US Treasury Expands Electric Vehicle Tax Relief – WORLD

US Treasury Department Expands Electric Vehicle Tax ReliefNEW YORK. The US Treasury Department has updated its vehicle classification standard to allow more electric vehicles to enjoy tax credits.The US Treasury Department said in a statement that, as part of the “Cut Inflation Act”, amendments were made to the vehicle classification standard used to determine the cap price of the current “clean vehicle” tax cut. that a guideline on the subject was also published in January. The statement noted that the guideline in question provides a standard for determining whether vehicles are sedans, SUVs, or any other type, or fall under the $55k-$80k range. This allows consumers to know which vehicles are covered by the net vehicle tax deduction. In a statement indicating that the vehicle classification standard has been updated to make it easier, certain electric vehicle models from car makers such as Tesla, Ford and Volkswagen that were not previously eligible for tax credits will also be able to take advantage of the exemption through the update.