Let’s clarify here. It’s not a rebate. It’s a tax credit. I want to make that distinction as there are people out there who are not prepared for this and they aren’t eligible for the tax credit.
Example:
The EV tax credit is a federal credit for income taxes owed to the IRS; you must owe enough taxes to take advantage of this opportunity. If you owe no income taxes to the IRS, then you can’t benefit from it.
Let’s say you buy an EV that qualifies for a $6,000 tax credit, and you owe $3,000 in income taxes. You could receive a $3,000 credit on your income taxes. However, the tax credit can’t be passed on to someone else, as only the original registered vehicle owner qualifies.