Joe Biden on the road to make Electric Vehicles the new trend

Joe Biden on the road to make Electric Vehicles the new trend

US President Joe Biden’s visit to a General Motors plant in Detroit caused a notable increase in reservations for the truck, the automaker said Tuesday. The plant produces the GMC Hummer electric pickup

The Build Back Better bill is all set to reach the Senate. The bill is formulated to encourage the purchasing of EVs.
The bill is subjected to many aspects and criteria. The bill introduces some new changes. Here are some surface details about the bill.

What is EV Tax?

Internal Revenue Code Section 30D provides a tax credit to any person who purchased a qualifying EV during the year.
The credit provides up to $7,500. But the Internal Revenue Service Form 8936 will calculate how much money you will receive back.
The new bill has new changes.
The bill has proposed to increase this amount.
The bill also has made it refundable from non-refundable. That complies, that you would have some dollars in your pocket if you chose to buy an EV.

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The EV’s eligibility

There are certain criteria necessary to qualify your purchase to earn the tax credit.
The bill also makes a new change here by qualifying a second-hand EV for the tax credit. Although you can’t claim the credit if you lease an EV.
Those who buy an EV from an automaker will not be eligible for the tax credit.
This means that ‘Tesla’ would not qualify the criteria.
The changes are not definite. They might increase in the near future. For now, the Build Back Better has to go through the Senate and pass for the changes to come across.

Asra Mairaj
About Asra Mairaj 175 Articles
Asra Mairaj is currently an intern at Panasiabiz. She stands ready to take the first step into her college life and start working for her aspiring career to become a famous and profound journalist. Asra has been previously associated with Sapne NGO and Journey App as a content writer. She tends to bring that experience and overwhelming dedication to make the idea of a knowledge centre space a reality here.