Senate Finance Committee Chairman Max Baucus (D-Montana) has unveiled a draft package of proposals to streamline energy-related tax incentives. The package would repeal a number of current tax incentives, including those for plug-in vehicles. “It is time to bring our energy tax policy into the 21st century,” Senator Baucus said. “Our current set of energy… Read more »
Search Results Found For: "tax credit"
Retroactive federal tax credit now available for EV charging stations
If we’re going to drive off a cliff, at least we can do so with our batteries fully charged. As part of the agreement that slammed on the brakes just short of the so-called “fiscal cliff,” the federal government reinstated a tax credit for EV charging stations that had expired at the end of 2011…. Read more »
AMP’s EV conversions are eligible for federal tax credit
Cincinnati-based AMP specializes in converting legacy vehicles to electric power.
Obama’s budget calls for increased EV tax credit
The administration’s newly-released budget calls for a range of subsidies for high technology, including an increase in the tax credit for EV purchases from $7,500 to $10,000.
President Obama and Democratic Senators support tax credit for EV manufacturers
Senator Sherrod Brown (D-Ohio) has authored a bill called the Security in Energy and Manufacturing Act, which would renew the Advanced Energy Manufacturing Tax Credit.
Tax credits for chargers are finished, and credits for EV purchases may be next
In a masterpiece of bad timing, a federal tax break for EV chargers, which allowed filers to take a tax credit for 30% of the cost of a home charger, will expire at the end of this year.
IRS opens registration for auto dealers to offer point-of-sale credits for EV buyers
The worst aspect of the old EV tax credit was that it could only be applied to a buyer’s income tax liability (not self-employment tax, state taxes, etc) and, unlike some other tax credits, could not be carried over to a future year. The practical effect of this was that the only people who could… Read more »
IRS Commercial Clean Vehicle Credit plus other incentives can make a commercial EV “nearly free”
The IRS Commercial Clean Vehicle Credit offers a tax credit of up to $40,000 for US businesses and tax-exempt organizations that buy a qualified commercial clean vehicle (an EV, PHEV or fuel cell vehicle). The IRS’s list of eligible manufacturers includes some 60 vehicle brands. But wait, there’s more. As Lightning eMotors, whose medium-duty commercial… Read more »
Are EV drivers really costing states gas tax revenue?
US states have been on an EV-taxing spree over the last couple of years. Many states have established or increased annual taxes on EV ownership—including supposedly EV-friendly states like Oregon and Washington. Proponents of the tax increases invariably argue that they’re needed to make up for a growing shortfall in gas tax revenues (in an… Read more »
Clean Energy Credit Union directs investment to green projects including EV loans
The Clean Energy Credit Union (CECU) is now taking savings account deposits and making clean energy loans. CECU received its federal charter from the National Credit Union Administration in September 2017, and completed a soft launch in May, during which it beta-tested its online banking services. CECU is an online-only financial institution that focuses exclusively… Read more »