Tax Credits Likely for Plug-in Hybrids, Fully Electric Vehicles

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The tax bill passed by the Sen­ate and expect­ed to be passed by the House includes a vari­ety of tax breaks to encour­age alter­na­tive-ener­gy ini­tia­tives. These include $2.5-$7.5K for plug-in hybrid and ful­ly elec­tric vehi­cles with the cred­it amount depend­ing on bat­tery capac­i­ty. Chevro­let Volt, sched­uled for pro­duc­tion in 2010, is expect­ed to qual­i­fy for the full $7.5K which will help off­set the $40K+ price expect­ed.

Background
Edi­tor note: tax cred­its result in actu­al dol­lar-for-dol­lar sav­ings from tax bill unlike tax deduc­tions