Plug-in hybrids to get up to $7,500 tax credit from new stimulus law
The brand-new economic stimulus plan will put a smile on your face if you’re looking to purchase a plug-in hybrid vehicle. According to a report by Automotive News, the new economic stimulus law will make buyers of plug-in hybrid vehicles eligible for tax credits of as much as $7,500.
The federal government is hoping that it will help boost sales of cars like the much-anticipated 2011 Chevrolet Volt.
The $7,500 tax credit includes a base credit of $2,500 and a credit of $417 per kilowatt-hour over 5 kilowatt-hours – to a maximum of $5,000. Other restrictions include the plug-in hybrid having a weight of less than 14,000 lbs, having a battery capacity of at least 4 kilowatt-hours and must be able to be recharged from an external source.
President Barack Obama has set a goal of having 1 million plug-in hybrids on the road by the year 2015. Of course, despite the new tax credit, things may not work out to that level so soon.
2011 Chevrolet Volt:
