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    The $7,500 tax credit for electric cars will see big changes in 2024. What to know

    The electric vehicle tax credit will be easier to get next year — but fewer models could qualify, as the government imposes stricter eligibility requirements.
    by Camila Domonoske Dec 28, 2023 6 minutes
    A $7,500 tax credit for electric vehicles will see substantial changes in 2024. It will be easier to get because it will be available as an instant rebate at dealerships, but fewer models are likely to qualify.

    If you are considering buying an electric car in 2024, there's good news — and bad news: A hefty federal tax credit for electric vehicles is going to get easier to access next year, but fewer vehicles will likely qualify for the full $7,500 credit.

    The tax credits are a key part of the Biden administration's plan to speed up the shift to electric vehicles and slash carbon emissions from transportation.

    But the government is also trying to push companies to bring more jobs to the U.S. by requiring a domestic supply chain. Those two goals can be in tension.

    For car shoppers, the result can be confusing. We'll do our best to help you navigate it.

    Here's a practical, plain-English guide to how the electric vehicle tax credit will work in 2024 — including why you may also consider leasing a car.

    What's new for 2024: instant rebate

    Starting in January, EV buyers won't have to wait until the following year's tax season to claim — and pocket — the clean vehicle tax credit.

    Instead, there's a new option to

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