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President Biden’s Build Back Better Spending Plan Is “Greatest Attempt to Tack Climate Change in US History” the White House, A significant part of that investment is expanding access to electric vehicles.

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NS Build Back Better Act This includes a new electric vehicle tax credit of up to $12,500 for drivers who buy American-made electric cars, which could make these vehicles more affordable for middle-class families whose prices are out of the EV market.

NS House of Representatives passed Build Back Better with a party-line vote on November 19. However, the plan to spend $1.75 trillion now hinges on Senate approval. Republicans and Liberals Prefer Democrats Sen. Joe Manchin (DW.Va.) They are hesitant to roll back the bill, raising concerns about adding to the federal deficit.

Keep reading to learn more about how Build Back Better’s tax credits can reduce the sticker price of electric vehicles, plus how to insure an electric car. You can do this Compare Car Insurance Rates For free on Credible’s online marketplace.

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Build Back Better includes tax incentives for electric vehicles

The Internal Revenue Service (IRS) currently offers federal tax credits ranging from $2,500 to $7,500 for electric cars. Eligible Plug-in Electric Drive Automotive Credit,

The Build Back Better Framework increases the credit amount for domestically assembled electric vehicles with American Materials and Union Labor to a total of $12,500. With these restrictions, only cars made by American manufacturers such as General Motors (GM), Ford and Stelantis would qualify.

Notably, vehicles from popular US EV maker Tesla will not qualify for this credit. That’s because incentives from the IRS are only available for the first 200,000 vehicles sold by an automaker — and Tesla reached that limit in 2018. Reuters reported,

under the billThe expanded tax credit is available to taxpayers with an adjusted gross income limit of up to $250,000 for individuals and $500,000 for joint filers. The EV credit is also limited to $80,000 for cars costing more than $55,000 and vans, SUVs or pickup trucks.

This could create problems for some potential buyers, as the average price of an electric vehicle in October 2021 was $55,676. kelly blue book (KBB) data.

Compared to the existing EV tax credit, the Build Back Better offer makes it easier for buyers to claim tax credit. The bill allows dealers to collect $7,500 on behalf of the customer, effectively reducing the sticker price.

Build Back Better also includes significant investments in electric vehicle infrastructure to scale up EV charger installations, making electric cars more attractive to drivers traveling long distances.

If you are considering taking advantage of advanced EV incentives, be sure to protect your investment with a comprehensive auto insurance policy. You can do this Learn more about auto insurance and compare quotes on Credible’s online marketplace.

Does it cost more to insure an electric car?

What you need to know about auto insurance for electric cars

Insuring an electric vehicle can be a little different than insuring a gas-powered vehicle.

Some auto insurance companies offer discounts to drivers who buy eco-friendly vehicles, According to Young Alfred, In fact, some auto insurance companies believe that consumers who drive electric vehicles are more likely to be responsible drivers, resulting in lower rates.

But since electric vehicles are more expensive, insuring them can also be more expensive. The average transaction value of an electric vehicle is approximately $10,000 more than the cost of all vehicles, kbb shows data,

car insurance companies set premium based on:

  • driving history
  • Vehicle make and model
  • annual profit
  • ZIP code
  • marital status

When shopping for auto insurance coverage, it’s important to compare rates across multiple insurance companies. Doing this could save your life hundreds of dollars per annum on your premium. go to trusted free car insurance quotes, so that you can rest assured that you are getting the lowest possible rate on your policy.

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