We are already 10.6 TRILLION DOLLARS in debt, with another TRILLION being tossed to Wall Street to “help” them get over their greed and bad decisions…….

So what is a few more Billion $ in tax rebates? Just ask your great great grand kids what they think about it………….

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You might me happy to know that the 700 billion dollar bailout and fallen apart then…they are working late tonight to try and get it done, the market is going to freak tomorrow, lol.

http://biz.yahoo.com/ap/080925/financial_meltdown.html

So what is a few more Billion $ in tax rebates? Just ask your great great grand kids what they think about it………….

“BTW, It was good of you to disclose that your brother is a Chevy dealer.”

& My dad is the used car manager at a VW store. Your point?

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As i’ve already stated i drive an 06 accord
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“Whatever. As someone else pointed out, your comparison of an Accord to the Volt is an apples to oranges comparison anyway. The volt is closer to an electric Civic.”

Why because their similar in size?

A Porsche is similar in size to a kia rio, so is an audi a4 to a civic.
Obviously those are extremes, but my point is size is not that important.

My original reason for using the accord is because that’s what i drive. In my mind for an extra $75 a month and a few inches of legroom. I can drive a car that runs on little to no gas, has 10 times the interior features/technology, will cost a 1/4 to maintain, and run twice as long.

Senate 3478
SEC. 30D. NEW QUALIFIED PLUG -IN ELECTRIC DRIVE MOTOR VEHICLES .

`(a) Allowance of Credit-

`(1) IN GENERAL- There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the applicable amount with respect to each new qualified plug -in electric drive motor vehicle placed in service by the taxpayer during the taxable year.

`(2) APPLICABLE AMOUNT- For purposes of paragraph (1), the applicable amount is sum of–

`(A) $2,500, plus

`(B) $400 for each kilowatt hour of traction battery capacity in excess of 6 kilowatt hours.

`(b) Limitations-

`(1) LIMITATION BASED ON WEIGHT- The amount of the credit allowed under subsection (a) by reason of subsection (a)(2) shall not exceed–

`(A) $7,500, in the case of any new qualified plug -in electric drive motor vehicle with a gross vehicle weight rating of not more than 10,000 pounds,

`(B) $10,000, in the case of any new qualified plug -in electric drive motor vehicle with a gross vehicle weight rating of more than 10,000 pounds but not more than 14,000 pounds,

`(C) $12,500, in the case of any new qualified plug -in electric drive motor vehicle with a gross vehicle weight rating of more than 14,000 pounds but not more than 26,000 pounds, and

`(D) $15,000, in the case of any new qualified plug -in electric drive motor vehicle with a gross vehicle weight rating of more than 26,000 pounds.

`(2) LIMITATION ON NUMBER OF PASSENGER VEHICLES AND LIGHT TRUCKS ELIGIBLE FOR CREDIT-

`(A) IN GENERAL- In the case of a new qualified plug -in electric drive motor vehicle sold during the phaseout period, only the applicable percentage of the credit otherwise allowable under subsection (a) shall be allowed.

`(B) PHASEOUT PERIOD- For purposes of this subsection, the phaseout period is the period beginning with the second calendar quarter following the calendar quarter which includes the first date on which the total number of such new qualified plug -in electric drive motor vehicles sold for use in the United States after December 31, 2007, is at least 250,000.

`(C) APPLICABLE PERCENTAGE- For purposes of subparagraph (A), the applicable percentage is–

`(i) 50 percent for the first 2 calendar quarters of the phaseout period,

`(ii) 25 percent for the 3d and 4th calendar quarters of the phaseout period, and

`(iii) 0 percent for each calendar quarter thereafter.

`(D) CONTROLLED GROUPS- Rules similar to the rules of section 30B(f)(4) shall apply for purposes of this subsection.

`(c) New Qualified Plug -In Electric Drive Motor Vehicle- For purposes of this section, the term `new qualified plug -in electric drive motor vehicle’ means a motor vehicle–

`(1) which draws propulsion primarily using a traction battery with at least 6 kilowatt hours of capacity,

`(2) which uses an offboard source of energy to recharge such battery,

`(3) which, in the case of a passenger vehicle or light truck which has a gross vehicle weight rating of not more than 8,500 pounds, has received a certificate of conformity under the Clean Air Act and meets or exceeds the equivalent qualifying California low emission vehicle standard under section 243(e)(2) of the Clean Air Act for that make and model year . . .

I am pretty sure you are mistaking a tax deduction for a tax credit. Deduction lowers your taxable income. Credit is a one for one deduction in your tax bill. Easy enough to google this if it doesn’t make sense to you.

PEOPLE! NO! NO! NO! You will not get $7500 from the government if you buy a Volt!!!!!!!

A $7500 tax CREDIT is a reduction of one’s taxable INCOME.

For example, if you made $50,000 applying the Volt tax credit you would reduce your taxable income, i.e. you now owe taxes on $42,500 (plus any other tax deductions) even though your W2 says you earned $50,000.

SO, if $50K – $35K is in the 20% tax bracket (I’m just pulling figures out of the air for example sake, fyi) then with no deductions you would owe $10,000 in federal income tax. If you bought a Volt you could deduct $7500 and your taxable incomes becomes $42,500 and you would owe $8500 in federal income tax. THEREFORE, you save $1500 NOT $7500 by buying a Volt. Clear?

YOUR savings will vary!

Beating a dead horse here. Make sure you read all of it. We are both right-technically

According to the United States Constitution (Article I, Section 7, clause 1), all bills relating to revenue, generally tax bills, must originate in the House of Representatives, consistent with the Westminster system requiring all money bills to originate in the lower house. The Constitution also states that the “Senate may propose or concur with Amendments as on other Bills,” so in practice the Senate and House traditionally proceed separately, with each body drafting and considering their own bills separately. The Senate generally will amend its version of a particular appropriations bill to the House-passed version in order to send the bill to a conference committee prior to the bill becoming law. This is why the majority of appropriations bills that are enacted contain the H.R. modifier used to identify House introduced legislation.

Hawk

“A tax rebate only offsets taxes you owe. You still have to finance the entire cost of the car and the tax rebate is not considered in that calculation.”

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That’s a very good point, but I guess it’s better than nothing at all. I’ve long said that 2nd or 3rd generation will be the E-flex to have. Hopefully you’ll get a rebate, and hopefully you’ll get one before they’re electronically over controlled.