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Electric Car Tax Credit Incentives

In order to boost the sales of electric and hybrid cars, President Obama is proposing an initiative in his budget next week that could have consumers receiving their tax credits at the dealership instead of when they file their tax returns. Assistant secretary for policy and international affairs, David Sandlow said that the administration wants to make the cars more affordable at the dealerships, similar to how the 2009 Cash for Clunkers program worked. He added that, there would be clear requirements to ensure the benefit is passed on to the consumer, in order to avoid similar abuses as experienced through income tax returns.

According to a report released by the Energy Department, Obama's ambitious goal of one million electric vehicles on the road by 2015 just might be achievable. With incentives, grants to build infrastructure, money going towards research and development, and the price of gas continually rising, consumers interest in electric and hybrid vehicles will be high.