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Chevrolet Volt
Bush signs bill which grants the Volt a $7,500 tax credit

In mid-September, DailyTech brought you news that congress was working on a new round of tax credits targeted at plug-in electric/hybrid vehicles. The tax credits were projected to weigh in at $3,000 for plug-in vehicles with at least a 6 kWh battery and top out at $7,500.

Toyota, which sells its Prius featuring a 1.3 kWh battery pack, balked at the tax credits as its hybrids wouldn't even qualify for the entry-level tax credit. Toyota also was unhappy that the only vehicle in the near future likely to qualify for the maximum $7,500 tax credit is the Chevrolet Volt.

Despite its opposition, Toyota's fears became law last week when President Bush signed the legislation which passed in the House by a vote of 263 to 171 as a part of the massive $700 billion Wall Street bailout package. The entire 10-year tax package for plug-in electric/hybrid vehicles is worth $1 billion.

Requirements to qualify for the tax credit have changed slightly since its inception in the Senate. The 6 kWh battery minimum dropped down to 4 kWh, while the base tax credit rose from $3,000 to $4,168. The maximum credit remains at $7,500 for the Chevrolet Volt with its 16 kWh lithium-ion battery pack.

The Chevrolet Volt gets its primary power from a 150 HP, 273 lb-ft electric motor. A 1.4 liter gasoline engine is also used to recharge the lithium-ion battery pack once the Volt's 40-mile battery range is depleted. According to GM, the Volt can save customers $1,500 per year in fuel costs based on a daily commute of 40 miles.

The $7,500 tax credit should go a long way towards making the Chevrolet Volt more affordable. Current estimates place the base price of the vehicle at $40,000 or higher.

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By puckalicious on 10/6/2008 9:38:53 AM , Rating: 2
Maybe you don't understand that most people are forced to carry debt because there is no other alternative.

Go hungry or carry debt? Easy choice.

Go homeless or carry debt. Easy choice.

Stop taking needed prescriptions or carry debt. Easy choice.

Meanwhile today's CEO: Manage a company correctly and benefit many people, or take a $50 million golden parachute to benefit only you? EASY CHOICE.

By Entropy42 on 10/6/2008 10:45:03 AM , Rating: 2
He said that he was putting money into retirement and a rainy-day fund. That doesn't exactly equate to not being able to eat.

By glennpratt on 10/6/2008 11:02:32 AM , Rating: 2
Go hungry or carry debt? Easy choice.
Go homeless or carry debt. Easy choice.
Stop taking needed prescriptions or carry debt. Easy choice.

These aren't the only choices most working people are faced with. Here in Dallas, almost any job you can find will cover an apartment (especially if you live with a roommate), food and health care. You just might need to adjust your standard of living to what you actually earn.

I don't blame people for racking up debt, it's too easy in this day and age, but it's not the only option.

"I mean, if you wanna break down someone's door, why don't you start with AT&T, for God sakes? They make your amazing phone unusable as a phone!" -- Jon Stewart on Apple and the iPhone
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