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Electric Vehicles
§30 & §280F
Section 30 provides a tax credit of 10% (max $4,000) of the cost of a qualified electric vehicle purchased a before January 1, 2005.
However, this amount is reduced by percentage ending upon the year the vehicle is placed in service.
The 2002 Act defers for two years the phase down of the credit.
In addition, §280F triples the depreciation limits for electric, or other clean fuel passenger vehicle built by an original equipment manufacturer.
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