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Senate Approves Energy Bill, $7,500 Tax Credit For Chevy Volt Buyers

Posted in Alt Fuels, auto industry, Cars, Chevrolet, Electric Cars, Foreign Cars, Fuel Cell, GM, Hybrid, Hybrid Technologies, Newsworthy, Toyota by Suzanne Denbow | September 24th, 2008 | 3 Responses |

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]

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3 Responses

  1. […] RideLust reports that the US Government is actually doing something good for our country: major tax credits for electric vehicles […]

  2. Car Crazy says:

    It’s good to see the gov giving a tax incentive to buy electric cars. They could completely cover this tax cut if they would just agree to a tax increase on gas guzzlers for non-commercial use. People who drive 8 mpg behemoths drive up demand for gasoline and cause more damage to the environment. This damage needs to be addressed with a tax. A MPG/lb ratio would be a good measuring stick, and that way they could really hit the exotic cars hard. If someone is paying $250,000 for a car, there’s no reason why they shouldn’t pay an extra $25,000 or so to offset the damage that their lifestyle causes.