Thursday, May 25, 2023
Universel Blog
No Result
View All Result
  • Login
  • News
    Macy's: The Ultimate Shopping Destination for Fashion and Home Décor

    Macy’s: The Ultimate Shopping Destination for Fashion and Home Décor

    People Tiring of Demonstration, Except Protesters in Jakarta

    Breaking: Boeing Is Said Close To Issuing 737 Max Warning After Crash

    Cheap Instagram Promotion: Buy Followers, Likes, and Views to Increase Engagement

    Cheap Instagram Promotion: Buy Followers, Likes, and Views to Increase Engagement

    Video Technology: An Overview of the Latest Advancements

    Video Technology: An Overview of the Latest Advancements

    The New York Institute of Technology: A Comprehensive Guide

    The New York Institute of Technology: A Comprehensive Guide

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Politics
  • National
  • Business
  • World
  • Opinion
  • Tech
  • Science
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    Macy's: The Ultimate Shopping Destination for Fashion and Home Décor

    Macy’s: The Ultimate Shopping Destination for Fashion and Home Décor

    People Tiring of Demonstration, Except Protesters in Jakarta

    Breaking: Boeing Is Said Close To Issuing 737 Max Warning After Crash

    Cheap Instagram Promotion: Buy Followers, Likes, and Views to Increase Engagement

    Cheap Instagram Promotion: Buy Followers, Likes, and Views to Increase Engagement

    Video Technology: An Overview of the Latest Advancements

    Video Technology: An Overview of the Latest Advancements

    The New York Institute of Technology: A Comprehensive Guide

    The New York Institute of Technology: A Comprehensive Guide

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Politics
  • National
  • Business
  • World
  • Opinion
  • Tech
  • Science
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home News

Here’s why a new $40,000 electric vehicle tax credit for business owners may be relatively easy to get

Arsalan Fazal by Arsalan Fazal
October 23, 2022
in News
0
Here’s why a new $40,000 electric vehicle tax credit for business owners may be relatively easy to get

Here’s why a new $40,000 electric vehicle tax credit for business owners may be relatively easy to get

0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Business owners will be able to avail themselves of a new tax credit for electric vehicles starting next year — and it should be easier to get than a similar tax break for consumer households buying “new clean” passenger cars, according to tax and auto experts.

The Inflation Reduction Act, which President Joe Biden signed into law Aug. 16, created or amended a few tax breaks to incentivize Americans to buy electric cars, trucks and other vehicles. The provisions essentially make the vehicles less expensive for recipients to buy.

READ ALSO

Macy’s: The Ultimate Shopping Destination for Fashion and Home Décor

People Tiring of Demonstration, Except Protesters in Jakarta

One of those tax breaks — for “new clean vehicles” — comes with consumer-specific requirements tied to annual income and car-specific requirements around manufacturing, battery-mineral sourcing and retail price.

More from Personal Finance:
Forgiveness of federal student debt could begin as soon as Oct. 23
Uncertainty clouds holiday shopping as inflation takes toll
Here are the 401(k) and IRA contribution limits for 2023

Some experts think it may be difficult to claim the tax break at first, since many cars may not meet those requirements right away.

But a second tax break — the “credit for qualified commercial clean vehicles,” for businesses that buy an electric vehicle for commercial purposes — doesn’t carry those requirements.

That means business owners and the vehicles they buy may qualify for the tax break more easily, experts said. Plus, the tax credit for bigger trucks is worth more money — up to $40,000 in contrast to the $7,500 maximum for passenger cars and smaller commercial electrics .

“I think it’s going to be a lot more straightforward and easy to take advantage of than the light-duty-vehicle tax credit,” Ingrid Malmgren, policy director at Plug In America, said of the tax credit for commercial EVs. “It’s really a great opportunity for business owners to reduce emissions in a cost-effective way.”

Business owners can get the tax credit for new vehicles purchased on or after Jan. 1, 2023. It’s available for 10 years, through the end of 2032.

How and why of the commercial-vehicle tax credit Here are the basics of the credit for commercial vehicles.

The tax break is available to business owners who buy an electric vehicle or electric “mobile machinery,” including for construction, manufacturing, processing, farming, mining, drilling or timbering.

The vehicle must be subject to a depreciation allowance — meaning it’s for business use, according to the Congressional Research Service.

“If you had a flower shop, for example, and you want to get flower-delivery vehicles, you buy a bunch of vans, you’d be the one claiming the tax credit,” Malmgren said.

There are two thresholds for the commercial tax credit: Vehicles that weigh less than 14,000 pounds qualify for up to $7,500; those that weigh more than that qualify for up to $40,000.

The 14,000-pound demarcation line includes commercial vehicles that are Class 4 and above, or largely medium- and heavy-duty trucks and buses.

Arsalan Fazal
Arsalan Fazal
Tags: 000 electric vehicle tax credit for business owners may be relatively easy to getbusinessbusiness ownersHere’s why a new $40

Related Posts

Macy's: The Ultimate Shopping Destination for Fashion and Home Décor
News

Macy’s: The Ultimate Shopping Destination for Fashion and Home Décor

May 11, 2023
News

People Tiring of Demonstration, Except Protesters in Jakarta

May 10, 2023
News

Breaking: Boeing Is Said Close To Issuing 737 Max Warning After Crash

May 10, 2023
Cheap Instagram Promotion: Buy Followers, Likes, and Views to Increase Engagement
News

Cheap Instagram Promotion: Buy Followers, Likes, and Views to Increase Engagement

May 10, 2023
Video Technology: An Overview of the Latest Advancements
News

Video Technology: An Overview of the Latest Advancements

May 10, 2023
The New York Institute of Technology: A Comprehensive Guide
News

The New York Institute of Technology: A Comprehensive Guide

May 10, 2023
Next Post
Luxury

Sustainable Luxury and Fashion Luxury ation for.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Outbound Calling Benefits

5 Outbound Calling Benefits Every Company Should Know

May 24, 2022
Sales Order Management

Request Management Process Flow | Purchase and Sales Order Management | Flow Chart

March 25, 2022
The Benefits of Hiring a Relationship Coach

The Benefits of Hiring a Relationship Coach

February 22, 2023

Breaking: Boeing Is Said Close To Issuing 737 Max Warning After Crash

May 10, 2023

EDITOR'S PICK

6 Hacks to improve your Lifestyle

6 Hacks to improve your Lifestyle

December 22, 2021

Legal Canadian Online Casino

March 20, 2023
Why Is Albert Olmstead Named In Cobra Kai Season 4 Title Card?

Why Is Albert Olmstead Named In Cobra Kai Season 4 Title Card?

September 4, 2022
How do you wash your car at home?

How do you wash your car at home?

March 31, 2022

About

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow us

Categories

  • Apps
  • Business
  • Celebrity
  • Education
  • Entertainment
  • Fashion
  • Food
  • Games
  • General
  • Health
  • Home Improvement
  • Lifestyle
  • National
  • News
  • Opinion
  • Politics
  • Science
  • Space
  • Tech
  • Travel
  • Uncategorized
  • World

Recent Posts

  • TAAG Maximize Your Online Presence: A Comprehensive Guide
  • The Ultimate Guide to Bancomer: Unveiling Mexico’s Premier Banking Institution
  • Macy’s: The Ultimate Shopping Destination for Fashion and Home Décor
  • Bill Gates’ iconic donkey game arrives on iPhone, Apple Watch
  • Buy JNews
  • Landing Page
  • Documentation
  • Support Forum

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Homepages
    • Home Page 1
    • Home Page 2
  • News
  • Politics
  • National
  • Business
  • World
  • Entertainment
  • Fashion
  • Food
  • Health
  • Lifestyle
  • Opinion
  • Science
  • Tech
  • Travel

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • porno français
  • modelos em categoria
  • film porno italiano
Go to mobile version