IRS Tax Credits For Electric Vehicles Backfired, Fraudulent Claims Abound
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]
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130M, wouldn't that like be about 17,000 electric plug in cars sold??? Something is amiss here.