Financial bailout bill passes with tax credits for renewable energy, PHEVs, bike racks
The bill’s renewable energy tax break incentives include:
– An eight-year extension of investment credits for solar energy, as well as breaks for wind, geothermal and other alternative sources.
Other tax breaks in the bill:
– A tax credit for purchasers of plug-in hybrid electric vehicles with a battery pack of at least 4 kWh of capacity (effectively excluding the first generation of Toyota plug-in hybrids). This credit is $2,500 plus $417 for each kWh of battery pack capacity in excess of 4 kWh, to a maximum of $7,500 for light-duty vehicles, and up to $15,000 for vehicles weighting more than 26,000 pounds. The Chevy Volt has a 16-kWh battery pack, so it would get the maximum credit. Cost: $758 million.
– A tax deduction for employers expenses on some fringe benefits for workers who commute to work by bicycle, for example reimbursing the cost of parking the bikes. Cost: $2 million.
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[...] recently pointed out some of the energy-related tax credits that passed with the bailout bill last week. I wanted to take a closer look at the 8-yr extension [...]