Filed under: MPG, Legislation and Policy, Green Daily, USA
The Cash For Clunkers program, officially known as CARS, is a program in flux. If you missed the CARS news over the weekend, read this post. Here’s what has happened since then:
- The White House was pushing the Senate to act today, making it very clear that CARS has pushed average mpg numbers up by “nearly 10 miles per gallon” for the new cars over the clunkers that were scrapped. Transportation Secretary Ray LaHood wouldn’t say what would happen if the Senate doesn’t match the House’s extra billions for CARS, saying simply, “I believe the Senate will pass it this week.” Reuters is reporting that the program may be suspended some time this week if the Senate doesn’t approve the funds.
- The IRS says that those $3,500 or $4,500 rebates will count as taxable gross income. Customers will get a pass, but dealers will have to pay some of the money back in taxes.
- Chrysler has had such luck with its CARS deal - the company added $4,500 to the government’s $4,500 for a massive discount of up to $9,000 - that it has almost run out of cars to sell. That’s the good news. The bad is that Chrysler is taking the additional $4,500 offer off the table.
- The Auto Alliance came out strongly in favor of C4C, saying it was ” Good for the Economy, Better for the Environment.” Read their statement after the jump.
[Source: Autoblog, Automotive News (subs req'd), AP, Auto Alliance]
Photo by emilio labrador. Licensed under Creative Commons license 2.0.
Cash for Clunkers update: IRS taxes rebates, Chrysler in a good kind of trouble, more originally appeared on Autoblog Green on Mon, 03 Aug 2009 19:56:00 EST. Please see our terms for use of feeds.
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