Recurrent Teams Up with Department of Treasury: Updated Clean Vehicle Credits
Clean Vehicle Tax Credit is Getting Better
Recurrent is proud to be partnering with the IRS to help spread the word about the exciting changes to the clean vehicle tax credits coming in 2024. These changes include the ability for shoppers to transfer their tax credits to dealers, and a new portal system to approve eligible sales instantly. What this means is:
- Shoppers can transfer their credit to dealerships at time of sale - getting up to $7500 off new EV sales and $4,000 off for used EVs! This can be a rebate, purchase credit, or even a down payment.
- The use of an IRS portal means that dealerships will be repaid via ACH within 72 hours.
- The portal will also provide instant approval for qualified sales, which will limit dealership liability and paperwork.
We are very excited about the changes the Department of Treasury has implemented for the Clean Vehicle Program in 2024. This transformational program will open the door to a new wave of buyers who have been excited to go electric but may have had affordability constraints in the past. –Scott Case, CEO
How to Enroll
In order to take advantage of the clean vehicle tax credits in 2024, you must register with the IRS using their dealer registration portal.
Recurrent will be helping dealers get set up without any headaches, by coordinating dealer outreach and fielding questions. We encourage all dealerships to look at the guidance released by the IRS today. After that, questions about enrollment and the program can be sent to Recurrent (firstname.lastname@example.org).
Get Questions Answered
We will answer questions with the Treasury at two separate events that we will co-host:
- A co-hosted Q+A session at Used Car Week 2023, and
- A special Recurrent event held the week of November 13 (sign up here!)
Official resources provided by the IRS and Department of Treasury: