Electric Cars Get Boost From Obama Budget
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.
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President Obama challenges the nation to be first to put 1 million electric cars on the road by 2015
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