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Tax credits for plug-in electric drive vehicles in the 2008 Wall Street Bailout Bill

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Posted by drydem on October 5, 2008, 10:36 pm
 
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 $,500 plus $17 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.


...........


Posted by Fat Moe on October 6, 2008, 10:59 am
 
drydem wrote:

  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.

Posted by OscartheGrouch on October 7, 2008, 5:04 am
 I'm no lawyer, no Tax Consultant. But I do know this, the Prius aint no
"A new qualified plug-in electric drive motor vehicle"
I don't plug in my Prius and neither do you.

Posted by Was Istoben on October 7, 2008, 2:32 pm
 

The operative word here seems to be "new" which would exclude the retrofit
plug-in Prius.  Is this corporate welfare?


Posted by News on October 7, 2008, 2:48 pm
 

Was Istoben wrote:

A jump-start for the Volt, perhaps?

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