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Posted by Fat Moe on October 6, 2008, 6:59 am
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drydem wrote:
> commentary/question
> ------------------------------
> Is the provision in this bill for *pure* electric vehicles like the
> Tesla
> or does it also includes Plugin Hybrids Electric Vehicles?
>
>
>
>
> I found the following details of the
> 2008 Wall street bailout tax credits for
> plug-in electric vehicles
>
> for the actual text and details goto
> http://www.taxpayer.net/user_uploads/file/FederalBudget/senatebailout...
>
> on page 190
> see
>
> Section 205
> credit for new qualified plug-in electric drive motor vehicle.
>
> A new qualified plug-in electric drive motor vehicle
> gets a tax credit of $2,500 plus $417 for each kilowatt hour
> of traction battery capacity that is in execess of 4 kilowatt hours.
> The maximum tax credit is base on the electric vehicle
> weight class:
>
>
> ---------------------------------------------------------------
> EV_weight max_tax_credit
> ---------------------------------------------------------------
> ____0-10,000 pounds 7,500.00
> 10,001-14,000 pounds 10,000.00
> 14,001-26,000 pounds 12,500.00
> _____>26,000 pounds 15,000.00
> --------------------------------------------------------------
>
>
> To be eligible for the full tax credit
> the vehicle must be purchased after December 31, 2008
> (that is it must be purchase in 2009 or later)
> and be sold before the first calendar quarter
> quarter inwhich the total number of new
> qualified plug-in electric drive motor
> vehicles sold for use in the USA has
> reached atleast 250,000 vehicles. After
> the 250,000th qualifying electric vehicle is sold
> this tax break is phased out. During the
> phase out period following 2nd calendar quarter
> provides only 50% of the full tax credit
> and the 3rd and 4th following calendar
> quarters will provide only 25% of thetaxcredit.
> After the 4th calendar quarter there is
> no tax credit and the program is terminated.
> Qualifying EV with a gross weight of no
> more than 8,500 pounds must be certified
> to conform to the Clean Air Act and meet
> or Exceed Califnoria's lo emission standards.
>
>
> ...........
>
If in doubt, claim it. The IRS will let you know sooner or later if
they allow it, and the state after that if the IRS didn't.
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