Stimulus Plan Gives First Aid to Buildings
Part 6: Stimulus Gives Credit For Efficient Cars
Stimulus Gives Credit For Efficient Cars
By Brandon Lorenz, Senior Editor - April 2009 - Facilities Management
Facility executives who oversee their organization’s fleet of vehicles should be aware of a tax provision in the stimulus bill meant to promote the purchase of more efficient vehicles.
Taxpayers who purchase a qualified plug-in electric vehicle after Dec. 31 can claim a credit of up to $7,500 per vehicle. The credit is an expanded version of a similar credit in the Emergency Economic Stabilization Act of 2008.
Qualified vehicles are plug-in hybrids with batteries of at least 4 kilowatt hours in capacity. The exact amount of the credit depends on the battery size. Credits begin phasing out after a manufacturer sells 200,000 qualified vehicles.
For organizations that don’t pay taxes, the dealer is allowed to claim the credit, which should reduce the price by an amount equal to the credit, says Charles Goulding, president of Energy Tax Savers, Inc.