Hi everyone,
Just thought you'd be interested to know that the $780 billion fiscal
stimulus bill passed by Congress last weekend that will be signed into law
today by President Obama contains a $1,000 federal tax credit for converting
a Prius to a 120-mpg plug-in hybrid with the A123/Hymotion conversion kit
(conforming to federal crash-test safety and emission standards). The new
law specfically provides a 10% federal tax credit on the cost of the
conversion, up to a maximum credit of $4,000. The A123/Hymotion Prius
conversion costs $10,000, so the new federal tax credit will be $1,000 for
converting a Prius with the A123/Hymotion kit.
If Florida House Majority Leader Adam Hasner's EV Incentives state
legislation, House Bill 879, passes both the Florida State House and State
Senate and is signed into law by Governor Crist, it will provide an
additional $2,600 worth of state-level incentives for converting a Prius to
a plug-in hybrid with the A123/Hymotion kit, consisting of a $2,000 state
rebate plus a $600 sales tax exemption.
This would make the aggregate amount of federal and (proposed) state
incentives for the A123/Hymotion plug-in Prius conversion worth a total of
$3,600, which would bring the total cost of the conversion from $10,600 down
to $7,000. That is a significant and substantial savings on the cost of the
conversion to plug-in hybrid.
Conversion cost: $10,000
FL sales tax: + $600
---------
Total conversion cost: $10,600
Minus:
Federal tax credit: - $1,000
FL sales tax exemption: - $600
FL state rebate: - $2,000
----------
Net conversion cost: $7,000
Foreign Affairs Auto in West Palm Beach is the only authorized A123/Hymotion
installer in the Southeastern US. The conversion takes only a day to do,
with the car in and out the same day. You can read more about it at:
www.foreignaffairsauto.com/pages/hymotion
Here again are the links to Majority Leader Hasner's Florida EV Incentives
legislation:
Majority Leader Hasner's press release:
http://blogs.tampabay.com/buzz/files/hasner.%20EV.PR.pdf
House Bill 879:
www.myfloridahouse.gov:80/Sections/Bills/billsdetail.aspx?BillId=40983&SessionId=61
Best regards,
Charles Whalen
Florida Electric Auto Association
[email protected]
www.floridaeaa.org
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