From the EDTA:
Support for -- and understanding of -- electric drive technologies has grown spectacularly in the last two years. Highlights of the 110th Congress include passage of the Energy Independence and Security Act of 2007, which authorized critical research, development and deployment programs for electric drive vehicles and energy storage efforts. House and Senate appropriators were prepared to provide funds to make (most of) them a reality. Congress passed electric drive vehicle and infrastructure credits that can help expand the industry. The Presidential nominees' energy policy platforms include key roles for electric drive transportation.
In one of their last acts before the election, the House and Senate provided a major boost to electric drive transportation. HR 1424, the financial sector recovery bill, includes the consumer credit for the purchase of plug-in electric drive vehicle credits that EDTA has been promoting through the 110th Congress.
The credit includes the key elements that EDTA worked with Senators Hatch, Cantwell and Obama to establish in S. 1617, the Freedom Act. Specifically, the plug-in electric drive vehicle credit applies to vehicles with batteries of at least 4 kWh, which 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 can qualify for a $10,000 credit. Vehicles between 14,000 and 26,000 lbs can qualify for a $12,500 credit. Vehicles over 26,000 lbs can qualify for a $15,000 credit.
EDTA in the 111th
We are also looking forward to working with a new Administration and new Congress to build on the important work done in the 110th Congress. In the coming months, EDTA will be sharing with them our roadmap, detailing how Washington can accelerate electric drive and reduce oil dependence, sustain the environment, enhance global competitiveness and increase national security.