Nissan Rebate Vs IRS tax credit and State Rebate

[planet4ever]

TARP was not part of the stimulus. TARP was the bank bail out under Bush. The American Reinvestment ACT under President Obama was several months later

Correct. This is why I told you that the $7500 credit was instituted by the TARP, not the stimulus. Did you look at the reference I gave?

H.R. 1424 110th Congress ... 2008 An Act
To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.

Buried in that law you will find:

SEC. 30D. NEW QUALIFIED PLUG-IN ELECTRIC DRIVE MOTOR VEHICLES.
(a) ALLOWANCE OF CREDIT.—
(1) IN GENERAL.—There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the applicable amount with respect to each new qualified plug-in electric drive motor vehicle placed in service by the taxpayer during the taxable year.
(2) APPLICABLE AMOUNT.—For purposes of paragraph (1), the applicable amount is sum of—
(A) $2,500, plus
(B) $417 for each kilowatt hour of traction battery capacity in excess of 4 kilowatt hours.
(b) LIMITATIONS.—
(1) LIMITATION BASED ON WEIGHT.—The amount of the credit allowed under subsection (a) by reason of subsection (a)(2) shall not exceed—
(A) $7,500, in the case of any new qualified plugin electric drive motor vehicle with a gross vehicle weight rating of not more than 10,000 pounds,
...

It was the IRS which clarified that for a leased vehicle the "taxpayer" involved was the owner of the vehicle, not the lessee.

Ray

 

[forte88]

TARP was not part of the stimulus. TARP was the bank bail out under Bush. The American Reinvestment ACT under President Obama was several months later

Correct. This is why I told you that the $7500 credit was instituted by the TARP, not the stimulus. Did you look at the reference I gave?

H.R. 1424 110th Congress ... 2008 An Act
To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.

Buried in that law you will find:

SEC. 30D. NEW QUALIFIED PLUG-IN ELECTRIC DRIVE MOTOR VEHICLES.
(a) ALLOWANCE OF CREDIT.—
(1) IN GENERAL.—There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the applicable amount with respect to each new qualified plug-in electric drive motor vehicle placed in service by the taxpayer during the taxable year.
(2) APPLICABLE AMOUNT.—For purposes of paragraph (1), the applicable amount is sum of—
(A) $2,500, plus
(B) $417 for each kilowatt hour of traction battery capacity in excess of 4 kilowatt hours.
(b) LIMITATIONS.—
(1) LIMITATION BASED ON WEIGHT.—The amount of the credit allowed under subsection (a) by reason of subsection (a)(2) shall not exceed—
(A) $7,500, in the case of any new qualified plugin electric drive motor vehicle with a gross vehicle weight rating of not more than 10,000 pounds,
...

It was the IRS which clarified that for a leased vehicle the "taxpayer" involved was the owner of the vehicle, not the lessee.

Ray

Interesting.. How they were able to tie leased vehicles and green energy incentives into troubled assets, I'm not sure in TARP. That's very interesting indeed how TARP is involved in this. But I do know that the American Reinvestment Act also has provisions for the Tax Credit for Green Energy here: http://www.irs.gov/uac/Energy-Incen...in-the-American-Recovery-and-Reinvestment-Act So which law should we be referencing then? Does one supersede the other when it comes to duplication? If it does, then I would suppose the Reinvestment Act is the one that we should default to since it was written after TARP. But hey.. I'm no lawyer.. and have far too shady of a past to even consider being a congressman.