Plug-In Tax Credits Hitching Ride On Wall Street Bail-Out Bill
As the House of Representatives takes up the $700-billion financial system rescue bill today, it automatically will be considering a multi-billion-dollar package of tax breaks for alternative energy programs and plug-in hybrid purchases.
The plug-in and alt-energy credits were tacked onto the bail-out bill in the Senate Monday to short-circuit an impasse that had developed in negotiations with the House and was threatening to kill the measures.
The plug-in hybrid tax credit provision would provide $1 billion in tax credits for purchasers of plug-in hybrids, the amounts varying with the amount of all-electric travel a particular model could provide.
A car with an extended-range electric drive system such as the upcoming
Chevrolet Volt, due for production at the end of 2010, would qualify
for a $7,500 credit - the maximum for vehicles under 10,000 pounds.
The credits are based on battery capacity rather than electric range, but range increases with capacity.
The Volt, with a 16-kilowatt-hour battery, will be capable of traveling
40 miles on its initial charge, according to General Motors.
Plug-in vehicles with at least a 4-kwh battery pack would qualify for a $4,168 tax credit.
Chrysler and Nissan Motor Co. both have announced plans to build
electric vehicles with Volt-like systems by or after 2010, while Toyota
is developing a plug-in with a shorter all-electric range that it will
begin leasing to fleet customers at the end of 2010.
The incentives would phase out as sales of plug-in mount, disappearing
after automakers collectively sell more than 250,000 plug-in vehicles
in a calendar year.
The tax credit portion of the bail-out bill also has larger tax breaks for plug-in versions of medium and heavy-duty trucks.
It also extends existing tax credits for cellulosic ethanol and
biodiesel development, and for wind, solar and hydro-electric power.
- Posted by
- John O'Dell October 3, 2008, 4:05 AM
- Permalink
- Categories:
- Alternative Fuels, Hybrid, Legislation, Plug-ins and Electric, Tax Incentives
- Technorati Tags:
- Plug In Hybrid Tax Credits, Wall Street Bail Out
The Hybrid market is for once targeting the Hispanic community and here is the commercial for the hybrid Camry -- http://www.youtube.com/watch?v=2zqPcAcAlr4.
The Clean Action Network is hosting the Green Auto Show December 12-15 at the Gaylord Palms in Kissimmee, FL. On display will be the latest in hybrid vehicles and hybrid/PHEV technology to showcase for consumers. We would love to see members of all communities come out and see what's going on and there will also be a Green Christmas Show featuring clean Christmas products. Consumer purchasing power can make a difference on manufacturers and we can show them that we demand more eco-friendly products.
Does Tax Credits from bill HR 1424 include the ZENN2008 electric car made by the ZENN motor Car company out of Canada?
What paper work do I need to fill out to get this Plug-in Tax credit after December 31, 2008?