Treasury Department expands definition of SUVs eligible for electric vehicle tax credit ...Middle East

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Treasury Department expands definition of SUVs eligible for electric vehicle tax credit
The Biden administration will expand eligibility for an Inflation Reduction Act-enabled tax cut for electric vehicles, the Treasury Department announced Friday. The department has updated the classification standards used to determine eligibility, expanding the definition of an SUV. The $7,500 tax credit applies to SUVs costing up to $80,000, but there is no such benefit for passenger cars more expensive than $55,000. The update, retroactive to Jan. 1, will use the standard set by the Environmental Protection Agency’s (EPA) Fuel Economy standards. “To make it easier for consumers to know which vehicles qualify under the applicable MSRP cap, Treasury is updating the vehicle classific

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