Senate Works to Amend Plug-in Hybrid Tax Credit
In the latest proposal for the stimulus bill (pdf) (found via GCC ), the rules for plug-in hybrid tax credits, passed as part of the bail o...
https://iskablogs.blogspot.com/2009/01/senate-works-to-amend-plug-in-hybrid.html
In the latest proposal for the stimulus bill (pdf) (found via GCC), the rules for plug-in hybrid tax credits, passed as part of the bail out bill last year are being amended. The present law sets the base amount of the plug-in electric drive motor vehicle credit is $2,500, plus another $417 for each kilowatt-hour of battery capacity in excess of four kilowatt-hours. The maximum credit for qualified vehicles weighing 10,000 pounds or less is $7,500. This maximum amount increases to $10,000 for vehicles weighing more than 10,000 pounds but not more than 14,000 pounds, to $12,500 for vehicles weighing more than 14,000 pounds but not more than 26,000 pounds, and to $15,000 for vehicle weighing more than 26,000 pounds.
The Chevy Volt would likely qualify the buyer for $7,500 in tax credits, the maximum allowed for its weight.
The new rules would double the amount to the first 500,000 buyers before entering into a phase-out period, which does not extend beyond 2014. It would also create a new credit for low-speed vehicles, motorcycles and three-wheeled vehicles of up to $4,000. The mandate sets a 10% credit for these 'other vehicles' that would are being shut out because they are low-speed or do not have four wheels. The new credit is not available for vehicles sold after December 31, 2011.
The stimulus bill also sets a three-year extension of availability of tax credit for wind and some other projects, a new credit for manufacture of advanced energy-related equipment, and extended and expanded credits for energy efficient homes. Find more info on the other tax credits at treehugger.
The Chevy Volt would likely qualify the buyer for $7,500 in tax credits, the maximum allowed for its weight.
The new rules would double the amount to the first 500,000 buyers before entering into a phase-out period, which does not extend beyond 2014. It would also create a new credit for low-speed vehicles, motorcycles and three-wheeled vehicles of up to $4,000. The mandate sets a 10% credit for these 'other vehicles' that would are being shut out because they are low-speed or do not have four wheels. The new credit is not available for vehicles sold after December 31, 2011.
The stimulus bill also sets a three-year extension of availability of tax credit for wind and some other projects, a new credit for manufacture of advanced energy-related equipment, and extended and expanded credits for energy efficient homes. Find more info on the other tax credits at treehugger.
