It is officially 2024, and that means that EV Tax Credits for Tesla and others is now eligible for Point Of Sale (POS) transfer. With his major change to the tax code in EV tax credits, 2024 is likely to be the year of the EV.

Not only did Tesla once again start qualifying for the EV tax credit of up to $7,500 beginning in 2023, but that tax credit is now able to be realized at time of sale, or when you actually buy the EV. The problem is that Tesla, and others, have not yet registered with the IRS to access their portal.

This IRS portal access allows authorized dealers to initiate the transfer of the $7,500 tax credit on consumers behalf. By transferring the credit to the dealer, you are able to get that $7,500 immediately rather than waiting until tax season the following calendar year.

There are also some loopholes at play that could bring new advantages to Tesla customers also. When the tax credit is transferred to an authorized dealer, the customer no longer has to have the tax liability to receive the full credit. That said, income caps of $300k for joint filers and $150k for individuals still stands and will be cause for recapture.

Tesla is working diligently to get these PoS tax credits to consumers as soon as possible. In the coming days, we will see these come to light. For those that bought in 2023, or from January 1st to January 16th of 2024, you need to make sure you have "IRA Clean Vehicles Credit Report" in your "Documents" section in your account. If you do not have this document, you will not be able to get the tax credit for your eligible vehicle.

Hopefully in the coming days we will get better visibility from Tesla on timing of the Point of Sale tax credit being available. Tesla stands to delay significant demand without the point of sale tax credit being available.

*NOT FINANCIAL ADVICE*

Links:
Qualified Vehicles: https://fueleconomy.gov/feg/tax2023.s...
IRS Guidance 12.29.23: https://www.irs.gov/pub/taxpros/fs-20...
IRA Law: https://www.congress.gov/bill/117th-c...


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