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Last year, legislators passed new rules about plug-in hybrids and their tax credits. Vehicles like the upcoming Chevy Volt would qualify for the maximum credit of $7,500. However, as part of the stimulus bill being considered in Washington, that amount would jump to $10,000. That means if the Volt cost $40,000, the price after rebate would be $30,000, putting it pretty close to the price of a well-equipped Toyota Prius. [...] The proposal to make up to 500,000 vehicles eligible for a credit — mainly ranging from $2,500 to $7,500 — was included in economic stimulus legislation considered by the Senate Finance Committee. A new-generation of plug-in hybrid vehicles may still be a couple of years away from reaching showrooms but the $700 billion Wall Street bailout bill passed by Congress and signed into law by President Bush today secures a tax break of up to $7,500 for the high-tech cars. The credit kicks off at $3,000, and for every kilowatt hour of the battery over 5 kwh, it goes up $200, to a maximum of $5,000. That means the Chevy Volt — at 16 kwh — would get a total tax credit of $5,000. No other automaker has officially announced a plug-in electric vehicle for sale in the U.S. [...] 08-02) 04:00 PDT Washington — A bipartisan group of U.S. senators seeking to end the energy wars raging in Congress unveiled new legislation Friday that would allow some offshore oil drilling but also would invest heavily in wind and solar power, electric vehicles and alternative fuels. |
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