Pork-Laden Senate Version of Bailout Bill has Plug-In Hybrid Vehicle Credits
by Michael Graham Richard, Gatineau, Canada on 10. 2.08
...and the Kitchen Sink
The original "bailout plan" by Treasury Secretary Paulson was 3 pages long. The Senate version that was passed last night (H.R. 1424) is now 451 pages long and it has "sweeteners" for everybody and their dogs.
PHEV Credit
One of those is a plug-in hybrid vehicle tax credit that was probably first seen in some GM wet dream: "The credit is a base $2,500 plus $417 for each kWh of battery pack capacity in excess of 4 kWh, to a maximum of $7,500 for light-duty vehicles," up to $15,000 for vehicles weighting more than 26,000 pounds. Because the Chevy Volt has a 16-kWh battery pack, it would get the maximum credit. Read on for more details.
Bailing Out... GM?
But that's not all! Part of the big smile on GM's face is the provision that restricts the credit to vehicles with a battery pack with at least 4 kWh of capacity. This means that the first generation of Toyota plug-in hybrids, and probably many others, will be excluded.
It's a good thing they're setting a high standard for plug-in hybrids, but if they had wanted to encourage PHEVs in general, they could have had smaller credits for plug-ins with smaller battery packs.
When Will it End?
"Phaseout of the credit is to begin after the total number of qualified PHEVs in the US sold after 31 December 2008 is at least 250,000."
But it's not done yet. The bill still has to pass in congress. The vote is tomorrow.
Plug-In Hybrid Cars
Green at WIRED NextFest: Toyota Prius Plug-in Hybrid
GM to Build the Volt's 1.4L Engine in Flint and Double Production of Small 4-Cylinder Engines by 2011
GM Releases 2011 Chevy Volt Photos & Specifications! (Tons of Photos)
Fisker Raises $65 Million for Karma Plug-In Hybrid Sports Car
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- Pork-Laden Senate Version of Bailout Bill has Plug-In Hybrid Vehicle Credits
- Chrysler To Ax Two Hybrid Models
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I guess they took the time to sit down with GM lobbyists.
"I guess they took the time to sit down with GM lobbyists."
yo, what are you talking about? This is a credit for the Volt and its a high bar, isn't that a good thing? It encourages real electric cars, just because the Volt is the only one announced doesn't mean Toyota + Honda won't be coming out with their versions.
what happens to the people who convert their regular gas cars into electric? what do we get?
>>what happens to the people who convert their regular gas cars into electric? what do we get?
A new car...
Can anyone explain how any of the pork -- good, bad or ugly -- helps the financial "crisis" that the country is in?
If not, why is this stuff in there?
Out of 451 pages, only 111 had anything to do with economic recovery.
Excuse me, We don't have the money to 'bailout 'Wall St or GM.. When does the Government (NOT OF THE PEOPLE) get it . The US is broke. We owe everyone . Let the market correct itself as it always does. I see all these greedy politicians who fleeced their pockets last night and it makes me want to puke.
Ummm -- the now 451 page H.R. 1424 was hijacked from it's original purpose to allow for the inclusion of the economic bailout and subsequent pork barreling
What I'm trying to figure out is how much of the 451 pages were in the bill before October 1st and how many after.
Does this tax credit only work towards hybrids or can it work towards full EVs too?
Because if it's for EVs too, that would mean a Tesla is only about $65,000 to $70,000 out of my reach! SWEET!
Anybody got an extra $65,000 lying around?
Please tell your reps to pass this instead of a bailout:
http://nesara.org/bill/index.htm
FOOLS!
You extol the virtues of globalization, and whine like a little girl about "patriotism"! What a tool!
Let GM fail. I enjoy my Prius, and with the tax credits, I bought it new for about $18,000. Where's my Chevy Volt? Where's my EV-1? Where's my Probe?
Pshaw. America wants to sell it's Coca Cola in any market, but whines like two little girls when science, technology and marketing best what we have to offer. Complacency won't cut it. Protectionism won't cut it. You think Americans are going to buy a $40,000 GM car versus a vastly better Toyota? Dream on.
This is it, America. If you let these bozos continue to take their huge golden parachutes and obscene bonuses, you get what you deserve.
Gas at $4/gallon? How you like GM now? How's that Hummer, babies? "But gee, we didn't think we'd ever have to pay so much for gasoline, sir!"
Man up, America. The man in the suit has just bought a new car on the profits he made on your dreams.
Any questions?
.
we want the names of the senators and congressmen and women who put the goodies into the bill
Anyone remember those power shortages from the past? Where is all the electricity going to come from if everyone is charging their cars? Will that mean burning more oil and coal to get the extra electricity?
Guess what - one day we are going to run out of oil...
Driill baby drill - until theres none left!
Haha grandson!
It was stressed that, there was a Financial market crisis, not a Wall Street crisis.
Did anyone have a problem getting a loan??
No crisis! If there were plenty of money to loan people. (Oh yes, the banks had made a lot of bad loans and still holding the coladeral that is worth only 1/2 of what they loaned) People are getting concerned about their spending since gas has almost tripled since congress changed hands two years ago. Our salaries have not gone up with the cost of living and therefore not buying as many new vehichles. Nor can we afford new homes since they have doubled in price (over valued). Cost of meat has gone up because the farmers can get more money for their corn to make ethanol (another incenative from congress) than to feed cows, chicken, and pigs.
Ask youself, where is our money going?
I am in the process of purchasing a ZENN 2008 electric car from the ZENN motar car company out of canada in December. Does it qualify for this tax credit if I hold off purchasing it until after December 31, 2008?