Huge Electric Car Tax Break Debated In Senate
After years of delay, the electric car is about to be introduced to the auto market. The Senate is currently debating a huge tax break that could make the car a huge hit with consumers.
The hybrid car is a clear hit with car buyers. This wasn’t always the case. In fact, the first hybrid released by Honda didn’t do well at all. The Prius was also a slow starter, but then something happened to give the concept a much needed boost. The federal government passed a bill that gave car buyers a nice tax deduction if they purchased a new hybrid. This was then made all the better when the tax break was converted to a far more valuable tax credit. Before you knew it, the hybrid market was roaring like a volcano in Iceland.
The electric car revolution is in its infancy. There are many questions about how well the cars will perform in real world driving and whether consumers will take to the cars or not. These questions were also asked of the hybrid vehicles as well. To counter them, the federal government is now contemplating putting in place tax incentives that will give the electric car market a nudge in the right direction.
What exactly is being contemplated in Congress? Well, it is a dozy. The Senate is currently considering legislation that would create a $10,000 tax credit for those that purchase the new electric cars. It is important to understand that a tax credit is much more valuable than a tax deduction. A deduction is subtracted from your gross income. A tax credit is deducted from the amount you actually are supposed to pay Uncle Sam each year. If you make $60,000 a year and owe Uncle Sam $20,000, the tax credit for electric cars would reduce this amount to $10,000. Not bad, eh?
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The electric car tax credit is not entirely a new thing. You can currently claim a $7,500 tax credit on the purchase of an electric car. Also, the $10,000 tax credit will not be nationwide. Instead, it will be focused on a number of unidentified communities. Also, the tax credit will be capped at 300,000 cars sold by each manufacturer. Still, the effort is seen as a positive move to help the launch of these new cars.
The electric car has long been a utopian idea for many people. Starting later this year, the idea becomes a reality. A huge $10,000 tax credit would make it a long lasting one.