sales industry alongside clean car advocates and State and federal officials to recognize the momentum generated by the Inflation Reduction Act’s 25E used clean vehicle tax credit and encourage usage and adoption of the dealer transferability option that allows consumers to claim the tax credit at the point of sale. In attendance were John Podesta, Senior Advisor to the President for International Climate Policy, and other senior administration officials from the White House and the Treasury Department. Already, more than 13,000 dealerships have signed up to provide the tax credit at the point of sale, and 90% of EV buyers that qualify for the credit are opting to receive their cash immediately instead of waiting until tax season, saving buyers over $850 million this year alone. IRS is processing these advance payments quickly, with dealers generally receiving their payment within a week.

The Inflation Reduction Act’s 25E used clean vehicle tax credit provides up to $4,000 off qualified electric vehicles for taxpayers that fall below certain income limits—individual taxpayers making less than $75,000 or up to $150,000 for married taxpayers that are filing jointly.

Most Americans buy used cars instead of new, so this tax credit makes going electric more affordable and accessible. In addition, starting on January 1st, 2024, taxpayers have been able to take advantage of both the used and new clean vehicle tax credits when they purchase their vehicle at participating dealerships.

As part of today’s convening, companies large and small made major, new voluntary commitments to spur usage of the credit, including integrating the credit into their websites and other point of sale platforms, developing targeted campaigns, and developing new tools for consumers to learn more about the credit:

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