Electric Cars get Charrge from Stimulus

February 22, 2009

As reported in Huffington Green

By Peter Valdes-Dapena, CNNMoney.com senior writer

Thanks to President Obama’s stimulus package, Americans can now get big tax breaks on more types of electric vehicles.

The credits originally would have stopped after they had been claimed on 250,000 vehicles across the whole industry. Now the credits will apply on up to 200,000 vehicles from any single manufacturer.

The old rules, passed in the fall of 2008, applied only to cars in the traditional sense, i.e., four-wheeled vehicles. Now three-wheeled and even two-wheeled electric vehicles are also eligible. Tax credits for these vehicles are calculated differently.

The changes also removed really big vehicles from eligibility. Given the environmental impact of heavy-duty trucks, some electric vehicle advocates call that a really big mistake.

The Internal Revenue Service still has to pass its own rules clarifying exactly how this new law will be implemented and what the tax credits will be. The ones shown here are our estimates, based on the legislation. The IRS declined to comment for this story.

So, if you plan to buy a plug-in vehicle, check with a tax accountant before you do anything, and carefully check out any vehicle manufacturer or seller before committing your money.

2 Responses to “Electric Cars get Charrge from Stimulus”

  1. Paul Scott said

    This is fantastic news! These tax credits will remove the price premium for EVs and get them very close, if not equal to the internal combustion cars.

    The benefits are enormous. No pollution at all, virtually no maintenance, your money stays local and you never give the oil companies another dime. Your car doesn’t make any noise. Consider when all cars are the same.

    You can make enough solar energy to run your car for fifty years for about $12K. Run the numbers for that with gas at $2, $4 and $6, then make your bet.

    Every car maker in the world in now in development on plug-in cars and trucks. The first wave (Mitsubishi, Nissan, Chevy, Toyota and others) will be selling by the end of 2010. Many more will be on the market by the end of 2011.

    Today’s battery technology is vastly superior to internal combustion in every single way. The only question is how fast we can make the change over.

    Paul Scott
    Plug In America

  2. […] Electric Cars get Charrge from Stimulus « $$$ Smart Solutions $$$ […]

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