White House Hosts Convening on Used Electric Vehicles to Promote Tax Credit Program

Written from press release

WASHINGTON — The White House, in collaboration with the Treasury Department, convened private sector leaders from the pre-owned vehicle sales industry, clean car advocates, and state and federal officials today to highlight the success and encourage further adoption of the Inflation Reduction Act’s 25E used clean vehicle tax credit. Senior Advisor to the President for International Climate Policy John Podesta and other senior administration officials attended the event.

The 25E tax credit offers up to $4,000 off qualified electric vehicles for individual taxpayers making less than $75,000 or married couples earning up to $150,000 jointly. With over 13,000 dealerships participating, 90% of eligible EV buyers are opting to receive the tax credit at the point of sale, saving consumers more than $850 million this year. The IRS ensures prompt processing of these advance payments, typically within a week.

Most Americans prefer used cars over new ones, making this tax credit a significant step towards making electric vehicles more affordable and accessible. From January 1, 2024, taxpayers can utilize both used and new clean vehicle tax credits at participating dealerships.

During the event, several companies made significant commitments to enhance the use and visibility of the tax credit:

  • Carvana plans to integrate the tax credit into its e-commerce platform by summer 2024, allowing customers to realize savings instantly at checkout.
  • CarMax will highlight eligible vehicles on its website by January 1, 2025, and enable customers to search for these vehicles.
  • Recharged aims to simplify the EV buying process with an educational platform by the end of 2025.
  • Incentivize is set to form over 50 new partnerships by December 2025 to expand its EV Rebate Calculator’s reach.
  • Recurrent will include vehicle eligibility for 25E rebates in its reports by July 2024.
  • ZETA will develop consumer educational materials to promote the 25E credit by January 2025.
  • Maritz Automotive Solutions commits to 1,000 training sessions on EVs across the country by December 2030.
  • American Express Global Business Travel will advise corporations on integrating EVs into their fleets starting June 2024.
  • Sierra Club will create informational materials and host events throughout 2024 to raise awareness of EV tax incentives.
  • Plug In America and Google will develop an identifier for clean vehicle dealers on Google business profiles by September 2024.
  • Environmental Defense Fund plans to train 50 companies on fleet electrification by December 2025.
  • Plug In America and Recurrent Auto will maintain a directory of participating dealers and enhance EV sales training content starting July 2024.

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