"There are many smaller automakers that are making plug-in transportation today and these tax incentives would allow Americans to jump-start the adoption of electrics immediately."
The Auto Channel
Feb. 5, 2009
Anything encouraging zero emissions vehicles will be welcome. --Ed.
SANTA ROSA, CA: US electric vehicle developers like ZAP (OTC BB:ZAAP.OB) of Santa Rosa, California, are asking Americans to join in supporting a new bill that would give more tax credits to more kinds of electric vehicles.
The new legislation, S271, would increase the number of plug-in vehicles able to receive the tax credits from 250,000 to 500,000. The tax credits would expand beyond conventional four-wheel automobiles to include three-wheel and two-wheel vehicles, as well as low-speed neighborhood electric cars. Electric vehicles like ZAP's Alias and others would receive a tax credit equal to a percentage of the purchase price up to $4,000.
Called the FREEDOM Act of 2009, bill S271, would revise the 1986 Internal Revenue Code providing tax credits for the manufacture, conversion and acquisition of plug-in electric vehicles. It builds on legislation authored by Senate Finance Committee members Maria Cantwell (D-WA) and Orrin Hatch (R-UT). Along with former Senator Barack Obama (D-IL), they introduced the law in 2007 that provided up to $7,500 for consumers buying new plug-in electric vehicles. This bill was enacted into law last October as part of the Energy Bill of 2007.
ZAP Founder Gary Starr recently provided input in Washington for these incentives, saying that more tax credits would jump-start the electric vehicle industry, create more jobs and lessen dependence on foreign oil. Starr has been an... [Read More]