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Senate passes EV tax credit

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  • #1

    Senate passes EV tax credit

    The US Senate has passed a tax credit for electric vehicles that varies from $2.500 to $7,500 depending on ones taxable income. The House is soon to take it up and is expected to pass it. The Administration is indicating it will sign off on it.

    A "tax credit" is essentially free money - if you qualify you get whatever amount your income allows as part of your tax refund. If you owe, well....you get it minus your deficit.

    This does not include the various tax credits offered by the States.
    Dr. Mordrid
    ----------------------------
    An elephant is a mouse built to government specifications.

    I carry a gun because I can't throw a rock 1,250 fps
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  • #2
    Oh great... depending on your taxable income. So the people who make more who could afford the more expensive EV and generally have less larger efficient cars to begin with will get less or no incentive to buy it. Stupid

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    • #3
      Doc did not say whether the relationship would be inverse or not. Just that there was one.
      Join MURCs Distributed Computing effort for Rosetta@Home and help fight Alzheimers, Cancer, Mad Cow disease and rising oil prices.
      [...]the pervading principle and abiding test of good breeding is the requirement of a substantial and patent waste of time. - Veblen

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      • #4
        Haven't read the bill but the usual practice with tax credits is that it is inverse - higher incomes get less of a tax credit and those at or near the poverty line (~$20,000/yr) get the full credit. There could also be a formula where the price of the vehicle is taken into account. That's the way it is with solar/wind power credits - you get x-percentage of the cost so naturally the more expensive the higher the credit up to the maximum.

        Specifics are hard to come by as even though the Senate has passed the credit the House is yet to pass their version. Even when they do the two bills still have to go to a conference committee consisting of several members of both the House and Senate to iron out the differences, and believe me there always are differences. They come up with a "compromise bill" and that goes back to both houses for a straight up or down vote - no amendments allowed. If it passes those then it goes to the President for signature, which he has said he will do.

        Needless to say the members of a House/Senate conference committee have a whole lot of power, and most legislation goes through this step.
        Last edited by Dr Mordrid; 25 September 2008, 18:02.
        Dr. Mordrid
        ----------------------------
        An elephant is a mouse built to government specifications.

        I carry a gun because I can't throw a rock 1,250 fps

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        • #5
          Moreover, I guess these guys & gals are rather busy atm. To bad P&R is closed. Soooo darn interesting. (Am I risking a ban already?)
          Join MURCs Distributed Computing effort for Rosetta@Home and help fight Alzheimers, Cancer, Mad Cow disease and rising oil prices.
          [...]the pervading principle and abiding test of good breeding is the requirement of a substantial and patent waste of time. - Veblen

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          • #6
            Yeah I don't think much else is going to happen while Congress is busy with the whole bailout thing.

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