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 |  Mar 12 2012, 10:01 AM

While some electric vehicle companies are floundering, AMP Electric Vehicles has just been cleared by the IRS to give a federal tax credit to its customers. 

With the prices of gas steadily increasing, the timing of AMP’s qualification is right on point. Jim Taylor, AMP CEO says “Given the recent increase in gas prices and the low operating cost of an EV, more buyers are turning their attention to EV alternatives.”

Buyers of AMP’s electric vehicles can now get up to $7,500 off in federal tax credits, and additional tax credits of up to $5,000 are also available depending on your state.

AMP provides all-electric versions of Jeep Grand Cherokees and Mercedes-Benz MLs. With the tax credits, it means that buyers could get into an AMP EV for $49,000.

The vehicles both claim a range of at least 80 miles on a single charge, and still boast the same cargo space and passenger room as the standard gas variants, even with the batteries.

 |  Feb 14 2012, 5:30 PM

Things might get a lot sweeter in 2013 for folks considering a “new technology car,” as they’re being called at the White House.

President Obama’s 2012 fiscal year budget apparently includes a provision for increasing the federal tax credit from $7,500 to a more substantial $10,000. The subsidy hasn’t been passed yet, but if it goes through, people purchasing natural gas cars, EVs and extended-range hybrids will have more of an incentive to seal the deal.

The increased amount could serve to replace subsidy dollars that disappeared this year which went toward accessory items like home charging stations, meaning a few folks who bought those cars this year might feel a little bamboozled by federal policy.

That sting might be all the more pungent when people realize, as The Truth About Cars points out, that the new incentive is actually a refund available upon purchase instead of the more-complicated tax credit of the past.

Past issues aside, the President appears to have his sights set squarely on the future with a goal to have one million “advanced technology” vehicles on the road by 2015.

Questions about vehicle safety during incidents like the one we saw recently with the Chevrolet Volt battery fires certainly won’t help accomplish that target, but money talks and people are often quick to forget when there’s cash on the table for them. We’ll have to wait and see if the new subsidy makes the cut.

[Source: The Truth About Cars]