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PHOTO CAPTION: Buyers of plug-in cars like the Volt would benefit from $10,000 tax credit under new White House proposal.

Obama Administration Wants to Increase EV Tax Credit to $10,000

The new subsidy level represents a 33 percent jump from the current $7,500 government payout for each plug-in car buyer.

Published: 15-Feb-2012

White House intends to boost government subsidies for wealthy buyers of the Chevy Volt and other new-technology vehicles — to $10,000 per buyer.

That mammoth subsidy would cost taxpayers $100 million each year if it is approved by Congress, presuming only 10,000 new-technology autos are sold each year.

But the administration wants to get 1 million new-tech autos on the road by 2015. The subsidy cost of that goal could reach $10 billion.

The planned giveaway will likely prompt populist protests from GOP legislators, but it will likely also will be welcomed by auto-industry workers in the critical swing state of Michigan.

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