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California motorists that spend a lot of time on the road could be in for a shock. The state’s legislature is considering a bill that would explore a tax based on vehicle miles traveled or VMT for short.
A big hike in gas prices is looming in the near future if a new bill proposed in Congress takes effect.
The U.S. is looking into ending the 50-year long Chicken Tax, which is a 25-percent tariff on all imported trucks.
While the U.S. government is working hard to increase fuel efficiency from automakers, certain states are now looking to tax those hybrids and electric vehicles to help recover lost gas taxes.
A year riddled with controversy for electric cars is winding down, but not without at least one more flare up — Chinese firm Wanxiang Group won the bidding war for A123 Systems.
An estimated 14,000 taxpayers claimed $37 million in tax credits meant for buyers of plug-in or electric vehicles, while attempting to pass of vehicles like the Cadillac Escalade, Chevrolet Camaro and “golf cart” as worthy of the credit.
Among the most ignominous offenders were 88 prisoners and IRS employees who attempted to claim the credits. With an estimated $7,500 credit per vehicle, the program is intended to add an incentive to buyers considering the Nissan Leaf or Chevrolet Volt. The IRS said that $130 million of the $163 million given out was legitimate. On the other hand, some claimants listed their vehicle as merely “bicycle”, “taxi” or “golf cart”.
In light of the attempted fraud, the IRS will enact new regulations for trying to claim the credit, including supplying the Vehicle Identification Number on their tax forms, and selecting the vehicle information from a specific list on electronic filing forms.
[Source: The Detroit News]