2011 Nissan Leaf and 2011 Chevy Volt, with charging station visible; photo by George Parrott
Did you know that when you buy a qualifying electric car, that the hefty $7,500 federal subsidy is a tax credit, not a tax rebate?
The current electric-car credit is quite a messy affair. You must owe X amount in taxes to fully utilize the credit. This fine little detail isn't really advertised quite as loudly as the fact that you get a $7,500 tax credit on vehicles such as the new 2011 Chevrolet Volt and 2011 Nissan Leaf.
With all the political hoopla surrounding the program, and how it doesn't benefit all shoppers the same, you'd think more of us would know the details--but we don't.
At the end of the day, would a rebate be easier than a credit? We want you to know, since ultimately, you're footing the bill. Should the Feds make the electric-car tax credit a tax rebate? Tweet us your response and make sure to include the hashtag #TaxMan-- and you'll join the chorus right here via CoverItLive.