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They included it in the 'bailout bill' and it's called the Transportation and Domestic Fuel Security Provision.
The base tax credit is $2,500
An additional credit of $417 is given for each additional kWh of battery capacity over 4 kWh, up to a maximum of $7,500.
For the Chevy Volt this works out to $7,500.
Only those purchasing the first 250,000 plug-in cars sold in the US will get the credit and it will it be phased out to 50% for the following two quarters, and 25% for the two quarters after that before ending.
The total cost of the credits will be $758 million.
Only our Congress could come up with a screwed up implementation like this
The base tax credit is $2,500
An additional credit of $417 is given for each additional kWh of battery capacity over 4 kWh, up to a maximum of $7,500.
For the Chevy Volt this works out to $7,500.
Only those purchasing the first 250,000 plug-in cars sold in the US will get the credit and it will it be phased out to 50% for the following two quarters, and 25% for the two quarters after that before ending.
The total cost of the credits will be $758 million.
Only our Congress could come up with a screwed up implementation like this