Automotive
Electric Vehicle Tax Credit: Eligibility,Criteria & How to Claim It?

(CTN NEWS) – In recent years, the global push for sustainability and environmental consciousness has led to a significant rise in the adoption of electric vehicles (EVs).
Governments around the world have implemented various incentives and policies to encourage the transition from traditional gasoline-powered vehicles to electric ones.
One such incentive is the electric vehicle tax credit, which aims to make EVs more accessible and affordable for consumers.
In this comprehensive guide, we will delve into the details of the electric vehicle tax credit, its benefits, eligibility criteria, and how you can take advantage of this opportunity.
Electric Vehicle Tax Credit Explained
Electric Vehicle Tax Credit: What is it and How Does it Work?
The electric vehicle tax credit is a financial incentive offered by the government to individuals who purchase or lease eligible electric vehicles.
It is designed to offset a portion of the upfront cost of an EV, making it more financially appealing for consumers. The credit is applied to your federal tax liability, reducing the amount of taxes you owe or increasing your tax refund.
Eligibility for the Electric Vehicle Tax Credit
To be eligible for the electric vehicle tax credit, there are certain criteria that you must meet. Here are the key factors to consider:
- Qualified Electric Vehicles: Only certain types of electric vehicles qualify for the tax credit. These typically include all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs). It’s important to note that not all EVs are eligible, so it’s essential to check with the manufacturer or consult the IRS website for a list of qualifying vehicles.
- Battery Capacity: The size of your EV’s battery pack also plays a role in determining the amount of tax credit you can receive. Generally, vehicles with larger battery capacities are eligible for a higher credit.
- New Vehicle Purchase: The electric vehicle tax credit is only applicable to new vehicles. Used EVs or leased vehicles may not qualify for the full tax credit, if at all. It’s advisable to consult with a tax professional or refer to the IRS guidelines for specific details.
Understanding the Electric Vehicle Tax Credit Amount
The amount of the electric vehicle tax credit varies depending on several factors, including the vehicle’s battery capacity and the manufacturer.
As of the latest information available, the maximum tax credit amount is $7,500.
However, it’s important to note that the full credit may not be available for all vehicles, as it begins to phase out once an automaker reaches a certain threshold of EV sales.
Benefits of the Electric Vehicle Tax Credit
Financial Savings and Cost Reduction
One of the most significant benefits of the electric vehicle tax credit is the financial savings it offers. By offsetting a portion of the upfront cost, the tax credit makes electric vehicles more affordable for consumers.
This can significantly lower the barrier to entry and encourage more individuals to make the switch to EVs.
Environmental Impact and Sustainability
The electric vehicle tax credit also promotes sustainability and reduces the carbon footprint of transportation.
By incentivizing the adoption of electric vehicles, governments aim to decrease reliance on fossil fuels and reduce greenhouse gas emissions.
Electric vehicles produce zero tailpipe emissions, which contributes to cleaner air quality and a healthier environment.
Stimulating Technological Innovation
The electric vehicle industry is rapidly evolving, and the tax credit plays a vital role in stimulating technological innovation.
By encouraging consumers to purchase EVs, the incentive fosters demand and creates a market for electric vehicle manufacturers.
This, in turn, drives research and development efforts, leading to advancements in battery technology, charging infrastructure, and overall EV performance.
How to Claim the Electric Vehicle Tax Credit
Claiming the Electric Vehicle Tax Credit: Step-by-Step Guide
If you’re considering purchasing or leasing an electric vehicle and want to take advantage of the tax credit, here’s a step-by-step guide to help you navigate the process:
- Determine Eligibility: Begin by ensuring that the electric vehicle you plan to purchase or lease meets the eligibility criteria for the tax credit. Check the IRS guidelines or consult the manufacturer for verification.
- Complete the Purchase: Once you’ve chosen the right electric vehicle for your needs, proceed with the purchase or lease agreement. Keep all relevant documentation and records as you’ll need them for tax filing purposes.
- Consult a Tax Professional: Tax laws and regulations can be complex, so it’s advisable to consult a tax professional who specializes in electric vehicle tax credits. They can guide you through the process, ensure you meet all requirements, and help maximize your tax credit.
- File your Taxes: When it comes time to file your federal taxes, you’ll need to complete IRS Form 8936, which is specifically designed for claiming the electric vehicle tax credit. Ensure you accurately fill out the form, providing all necessary information and supporting documentation.
- Submit the Form: Once your tax return is complete, submit it to the IRS along with Form 8936. Double-check that all details are accurate to avoid delays or complications.
- Receive the Tax Credit: If you qualify for the electric vehicle tax credit, it will be applied to your federal tax liability. This can result in a reduced tax bill or a higher tax refund.
Conclusion
The electric vehicle tax credit serves as a powerful incentive for individuals to embrace electric vehicles, making them more financially feasible and environmentally friendly.
By reducing the upfront cost of EVs, the tax credit contributes to a more sustainable future and encourages innovation within the electric vehicle industry.
If you’re considering purchasing or leasing an electric vehicle, it’s crucial to familiarize yourself with the eligibility criteria and follow the necessary steps to claim the tax credit.
Remember to consult a tax professional for personalized advice and stay informed about any changes to the tax credit program.
Embrace the opportunity to contribute to a greener tomorrow while enjoying the benefits of owning an electric vehicle.
RELATED CTN NEWS:
Unleash Your Creativity: The Must-Have Podcast Name Generator Tool
Creating Beautiful And Responsive Websites With React Bootstrap: A Developer’s Dream
Is Dropbox Free & How Does It Work [+Dropbox Plans Pricing In 2023]

Automotive
Russell’s early departure leaves Lando Norris on pole at the Hungarian F1 GP.

(CTN News) – Lando Norris and his McLaren squad survived a tough qualifying session for the Hungarian Grand Prix, but they know they must perform on Sunday.
Lando Norris needed to win Budapest after Oscar Piastri locked off the top row in the field’s fastest McLaren. Recent races have been costly owing to wasted opportunities and little mistakes.
He matched Max Verstappen’s pole lap at the Hungaroring, who was unhappy to finish third. In a confident and aggressive approach, the 24-year-old finished more than three tenths ahead of the Dutchman, hitting the apexes.
Piastri followed Lando Norris by two hundredths of a second on the second hot run, demonstrating McLaren’s speed.
McLaren is doing well since Lando Norris won the Miami Grand Prix.
His potential triumphs have been cost by team and driver error, for which both parties have taken responsibility. On Sunday, he and McLaren will know they must do well.
Norris was quietly pleased with his historic first pole in Hungary and third overall. Although confident, McLaren will also be proud of their recent race progress. No one has won the pole in Budapest since Lewis Hamilton won the race and flag in 2012.
Norris and his crew recognize they must capitalize on closing gaps with 12 races left to drive Verstappen to the finish. Lando Norris understands. Behind Verstappen by 84 championship points.
“I know we missed out on some races, but we did the best we could in every one of them, and I don’t want to get back into all that stuff,” he said. I expect Oscar and Max to challenge me in the rear, not a clean weekend.
“Every location and point must be maximized; the more we can do to return to Max and Red Bull, the better.”
Hungary is a great opportunity since Lando Norris Verstappen was plainly unhappy with his car and outperformed. This disappointed him twice because the team had swiftly upgraded this race.
Verstappen had stated that the upgrades will define the second half of the season, but he admitted that he did not think they had gone far enough and could not defeat the McLarens.
“The changes are effective, but we still need more as we are not at the top,” said he. “Despite the imbalance, I liked the laps. I was pushing hard, so you had these little moments. Fast lap times are less crucial today. Simple: we need to work more because we’re moving slower. McLaren’s qualifying performance suggests a lot of ground to cover.
Lando Norris completed his best lap despite two crash-related stoppages.
Verstappen looked great in dry Q3 hot laps. He set a record with a lap time of 1 minute, 15.555 seconds and was quickest through each sector.
Lando Norris followed and pushed through the corners with fearlessness, posting a perfect 1:15.227 lap time. Piastri improved to second place on the penultimate laps while Verstappen did not, and Yuki Tsunoda’s crash halted the session.
A tardy coda didn’t matter when practice resumed because the last two minutes on old tires were worthless. McLaren has all the cards, but they must perform at the highest level to prove the legendary brand can win again.
Carlos Sainz of Ferrari was fourth and Lewis Hamilton of Mercedes fifth. George Russell, Sainz’s teammate, was unexpectedly ousted in the first round.
Sergio Pérez of Red Bull struggled again in the first qualifying round. He hit the curb, lost the rear at turn eight, and crashed, interrupting the session.
Poor performance again for the Mexican, whose Red Bull berth is in risk after a succession of poor performances, especially in qualification. His contract, recently extended to 2025, may have a performance clause, and Red Bull is unlikely to tolerate him underperforming for long. He was sixteen.
Russell fell behind because Lando Norris Mercedes didn’t fuel the car until the session ended. The British driver was eliminated in 17th place after staying out when the track dried after the break.
Charles Leclerc of Ferrari placed sixth, Fernando Alonso and Lance Stroll of Aston Martin placed seventh and eighth, Daniel Ricciardo of RB placed nine, and Tsunoda placed tenth.
Nico Hülkenberg and Kevin Magnussen of Haas finished 11 and 15, Valtteri Bottas of Sauber 12 and Alex Albon and Logan Sargeant of Williams 13 and 14. Esteban Ocon and Pierre Gasly placed ninth and twentieth for Alpine, while Guanyu Zhou placed eighth for Sauber.
SOURCE: GN
SEE ALSO:
Based on interest from The Range, Homebase’s owner plans to initiate a sale.
Inflation slowed in July, which will lead to 150 bps policy rate cuts, JS Global says.
Police in Chiang Rai Launch Crackdown on Cyber Criminals in Golden Triangle
Automotive
M5 Partially Closed as Cullompton-Exeter Crash Hospitalizes Two

(CTN News) – Two people were sent to the hospital for treatment as a result of the M5 tragic vehicle accident that happened in Devon.
The accident between two vehicles was the cause of the disaster. One more consequence of the crash is that it has left the M5 partially blocked to traffic to this day.
Between junction 28 for Cullompton and junction 29 for Exeter, the highway was blocked in both directions; however, one lane on the southbound carriageway has been opened up for previously closed traffic.
In a statement issued by the South Western Ambulance Service NHS Foundation Trust, they stated that they were notified of a traffic accident that had happened in the Exeter district at 2:29 p.m. on Friday, July 12.
M5 happened in Exeter, according to reports.
Furthermore, information was given to them by the South Western Ambulance Service.
To provide medical assistance to those injured, four land ambulances, each with two crews, an air ambulance, a critical care M5 vehicle, a doctor, an operations officer, and a responding officer were dispatched to the scene of the incident.
Furthermore, a critical care vehicle was dispatched. We also dispatched an air ambulance to the scene of the event.
Two patients were transported to their respective hospitals: one was transported by land ambulance to the Royal Devon and Exeter Hospital, while the second patient was flown there by air ambulance.
After being moved, the two patients were sent to hospitals in Devon and Exeter, respectively. Simultaneously, both patients were transferred to their respective sites at the same time.
Here’s what Devon and Somerset M5 Fire and Rescue Service said:
“We responded to the scene of a road traffic collision on the M5 at 2.30 p.m. today, between junctions 28 and 29.” The statement cited above was part of an official declaration.
A car that had been hit by another car coming from the other direction had two persons inside that had been rescued. It had been traveling in the other direction.
We offered support as the people were being taken out of the car. These people are now receiving medical assistance from the ambulance service in order to fulfill their duties.
The event caused significant delays for the M5 and the routes that pass through Exeter during the period when traffic was being redirected. In order to accommodate the traffic, this was being done.
A southbound vehicle experienced wheel failure, causing it to cross the center reserve and merge with the northbound road approaching. The car was going the wrong way, which is why this happened. The vehicle was traveling southward at that precise moment.
National Highways indicated that based on the facts they have provided, it is expected that the police would begin their investigation into the occurrence given the magnitude of the calamity that occurred. The entity that made this information public was National Highways.
The Devon and Cornwall Police Department issued the following statement:
“We know the M5 closure is causing traffic.”
The statement that was released is located beneath you. “We will get people moving safely when we can but please bear with us while we deal with the incident and causalities at the scene.”
In order to accommodate cars and other small vehicles that were traveling on the now-closed northern route towards M5 Taunton and Bristol, the back of the line has been shifted.
This was done to create space for these cars, which were heading towards Taunton and Bristol. The purpose of this activity was to provide space for larger cars. At this point, it seems like more and more vehicles are being stopped from going forward.
Due to this incident, a second lane has been opened up for use by any and all vehicles traveling southward.
SOURCE: ITV
SEE ALSO:
Honda to Cease Production at One of its Thailand Auto Factories
Car Dealers in Northern Thailand Struggling to Stay Afloat
BYD Car Buyers in Thailand Outraged Over Huge Dealer Discounts
Automotive
Honda to Cease Production at One of its Thailand Auto Factories

(CTN News) – The Japanese vehicle firm Honda Motor made the news in a statement that was posted on Tuesday. The statement stated that the company intends to center its production at the site that it operates in the province of Prachinburi.
As a consequence of this, the production of automobiles will be halted at the facility that it operates in the province of Ayutthaya in Thailand by the year 2025.
The more difficult circumstances that the second-largest car manufacturer in Japan is facing in the country of Thailand, which is located in Eastern Southeast Asia, are exemplified by this move. Thailand is located in Southeast Asia.
There are several reasons for this, including the fact that Chinese firms are determined to grow their market share in Thailand, and a growing number of consumers are expressing an interest in electric vehicles (EVs). They both play a role in contributing to the problem.
The combined output of automobiles produced by Honda’s two facilities has fallen throughout the course of the succeeding four years, going from 228,000 vehicles in 2019 to less than 150,000 vehicles annually. This downward trend has occurred during the course of the past four years.
The preceding four years have been the time period during which this decline has taken place. With regard to the sales that the company has made in Thailand throughout the course of the past four years, there has been a consistent range of less than 100,000 to less than 100,000 for the entirety of this time period.
This is according to Honda’s spokeswoman.
When the factory first opened its doors in 1996, the company anticipates that it would continue to manufacture vehicle components at that location. When the firm finishes manufacturing vehicles at the Ayutthaya facility in the next year, the spokesperson stated that the company intends to continue producing automobile components at the plant.
In accordance with the statement that was given by the spokesman, the Prachinburi factory, which was built in 2016, will be utilized for the purpose of integrating the facilities with which automobiles are created. This was said in the statement. There are only two factories in Thailand that are owned and operated by the vehicle manufacturer, and these two factories are the only ones in the country.
According to the statement made by a spokeswoman for Honda in Thailand, the company’s goal is to reduce the disparity between the number of automobiles it produces and the number of sales it has experienced in the nation.
According to the remark that was made by the spokesman for the company, the automobile manufacturer are already exporting their products from Thailand, particularly to other Southeast Asian countries such as Indonesia and the Philippines. According to a statement that was sent by a spokeswoman for the company.
Currently, Honda has no plans to invest in Thailand.
When it comes to mainland China, Honda and Nissan Motor, a Japanese automobile manufacturer that competes with Honda, have been hit particularly hard by competition from rising Chinese manufacturers.
Nissan Motor is a competitor of Honda. As a result of the fact that these businesses provide reasonably priced plug-in hybrids and electric vehicles that are loaded with software, a significant number of customers have been drawn to them.
Now, Japanese automobile manufacturers are at risk of losing clients in countries outside of China, such as those in Southeast Asia, to Chinese companies that are increasingly attempting to increase the quantity of automobiles they export and build up operations outside of China.
As a result, Honda Japanese automobile manufacturers are facing a potential loss of customers. They are exposed to this danger as a result of the fact that Japanese brands compete with Chinese brands in these locations.
BYD, a Chinese manufacturer of electric vehicles, recently launched a plant in Thailand that will be responsible for the production of automobiles that are powered by electronic batteries.
This plant was established last week. The Chinese electric car manufacturers are beginning to establish facilities in the country, and this factory is a component of the wave of investments that they are making in the country. These investments have a total value that is greater than 1.44 billion dollars together.
SOURCE |SCMP
SEE ALSO:
Car Dealers in Northern Thailand Struggling to Stay Afloat
BYD Car Buyers in Thailand Outraged Over Huge Dealer Discounts
The PM Seeks Assurances after BYD’s Steep EV Discounting in Thailand Sparked Backlash
-
News4 years ago
Let’s Know About Ultra High Net Worth Individual
-
Entertainment2 years ago
Mabelle Prior: The Voice of Hope, Resilience, and Diversity Inspiring Generations
-
Health4 years ago
How Much Ivermectin Should You Take?
-
Tech2 years ago
Top Forex Brokers of 2023: Reviews and Analysis for Successful Trading
-
Lifestyles3 years ago
Aries Soulmate Signs
-
Movies2 years ago
What Should I Do If Disney Plus Keeps Logging Me Out of TV?
-
Health3 years ago
Can I Buy Ivermectin Without A Prescription in the USA?
-
Learning3 years ago
Virtual Numbers: What Are They For?