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Helio Castroneves indicted on tax evasion charges

Helio Castroneves has known only success in pretty much everything he's ever attempted, whether it be open-wheel racing or his fancy footwork on Dancing with the Stars. But the Brazilian-born driver is going to need more than quick feet and a knack for racing to get the Internal Revenue Service off his back. The two-time Indy 500 champ, along with his sister/business manager and lawyer, is in a world of legal hurt after being indicted by the IRS on six counts of tax evasion, which could send the talented driver to prison for up to 35 years. Castroneves was allegedly using an offshore bank account to hide millions of dollars from the U.S. government, which is a really bad idea, especially if you get caught. He received a $1 million driver agreement and $5 million licensing agreement from Penske racing for 2000-2002, and he allegedly stuffed the $5 million into an offshore account via a deferred royalty plan for which he wasn't eligible. For its part, the IRS seems intent on making an example out of Castroneves, saying "This case sends a clear message that the IRS is committed to vigorously enforcing the lax laws and stopping offshore tax evasion."
posted : 10/5/2008 @5:54:25 PM

Senate passes legislation including PHEV tax credits

Legislation that includes tax credits for plug-in electric vehicles has passed the Senate. Now the House gets a chance to look things over and put it to a vote. The tax credits allow buyers of PHEVs to receive a credit as high as $7,500 and as low as $2,500 depending on the capacity of the vehicle's battery. Toyota had raised concerns that the bill focused solely on battery capacity, as its currently announced hybrid plans do not include anything that would approach the maximum credit. In fact, the Chevy Volt sits alone as the only product that has enough battery capacity for the top tier. Chrysler's recently shown electric vehicles would theoretically qualify if they ever see the light of day.

Once 250,000 qualifying PHEVs are sold, the credits begin to get smaller until they go away completely. At this point, the legislation -- and the vehicles -- have a long way to go before anybody could actually purchasing a qualifying car, but the framework is now in place.

posted : 10/2/2008 @5:27:19 PM
Houses passes bill with $5k Volt tax-credit, mandatory alternative fuel pumpsMost know House Resolution 6899 as the offshore drilling bill, but it also contains the plug-in tax credit that Toyota complained about yesterday, as well as a mandate that all gas stations offer an alternative fuel pump by 2018. The U.S. House of Representatives passed the bill today with a vote of 236 - 189, and the details of the plug-in tax credit are different than what Automotive News reported yesterday. Kicking Tires reports that the tax credit would apply to any "new qualified plug-in electric drive motor vehicle" with a battery of at least 5 kWh. It would start at $3,000 and add $200 for every kilowatt hour over 5 up to a maximum of $5,000. The 2011 Chevy Volt is the only plug-in vehicle officially confirmed for sale so far, and with a 16kWh battery would max out the credit at $5,000. The bill also reveals that the plug-in tax credit would have an identical lifespan as currently available hybrid tax credits, which means the first 60,000 vehicles per company that meet the requirements would be eligible, and the credit would be reduced by 25% then 50% before being phased out. If passed into law, the plug-in tax credit would take effect after December 31st, 2008, though the first eligible vehicle won't be available for another two years. As for the section on mandatory alternative fuel pumps, it requires that every gas station owned by a major gas company have at least one alternative fuel pump by 2018. The bill specifies "alternative fuel" as natural gas, E85 or higher, biodiesel, renewable diesel or hydrogen. Any company not in compliance by 2018 would be fined $100,000 per station, though a $50,000 tax credit would be offered to stations that choose an E85 pump.
posted : 9/24/2008 @10:39:53 PM
Toyota attacks potential Volt-only tax break

Automotive News reports that Toyota is preparing a statement for a congressional hearing on the progress of EVs, the results of which could influence legislation that gives a big $7,500 tax credit to any hybrid with a battery pack rated at 6 kilowatt-hours of electricity or more. Toyota argues that the legislation is too restrictive and redefines what a hybrid is since the only vehicle eligible (that we know about) would be the 2011 Chevy Volt with its 16 killowatt-hour battery pack, though Toyota never calls out the series hybrid by name. For reference, the current Toyota Prius uses a battery pack that generates 1.3 killowatt-hour, and judging by the Japanese automaker's reaction to this legislation, we doubt that its plug-in hybrid electric Prius currently under development uses a battery pack powerful enough, either. Nevertheless, there could be other hybrids being developed besides the Volt that would be eligible, which would poke a big hole in Toyota's argument. Also, as AutoblogGreen points out, this legislation will likely change many times before it becomes law. The government is right, however, to put higher restrictions on what is eligible for a tax credit of this size. Current hybrid tax credits have topped out around $3,000, with the largest on record being for the Prius itself at $3,150. If the government is considering offering more than twice that amount for future hybrids, then we think it's fair they raise the bar on what should be eligible.
posted : 9/24/2008 @10:13:39 PM
ZF may share new Chrysler axle plantBefore Cerberus took over Chrysler, the Auburn Hills-based automaker announced that it would build a new axle plant in Marysville, MI as part of a broader plan to spend $3 billion on infrastructure upgrades. The new plant is under construction and scheduled to open in 2010, but the three headed dog's keen eye(s) on cash preservation has lead to talks with transmission maker ZF to somehow share the facility. It is unclear at this point what ZF, which is known for its transmissions but also produces axles for Mercedes, would get out of the deal, but the supplier would likely run the plant and get to build and sell axles for Chrysler, as well as other automakers, at the facility. The move to share the Marysville facility with ZF makes sense for Chrysler from a cash standpoint, and it could supply axles for one of the Pentastar's many collaboration projects with other automakers like Nissan. Regardless of whether ZF or Chrysler ends up owning the facility, the plant would still use the union workforce being abandoned from the soon-to-close Detroit Axle plant.
posted : 9/23/2008 @10:50:50 PM
ZF may share new Chrysler axle plantBefore Cerberus took over Chrysler, the Auburn Hills-based automaker announced that it would build a new axle plant in Marysville, MI as part of a broader plan to spend $3 billion on infrastructure upgrades. The new plant is under construction and scheduled to open in 2010, but the three headed dog's keen eye(s) on cash preservation has lead to talks with transmission maker ZF to somehow share the facility. It is unclear at this point what ZF, which is known for its transmissions but also produces axles for Mercedes, would get out of the deal, but the supplier would likely run the plant and get to build and sell axles for Chrysler, as well as other automakers, at the facility. The move to share the Marysville facility with ZF makes sense for Chrysler from a cash standpoint, and it could supply axles for one of the Pentastar's many collaboration projects with other automakers like Nissan. Regardless of whether ZF or Chrysler ends up owning the facility, the plant would still use the union workforce being abandoned from the soon-to-close Detroit Axle plant.
posted : 9/23/2008 @10:50:49 PM
City of Flint gives GM tax breaks for Cruze and Volt factoryGiveth, and taketh away, isn't that always the story? On the taketh away side, GM has recently lost a serious chunk of change. On the giveth side, The General received a $56 milion package of tax credits and grants to keep an SUV factory open in Ohio. It has also just received another package of tax credits from the city of Flint, Michigan to aid its investment in a factory that will build engines for the new Volt and Chevy Cruze. Approved over some constituent disapproval by the Flint City Council, getting GM to build the factory there will keep 300 jobs in the city. GM is now looking to the state of Michigan for more tax incentives.
posted : 9/13/2008 @6:47:36 AM
All VW and Mercedes diesels eligible for tax credit

We knew last month that the Jetta TDI was qualified for the tax credit. Now, word is out that all of the new-generation clean diesels for Volkswagen (TDI) and Mercedes-Benz (Bluetec) will be joining the elite handful of vehicles that qualify for a federal alternative-powertrain tax credit. Formerly reserved for just hybrid vehicles, the diesels have been designated as advanced lean-burn-technology vehicles that meet the Alternative Motor Vehicle Credit standards of the IRS. The credits vary based on the vehicle. In the case of Mercedes, the ML320 qualifies for $900 while the GL320 is good for $1,800. If diesel still isn't your thing, the IRS has also qualified several Ford hybrids as eligible too. Of those, the highest credit (a sweet $3,000) goes to those consumers who take home an Escape or Mariner two-wheel drive hybrid crossover.
posted : 8/30/2008 @3:17:44 PM
Jetta TDI buyers to get $1,300 back from the IRS

Now that Toyota has sold so many Priuses that the popular hybrid no longer qhalifies for federal tax credits, and they are essentially sold out until the new generation cars show up next year, people might be wondering where to go for a high mileage vehicle. Volkswagen's new 50-state legal Jetta TDI is going on sale around about Labor day and our good friends at the IRS have decreed that people who purchase one will be able to get a check back from the feds for $1,300. The clean diesel Jetta qualifies under the Advanced Lean Burn Technology Motor Vehicle income tax credit. That would bring the price premium for the diesel to only $700 over a comparable Jetta with a gas engine. The EPA has rated the Jetta at 29/40mpg city highway with a 6-speed DSG gearbox. Real world numbers are likely to be closer to the low 40s for most drivers, but we'll be finding out for ourselves soon. At the first drive of Mercedes new BlueTec diesels last month, company officials expressed hope that those vehicles would also qualify for the credit.
posted : 8/7/2008 @6:55:08 PM

McCain backs $5000 tax break for Volt, others

Presumptive Republican nominee for President, John McCain has wrapped up his tour and speaking engagement at General Motors, where the Arizona Senator discussed the U.S.'s current fuel situation and the proliferation of electric cars. Addressing the General's assembled workers, McCain said, "I would support tax credits for Americans who choose to buy the Volt and other automobiles that put us on track to energy independence." McCain later specified that the credit should be $5,000 as "an integral part of our ability to eliminate our dependence on foreign oil."

McCain has already issued his support for federal funding of research and development of battery-powered cars and made it clear that individual states should have the ability to set their own fuel economy standards.

posted : 8/5/2008 @11:50:03 AM
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