S. 271 would amend the Internal Revenue Code of 1986 to provide incentives to accelerate the production and adoption of plug-in electric vehicles and related component parts.
Detailed Summary
Fuel Reduction using Electrons to End Dependence on the Mid-East (FREEDOM) Act of 2009 - Amends the Internal Revenue Code to: (1) allow an election to expense the cost of manufacturing property for producing plug-in electric drive motor vehicles and components; (2) increase the number of such vehicles eligible for a tax credit; (3) allow a five-year recovery period for the depreciation of smart meters and smart grid systems; and (4) increase the rate of the tax credit for alternative fuel vehicle refueling property and the maximum credit amount for commercial refueling property.
Status of the Legislation
Latest Major Action: 1/15/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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Points Against
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