Senator Debbie Stabenow (D-MI) will “introduce legislation today to spur the sale and production of advanced technology vehicles,” according to a press release from her office.
Sen. Stabenow’s Charging America Forward Act will provide consumers with a rebate worth up to $7500 for plug-in electric vehicles at the time of purchase and give businesses a tax credit for purchasing medium or heavy duty plug-in hybrid trucks. The bill also extends a public-private partnership she helped create to increase the production of advanced battery technologies in America.
- Provides consumers with a rebate up to $7500 at the point of purchase to help spur the sale of plug-in electric vehicles. There is currently a tax credit of up to $7500 for the purchase of these electric vehicles, but consumers must wait until they file their taxes to claim the savings. This legislation would allow consumers to simply pay less for the vehicle at the time of purchase, similar to the Cash for Clunkers program (which Senator Stabenow authored in 2009).
- Provides businesses a tax credit worth $15,000 – $100,000 (depending on the truck’s size) for the purchase of hybrid medium and heavy duty trucks. The bill extends the hybrid truck tax credit until 2014, and expands the credit to include new plug-in hybrid trucks.
- Extends and expands a current tax credit for investments in plug-in electric vehicle charging stations. The credit will now cover not only the outlet but also any wiring and other costs associated with installation in homes and businesses.
- Renews the public-private partnership Sen. Stabenow helped create to increase the production of advanced battery technologies in America. The original $2 billion initiative will help our country surge from producing two percent of the world’s batteries in 2009 to 40 percent of the world’s batteries by 2013. Extending this effort will help America gain even greater market share and create thousands more jobs in Michigan and across the country.