Electric cars get charge from stimulus

Thanks to President Obama’s stimulus package, Americans can now get big tax breaks on more types of electric vehicles.

The credits originally would have stopped after they had been claimed on 250,000 vehicles across the whole industry. Now the credits will apply on to up to 200,000 vehicles from any single manufacturer.

The old rules, passed in the fall of 2008, applied only to cars in the traditional sense, i.e., four-wheeled vehicles. Now three-wheeled and even two-wheeled electric vehicles are also eligible. Tax credits for these vehicles are calculated differently and they won’t be available until next year.

Read the rest at http://money.cnn.com/galleries/2009/autos/0902/gallery.electric_car_credits/index.html

Senate votes to give a tax break to new car buyers

The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion. The vote was 71-26 to allow many car buyers to claim an income tax deduction for the cost of automobile sales taxes and interest payments on car loans.

Sen. Barbara Mikulski, D-Md., said the plan would aid the beleaguered automobile industry as well as create jobs at a time the economy is losing them at a rapid rate. “I believe we can help by getting the consumer into the showroom,” she said.

The provision was attached to the economic stimulus bill at the heart of President Barack Obama‘s economic recovery plan and is subject to change or even elimination as the measure makes its way toward final passage.

Democratic leaders have pledged to have the bill ready for his signature by mid-month.   Read the full article at Yahoo News.

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