Is there a tax credit for electric cars?

Throughout the world, governments have been introducing incentives to stimulate the switch from conventional gasoline-powered vehicles to the more sustainable ones. They include tax credits and tax exemptions, regulatory incentives, purchase rebates, and various perks like fee waivers, aiming at drivers of both private and company cars. Since corporations make the majority of new car purchases in many markets, tax incentives, as well as direct subsidies, can contribute to achieving the goal. Plus, it can be another approach to give tax credits to drivers of vehicles with fewer emissions while imposing an increased tax burden on those who drive cars producing more emissions. Financial incentives such as purchase rebates can appropriately encourage private buyers to try making the shift to the eco-friendlier car.

Tax credits aim to encourage more people to make the switch to go electric by making up for the high initial price of electric cars and ultimately to make the world eco-friendlier. Tax credits will help boost the electric car sales. The more electric cars are sold, the cheaper they would get, which in turn increases their sales. Consequently, more conventional cars with tailpipe emissions on the roads will be replaced by this greener alternative