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U.S. Finds Fake Claims for EV Credits
Some 16,500 U.S. consumers filed fraudulent claims for more than $70 million in tax credits for electric cars, the Dept. of the Treasury says.
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Some 16,500 U.S. consumers filed fraudulent claims for more than $70 million in tax credits for electric cars, according to the Dept. of the Treasury.
The improper claims were found on individual tax returns over the past five years by an audit conducted by the Treasury Inspector General for Tax Administration, Bloomberg New reports.
EV buyers have been able to claim credits of as much as $7,500 each under the long-running government incentive. Over the past five years, the program issued credits worth $1.4 billion to some 240,000 taxpayers.
The report doesn’t reveal why the audit deemed certain claims illegitimate. But Bloomberg says the review shows that the Internal Revenue Service has no effective way to prevent improper claims.
The audit says IRS has implemented some but not all of the inspector general’s previous recommendations. The report says IRS intends to launch a program to recoup improper EV credits.
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