Dear Wheego Enthusiast:
Reduced Import Fees to the Cayman Islands
Spring has sprung! And that means Earth Day is right around the corner… April 22nd
Earth Day has evolved from a once-a-year event to a movement promoting and celebrating all things green. The “Billion Acts of Green” campaign has been an overwhelming success, with sights now set on the 2 billion mark. Visit earthday.org
to learn more about how you can help your community, April 22nd
and every day. Plant a tree, buy local produce, adjust your water heater, and of course… drive a Wheego!
Congratulations to our Caribbean distributor, John Felder of Cayman Automotive (left). For the past three years, John has championed a reduction in the import fees for electric cars. Thanks to John’s tireless efforts, the bill has passed in the Cayman Islands. The tariff on EVs is now 10%, down from 22% for gas-powered vehicles.
John has also been building a charging network for EVs. So far, electric car charging stations are in operation at the Cayman Motor Museum in West Bay; the Crighton Properties building in George Town; Governor’s Square; Camana Bay; and at the Reef Resort in East End. Two other charging stations are in the process of being developed at Kaibo Beach Bar and in Grand Harbour.
Larger Federal Tax Credit for Wheego LiFe?
Excerpts from an article by Richard Lane which appeared this week in ecomento.com:
The White House is considering giving the electric vehicle market a significant boost by raising the maximum tax break for zero emissions vehicles.
A rise from the $7,500 federal tax credit currently available to a headline sum of $10,000 has been proposed in an analysis by the US Treasury. Were the new maximum tax break to be rubber-stamped, however, it would not apply to vehicles worth more than $45,000.
It means that buyers of cars currently offered by Tesla Motors – namely the Model S – and the new Cadillac ELR (which probably needs it most) would not be eligible for a tax break.
The format of the federal tax credit would also change under these proposals. Instead of filing for a tax credit on income taxes, electric car buyers would allow dealers to offer a rebate at point-of-sale, furthering encouraging indecisive car buyers to commit to electric cars.
While this is excellent news for consumers, automakers will also benefit, and the format of the tax credit would change. At the moment each manufacturer has a 200,000-vehicle cap on the number of cars it can sell with the offer of a federal tax credit. The US Treasury’s new proposals suggest that the cap be removed, although credit would be entirely phased out in 2022 after a reduction in 2019.
Increased tax credits would be expected to help President Obama reach his goal of “putting one million advanced technology vehicles on the road by 2015.” It is estimated that tax breaks for alternatively-fuelled vehicles could total $4.8 billion by 2024.
We’ll keep you posted as we learn more about this proposal!
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The Wheego Team