Buy a $40,000 Chevy Volt and taxpayers in Colorado and across the country will pick up nearly one third of the cost plus provide a permit to use Colorado’s HOV lanes free. Chevy blasted a “radio advisory,” which I received for my show on News Talk 1310, bragging about taxpayers footing the bill:
Colorado residents who purchase or lease a new Chevrolet Volt electric vehicle with extended range are eligible for a state tax credit of up to $6,000 in addition to a federal tax credit of up to $7,500 for a total price reduction of as much as $15,500.
Colorado is one of a number of states that is offering a state tax credit in addition to the federal tax credit, which is subject to the customer’s eligibility. For example, Volt customers who purchase a low-emission model of the 2012 Chevrolet Volt, which is standard in California, will qualify for a $1,500 state rebate and will be eligible to drive solo in the state’s carpool lanes. (FULL PRESS RELEASE BELOW)
According to the language of the fiscal note of the enabling legislation (HB11-1081) for the $6,000 state tax credit, because the incentive is a tax credit it “is refundable, meaning that any credit amount that exceeds a taxpayer’s income tax liability is refunded to the taxpayer.”
The average Chevy Volt buyer doesn’t need taxpayer help so says General Motors CEO Dan Akerson who recently told the Associated Press that “the average purchaser of a Volt is earning $170,000 a year.” In other words, less wealthy Coloradans subsidize elitists who want an electric car that is likely a second or third vehicle.
Despite the heavy subsidies, Chevy can’t unload the Volts they already have. Selling only 7,671 Volts last year, Chevy fell woefully short of its 10,000 vehicles sold goal. On March 19, GM will halt production for five weeks in an attempt to move through the current inventory. It doesn’t help that the Volt’s battery would unexpectedly combust. In the meantime, Chevy will continue its campaign of instructing wealthy green elitists on how to gouge taxpayers.