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Senate passes plug-in tax credits in Wall Street bailout bill

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When Treasury Secretary Hank Paulson first proposed last week that Congress should give him 0 billion to do with as he pleased in an attempt to save Wall St, the plan ran a staggering two and a half pages. That’s because the plan essentially consisted of “Give Hank the money, and then go away and he’ll take care of everything without supervision.” Congress, of course, was going to have none of that and set about writing a bill in more typical congressional fashion. That means lots of extra stuff added, bringing the bill that passed in the Senate the other day to a more Congressional 451 pages. All the extra stuff, including pet projects, got added on, for example a reported 0 billion in extra spending.

One particular billion chunk of that extra money has been earmarked to provide cash back to American drivers who opt to buy plug-in vehicles. Tax credits starting at ,168 (there’s a nice round number for you) will go to people to buy a vehicle with a battery pack that has at least 4 kWh of capacity. From there the credits ramp up to ,500 for vehicles with a 16 kWh pack. For those that haven’t been paying attention, that just happens to be the size of the pack in the Chevy Volt. Medium and heavy duty trucks with plug-in capability are also eligible for credits of -15,000.

[Source: Detroit News]

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