Electric Cars Get Boost From Obama Budget

Electric car buyers would immediately qualify for up to $7,500 rebate rather than having to wait to file for federal tax credit.

Published: 15-Feb-2011

NEW YORK (CNNMoney) -- In its effort to put 1 million electric cars on the road by 2015, the Obama administration's proposed budget supports a plan to give $7,500 directly to electric car buyers rather than make them wait for a tax credit.

Under the "Charging America Forward" act, put forward by Democratic Sen. Debbie Stabenow of Michigan, auto dealers and finance companies would give customers a simple on-the-spot discount, then get reimbursed later by the government.

A tax credit for plug-in vehicles already exists but, as it stands now, car buyers have to wait until tax time to get that money back. Consumers buying qualifying plug-in cars are eligible for a tax credit of between $2,500 and $7,500 depending on the size of the vehicle's battery pack.

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

President Obama tours plant in Wisconsin after 2011 State of the Union address.

President Obama challenges the nation to be first to put 1 million electric cars on the road by 2015

READER COMMENTS

blog comments powered by Disqus