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Originally posted by TheImmaculateD1
reply to post by faryjay
Don't you have to report a new vehicle on your income taxes anyhow? This will go directly to the manufactuer and they will deduct it from the final pre tax sale price of the car. The Chevy Volt lists for $40,500 but with the $7,500 credit that lowers the price to $33,000. The buyer never sees the $7,500 in hand.
Originally posted by The Sword
reply to post by jaynkeel
But, battery technology has been improving.
How about you deny ignorance for once and read some car blogs, etc?
Originally posted by The Sword
reply to post by James1982
Star for you.
I can't even afford a beat-up used car as they've gone so far up in price. The days of $2000-under used cars are just about over.
U.S. Transportation Secretary Ray LaHood told a group of Nissan executives and workers on Tuesday that the Obama administration wants consumers to be able to get a tax rebate at dealerships when they buy electric cars.
The federal government currently offers a $7,500 tax credit on the purchase of electric vehicles, but that can't be taken until buyers file their income taxes.
LaHood said he expects the change to be a part of any tax bill that is passed in the next year and a half.
Originally posted by jibeho
reply to post by TheImmaculateD1
Hey get your story straight!! This is no way a cash for clunkers program that you stated incorrectly. THis is just another tax credit scam that can only be claimed when you file taxes. They want to turn it into an instant rebate program similar to the clunkers rebate. Not a trade in program.
Your title is misleading.....
U.S. Transportation Secretary Ray LaHood told a group of Nissan executives and workers on Tuesday that the Obama administration wants consumers to be able to get a tax rebate at dealerships when they buy electric cars.
The federal government currently offers a $7,500 tax credit on the purchase of electric vehicles, but that can't be taken until buyers file their income taxes.
LaHood said he expects the change to be a part of any tax bill that is passed in the next year and a half.
From your source
Deny ignorance Please read the story before you start a new threadedit on 20-5-2011 by jibeho because: (no reason given)edit on 20-5-2011 by jibeho because: (no reason given)edit on 20-5-2011 by jibeho because: clarity
Imagine that: nearly 13,000 Americans tried to scam the government in the first half of 2010 by claiming they purchased an electric car. The false claims amounted to about 20% of credits granted, and totaled some $33 million. Twenty nine of the fake claims were filed by prisoners (why not roll the dice when you’ve got nothing to lose), while other fraudulent claims were actually filed by IRS employees. Currently unemployed IRS employees, I assume. Some taxpayers claimed the deduction for the purchase of a Hummer H3, a Dodge Durango or a Cadillac Escalade, and one form actually tried to claim the credit for purchasing a golf cart.
The $7,500 tax credit was intended to be used towards the purchase of a plug-in electric drive motor vehicle, so even conventional parallel hybrids didn’t qualify for the credit. The same amount was also given for converting a fuel-burning car to a plug-in, which seems to be a common conversion among Toyota Prius owners. The IRS is now working to recover the credits wrongly issued, and says that efforts to reduce incorrect claims helped them protect over $3 million in revenue so far. On the other hand, they could have simply hired a consultant who knows about cars to review manuals and software programs; I’d only charge $75 per hour, which would work out to be a whole lot less than the $33 million the agency paid by mistake
Well you just take it from the taxpayers silly to invest in vehicles that will depreciate over 53% in 3 years. Makes sense??
"Our problem is how do you turn a tax credit into cash on the hood in the showroom?" he said.