Joe Biden giving hte thumbs up while driving a white car
President Joe Biden test drives an electric Hummer, which is not eligible for any tax credits.
  • The rules around the EV tax credits changed for 2024. 
  • The $7,500 (or $3,750) rebate can now be taken at the time you buy a car. 
  • But there are a lot fewer options as supply-chain rules get stricter. 

The rules for lucrative tax credits that can effectively lower the price of an electric vehicle by up to $7,500 became more strict on January 1, meaning fewer vehicles are likely to be eligible.