Tax Preparation Courses: The $7,500 EV Tax Credit: What Buyers Need to Know Before Sept. 30

If you’ve been eyeing a Tesla, a new Ford EV, or anything else that qualifies for the federal $7,500 electric vehicle tax credit, here’s some good news: you’ve got a little more wiggle room than originally expected.

The credit still officially expires on September 30. But in new guidance out this week, the IRS clarified that you don’t actually need to have your shiny new EV in your driveway by then. Instead, as long as you have a binding contract with at least a small down payment in place before the deadline, you’ll lock in the credit. The actual money comes when you take delivery of the car.

This is a pretty big shift. Originally, the rules required buyers to take possession of their vehicles by Sept. 30, which meant shipping delays could make or break your eligibility. With the update, the timing is a lot friendlier—especially for automakers like Tesla, who now get a couple more weeks to pad their U.S. sales numbers before the incentive disappears.

The catch? Once the credit expires, industry watchers expect EV demand to take a dip. That means this little IRS loophole could be the last easy chance to snag $7,500 off your next electric ride.

So if you’re serious about going electric, now might be the moment to lock in that deal.