Along With Wall Street Bailout, Plug-in Car Tax Credit is Passed: Chevy Volt Now $7500 Less
October 3rd, 2008
GM and the Chevy Volt turned up three “7s” on the Congressional slot machine. First, automakers got the $25 billion in low interest government loans. Second the Wall Street bailout will likely help the beleaguered auto industry. Third, plug-in tax credits have now been passed by both the House and the Senate.
The now passed by the House 263 to 171, and certain to be signed by Bush $700 Billion Wall Street bailout bill had a few congressional “sweeteners” in it to help get it passed after failing for the first time in the House earlier in the week.
Sweetest for future Volt buyers is what’s called the Transportation and Domestic Fuel Security Provision.
This provision provides a tax credit for buyers of plug-in electric vehicles. It provides a base of $2500 plus an additional $417 per kwh for batteries greater than 4 kwh. For the Chevy Volt, that works out to $7500 per car, a number GM had lobbied for.