Federal and State Incentives for Plug-Ins, EV's

Wow, they're actually going through with it.

 

Maine has no state spiffs at all. Easy, unfortunately. But on the fed side, I'm still not sure. The unanswered question in this 7-page thread is whether the 2012 PiP qualifies for the additional $417 credit above the $2500 credit. Does anyone have a definitive answer? My tax accountant wants to know how big the battery is, presumably so he can take a credit above the base federal $2500. It is my understanding that the PiP battery (the plug-in battery that is relevant to the tax credit - not the hybrid battery) is 4-point-something kwh? Has anyone figured this out? Thanks.

 

Your question is answered completely on the very first post of this thread. There's also a "plain English" section.

 

Guys, the IRS spells this out pretty explicitly: 30D. New Qualified Plug-in Electric Drive Motor Vehicles – Toyota Motor Sales, S.S.A., Inc.

 

The PiP has only two batteries: the LiIon traction battery, and a small 12V lead-acid accessory battery. PiP prototypes had separate plug-in and hybrid batteries, but it is just one battery in the production model.

 

Good, thanks. The main point is knowing how big the battery is. My CPA can do the math.

 

No harm, no foul, but my dealer waxed poetic about two batteries in the PiP (beyond the starter battery). Further caution NOT to ask your car dealer any technical questions, let alone tax questions!

 

agreed. the only question to ask a dealer is: how much lower are you willing to go?

 

Actually, the 12v battery does not start the engine. The traction battery does via one of the motor/generators. All the 12v battery has to do is provide enough power to boot the control computer.

 

The Maine Legislature is working on a bill that would grant an income tax credit for the amount of excise tax paid up to $1000. It will get some support and might even pass with Democrat majorities in the House & Senate. But they are unlikely to fund the tax break, so it will probably die.

 

An editorial in the state's largest daily paper says plug-in tax break a bad idea: M.D. Harmon: With high cost and limited range, electric cars fall short | The Portland Press Herald / Maine Sunday Telegram

 

If the plug in and plug in hybrid cars do as intended, which is save the owner a lot of money, and if the purpose of government incentives is to minimize the cost-to-purchase barrier, then perhaps the approach ought to be loans rather than credits (grants). The idea being that the money I save on gasoline will allow me to repay the loan. Of course, Toyota privatized that trick with its 0% / 60 month financing deal...

 

WJTracy, last I spoke with Dominion Virginia, the off-peak "pilot" program was closed for newcomers, but the nice lady in Richmond did tell me they had "spare program capacity" i.e. that the signups didn't hit the targets (I think 750 pure EV TOU and 750 blended EV/House TOU were the goals). The programs were supposed to close for signups in early December 2012. I sure hope the "pilot" will turn into a permanent rate program, 'cause it costs me about $6 - $8 / month to charge every night at the lowest tiered rate . Anyone interested can call Dominion Virginia EV Office @ 866-566-6436.

...and IMHO the Virginia $100/year hybrid tax is stooopid.

 

You are talking state reg. and not the county personal prop. tax sticker right? Wonder if the new fee will be collected as part of that. Been awhile since I've had to mess with this stuff in Va. Hoping you've found this 3yr method to be a loophole.