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What is an Electric Vehicle Tax Credit and Are You Eligible

 
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What is an Electric Vehicle Tax Credit and Are You Eligible
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shahzaib



Dołączył: 05 Kwi 2021
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As part of the U.S. government’s push to reduce emissions across the nation, they have made a specialized tax credit available for taxpayers who choose to invest in electric cars. The electric vehicle tax credit was created to provide an incentive to citizens to purchase electric cars.
If you are thinking about purchasing an electric car, this guide will show you how to claim the electric car tax credit.
What is an Electric Vehicle Tax Credit?

The Electric vehicle tax credit is a credit designed to offset the higher costs of electric cars. There is only a limited number of them given to manufacturers. The idea is that over time the technology used to produce electric cars will become more widely available and cheaper.
These tax credits have yet to expire, so prospective electric car owners can still take advantage of them on the first day to file taxes.
Remember that leasing an electric car will not provide the tax credit as the leasing company still technically own the car. However, many companies renting out these cars will lower the monthly costs as they are still able to claim the credit.
The tax credit also only applies to new vehicles not used ones.
How Much is the electric vehicle tax credit ​Worth?

A buyer of a new electric car can receive a tax credit valued at between $2,500 and $7,500. The amount of credit you are entitled to depends on the battery capacity and size of the vehicle.
Visit FuelEconomy.gov for an insight into the types of tax credit available for specific models.
The tax credit expires for each manufacturer after more than 200,000 tax credits have been claimed from cars sold by them.

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Czw Lis 11, 2021 17:44
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