Yesterday, the United States Senate passed a new bill that will provide tax credits for plug-in electric vehicles, allowing GM to successfully achieve their goal of obtaining a $7,500 tax credit for Chevy Volt buyers. According to the new piece of legislation, tax credits for plug-in buyers will start at $2,500 and extend all the up to $7,500 for light-duty vehicle – with Volt buyers being eligible for the maximum allowance. Unlike the tax credits already established for alternative energy/gasoline electric vehicles which orders the credits be phased out for customers of a company once that company sells more than 60,000 qualifying vehicles, credits for plug-in electric buyers won’t be phased out until sales total 250,000.
Although no official comment has been made by the Senate on the matter, Toyota has voiced strong objections to previous editions of the bill. Without specifically naming the Chevy Volt, Toyota suggested that the legislation would unfairly benefit only the customers of one particular plug-in hybrid vehicle. The new bill may have rectified the situation, but Senate has refrained from speaking on the matter. [Source: AutoNews.com]