Here's why a new $40,000 electric vehicle tax credit for business owners may be relatively easy to get
Electric buses at a charging station. Koiguo | Moment | Getty Images Business owners will be able to avail themselves of a new tax credit for electric vehicles starting next year — and it should be easier to get than a similar tax break for consumer households buying "new clean" passenger cars, according to tax and auto experts. The Inflation Reduction Act, which President Joe Biden signed into law Aug. 16, created or amended a few tax breaks to incentivize Americans to buy electric cars, trucks and other vehicles. The provisions essentially make the vehicles less expensive for recipients to buy. One of those tax breaks — for "new clean vehicles" — comes with consumer-specific requirements tied to annual income and car-specific requirements around manufacturing, battery-mineral sourcing and retail price. More from Personal Finance: Forgiveness of federal student debt could begin as soon as Oct. 23 Uncertainty clouds holiday shopping as inflation takes toll Here a...