When the U.S. Congress passed H.R. 1424 and President Bush signed it into law today, not everyone was paying attention to the part about plug-in vehicles. Sure, this got a little play - and green car sites like ours were on it - but what's a few $7,500 tax credits in a $700 billion bill? Still, there are a lot of parts to the bill (read one take here) to digest and we're happy to explore the green car-related details a bit.
If you want to read the language in the bill yourself, you can find the full text here (do a text search for "plug" to find the applicable PHEV part of the law, Section 205). As meme noted earlier today, the language now refers to "plug-in electric drive motor vehicle" instead of the "passenger automobiles," which might help companies like Aptera. We know that Chrysler yesterday gave its support for the legislation and today the Electric Drive Transportation Association (EDTA) gave strong vocal support to the bill's passage. You can read both of the official statements after the jump.
When you read the bill, don't miss Section 306 (regarding smart meters) and Section 103 (extension of solar and fuel cell tax credits). I'm quite interested in how the AutoblogGreen community feels about this bill.
If you want to read the language in the bill yourself, you can find the full text here (do a text search for "plug" to find the applicable PHEV part of the law, Section 205). As meme noted earlier today, the language now refers to "plug-in electric drive motor vehicle" instead of the "passenger automobiles," which might help companies like Aptera. We know that Chrysler yesterday gave its support for the legislation and today the Electric Drive Transportation Association (EDTA) gave strong vocal support to the bill's passage. You can read both of the official statements after the jump.
When you read the bill, don't miss Section 306 (regarding smart meters) and Section 103 (extension of solar and fuel cell tax credits). I'm quite interested in how the AutoblogGreen community feels about this bill.
[Source: EDTA, Chrysler, Govtrack]
Official Statements:
EDTA Applauds Passage of Electric Drive Incentives in H.R. 1424: Emergency Economic Stabilization Act of 2008
Washington, DC-October 3, 2008-The Electric Drive Transportation Association (EDTA), the trade association accelerating battery, hybrid, plug-in, and fuel cell electric drive technologies and infrastructure, commends Congressional leaders for action on H.R. 1424, the Emergency Economic Stabilization Act of 2008. Included in the legislation is an important credit for purchase of plug-in electric drive vehicles. The bill also supports investment in fuel cells, electric recharging property, smart meters and grid modernization.
"EDTA is extremely pleased that the bill passed today includes incentives to reduce our dependence on oil with electric drive transportation," says EDTA President Brian Wynne. "Congress has provided the paving stones for a comprehensive electric drive transportation policy, and we look forward to working with them and the new Administration next year to build on this path to clean, affordable and secure transportation."
About the Plug-in Electric Drive Credit:
The energy package establishes a credit for purchase of plug-in electric drive vehicles, which will help consumers and manufacturers to grow the marketplace for clean, efficient cars and trucks.
Credit Amount/Criteria: Plug-in electric drive vehicles with batteries of at least 4 kWh qualify for a $2,500 credit. An additional $417 is provided for each additional kWh, up to $7,500 for vehicles up to 10, 000 lbs. Vehicles up to 14,000 lbs qualify for a $10,000 credit. Vehicles between 14,000 and 26,000 lbs qualify for a $12,500 credit. Vehicles over 26,000 lbs qualify for a $15,000 credit.
Phase-out: The credit begins to phase out after 250,000 qualifying vehicles are sold in the U.S.
Expiration: The credit expires at the end of 2014.
AMT: The credit is available against the alternative minimum tax.
About EDTA:
The Electric Drive Transportation Association (EDTA) is the trade association representing battery, plug-in, hybrid and fuel cell electric drive technologies and infrastructure. EDTA conducts public policy advocacy, education, industry networking, and international conferences. EDTA's membership includes automotive and other equipment manufacturers, energy companies, technology developers, component suppliers, and government agencies. For more information about EDTA and its members, visit www.electricdrive.org.
Chrysler LLC Media Statement Regarding Support of H.R. 1424, the Emergency Economic Stabilization Act of 2008, attributed to Robert Nardelli, Chairman and CEO:
AUBURN HILLS, Mich., Oct. 2 /PRNewswire/ -- "Chrysler LLC strongly supports the passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008 which is an important step in stabilizing our credit markets and the overall economy. As a result of the economic contraction and illiquidity in the credit markets, the ability of domestic manufacturers to finance new motor vehicle sales for consumers has been substantially weakened. To stimulate car and truck sales, Congress should pass the Financial Rescue Plan."
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