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President Obama Proposes Increase To Electric Vehicle Tax Credit

Mar 05, 2012

President Barack Obama proposed a budget last week that would increase the tax credit for buyers of electric vehicles from a maximum of $7,500 to $10,000. It would also expand the credit to other “advanced technology vehicles.” Under the proposal, the tax credit would apply to vehicles that operate primarily using an alternative to gasoline, as long as that technology is not currently widespread in the U.S. The budget is for the fiscal year starting October 1 and is not expected to pass Congress.