Electric car tax credits buried in bailout bill

One positive note about the latest massive bailout bill that congress is set to re-vote on Friday: buried deep are tax credits for renewable energy sources like solar, wind and geothermal. These critical tax breaks could renew the solar incentives that were set to expire for another 8 years. There was talk that if they were allowed to expire the solar industry would be devastated. If the bill passes, the solar industry should be revitalized.

Of special interest to our readers, there are specific credits for plug in electric vehicle buyers. Based on the kWh of the batteries, this tax incentive could be up to $7,500. That could be applied towards cars like the GM Volt or the Dodge EV both coming in 2010. Which should make these cars even more appealing and affordable.

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1 Comment »

Comment by Samredsox

2008-10-02 15:38:20

I am totally against this bailout. I called my congressman in MA and told him NOT to vote for it. It looks like it will pass anyways now though. At least this is something good about it as I hope to use that credit in a few years.

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