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Senate Version of Bailout Bill has PHEV Credits
2 October 2008
The revised bailout legislation passed by the US Senate on Wednesday (H.R. 1424)—which has ballooned from an original 3-page plan from Treasury Secretary Paulson to the 451-paqe bill approved by the Senate—contains among its many other new provisions a tax-credit for plug-in hybrid electric vehicles.
The credit is a base $2,500 plus $417 for each kWh of battery pack capacity in excess of 4 kWh, to a maximum of $7,500 for light-duty vehicles; $10,000 for vehicles with gross vehicle weights of more than 10,000 but less than 14,000 pounds; $12,500 for vehicles with a GVW of more than 14,000 but less than 26,000 pounds; and $15,000 for any vehicle with a GVW of more than 26,000 pounds.
Phaseout of the credit is to begin after the total number of qualified PHEVs in the US sold after 31 December 2008 is at least 250,000.
Qualifying vehicles must have a battery pack with at least 4 kWh of capacity—a provision that will preclude the inclusion of the first generation of Toyota PHEVs as well, potentially, as other lower all-electric range plug-ins.
(H.R. 1424 was originally proposed in 2007 to require equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment, and for other purposes. It was entitled the “Paul Wellstone Mental Health and Addiction Equity Act of 2007.” On 1 October 2008, the Senate decided to use it as the vehicle for the economic rescue legislation.)
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October 2, 2008 in Brief | Permalink | Comments (26) | TrackBack (0)
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Posted by: victor scott | November 20, 2008 at 09:39 AM
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It seams to me that everyone has forgotten the gasoline engine that is running our economy. The gasoline engine can and has been made to get 100 mpg . Why at this time in history are we letting the big oil companies get away with this 20mpg and not making them 50mpg vehicles/100 ? Money, they are making great profits and controlling us all. The fuel delivery systems on cars and trucks can be changed to acheive this goal and then the application can be put on all vehicles. Only about 20 percent of the fuel that is put through a gasoline engine is actually used to propel the car the rest in burnt up by the catylitic converter. In reality a vapor run system would possibly yeild 50-100mpg and almost stop emission to very acceptable levels . But as it is everyone seems to just want to trash what we have for a non proven technology. Granted we know it will work- the electric car , but with the millions of cars on the road, this is the best first choice to fix the problem before moving to some new tech and change the whole thing.