Treasury says more than 11,000 car dealerships have registered for the program, with more than 8,000 registering to do advanced payments.
To qualify, consumers must meet the income limit requirements for tax credits when purchasing the vehicle. Otherwise, they have to pay the incentive back when filing taxes. The adjusted gross income limit is $300,000 for married couples and $150,000 for individuals. This applies to new vehicles, though.
“One month into [the] implementation of this provision, there is strong demand for this new upfront discount, which will continue [the] momentum in growing this industry in the United States,” said Deputy Treasury Secretary Wally Adeyemo.
Several electric vehicles recently lost their tax credits after the government changed the rules for eligibility. As a result, only a handful of EVs still qualify for the credit, including the Volkswagen ID.4 and Ford F-150 Lightning.