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IRS Plugs Into Incentives for Hybrid Cars

Posted on May 16, 2009
Filed Under Government, Tax Information | Leave a Comment

irsThe IRS, in line with the Obama Administration’s energy conservation program, is working on incentives to encourage the purchase of plug-in electric vehicles.

“The new administration has made it clear to major American auto makers that the manufacture of plug-in electric cars is essential both to their survival,” said Robert Manero, a tax partner at CPA firm Maillie, Falconiero & Company, LLP, with offices in Oaks, Pottstown and West Chester, Pa. “To make this more appealing to manufacturers and buyers, the IRS is preparing guidance on tax incentives that range from $2,500 to $15,000 for the purchase of these cars.”

Plug-in hybrid electric vehicles are moving from the drawing board to the assembly lines here and abroad. General Motors, for example, advertises the Chevy Volt.

Low-speed vehicles with at least four wheels that draw propulsion through a rechargeable traction battery with a capacity of at least four Kilowatt-hours may qualify for at least $2,500. Higher credit ranges from $7,500 to $15,000, depend on vehicle weight and battery capacity.

“With the price of the initial American plug-in hybrids expected to cost $30,000, the tax incentives would seem to place them in the price range of the average American taxpayer,” Manero said.

To get the tax break, the hybrids must be purchased after Feb. 17, and before Jan. 1, 2012.

SOURCE: Community Pub

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