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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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RE: Not Enough at $699 Billion
By BansheeX on 10/6/2008 9:44:12 AM , Rating: 5
You think it was capitalism that failed the markets? We are in the late stages of socialism, fool. 50% of our GDP is controlled by the government. Labor and interest rates are centrally price fixed. We have a non-market determined money with a ban on competing currencies. Banks can loan out money they don't have at interest while any other industry would be jailed for doing the same. Politicians regularly distribute our tax money to one industry and not another via subsidies or tax credits. We bail people out and remove the fear of bankruptcy that would have otherwise existed to deter risk. We offer federal insurance on deposits via the FDIC, removing the fear of losing a deposit that would otherwise deter depositors from ever loaning money to highly leveraged investment banks. We pass legislation like the Community Reinvestment Act in the name of social progress, essentially declaring lending standards discriminatory and forcing banks to make loans to low income people. We force every American to pay into a forced "retirement plan" at 12% of wages which is really just an unsustainable ponzi scheme. We nationalize industry and finance it with forcibly appropriated money, so it is far more resistant to failing from bad policy. Fannie and Freddie were government companies and accomplished the opposite of their initial goal by the time they corrupted. We ban products via the FDA, some of it is anti-competitive and the result of lobbying. These are all idealist socialist powers that the private industry doesn't have, but has access to as long as they exist. That's the problem. Buy a clue already.


RE: Not Enough at $699 Billion
By FITCamaro on 10/6/2008 10:16:46 AM , Rating: 3
*waves hand*

These aren't the facts you're looking for.


RE: Not Enough at $699 Billion
By Fnoob on 10/6/2008 11:14:18 AM , Rating: 2
LMAO!

'What do you think you are, some kind of Jedi? Your tricks won't work on me, I'm a Paulsonian!"


"We basically took a look at this situation and said, this is bullshit." -- Newegg Chief Legal Officer Lee Cheng's take on patent troll Soverain

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