Obama proposes billions more in FY 2015 tax incentives for alternative energy vehicles

Published March 9, 2014, on FoxNews.com

The White House is proposing billions in additional tax incentives in fiscal 2015 for buyers of alternative-energy vehicles and others involved in the industry, according to a new Treasury Department report.

Among the biggest proposals is extending the 30 percent tax credit for Americans who invest in properties involved in advanced-energy products, including facilities that store energy for electric or hybrid-electric vehicles.

The government argues the $2.3 billion already allocated under the 2009 American Recovery and Reinvestment Act has resulted in roughly just one-third of eligible applicants receiving funding and that an additional $2.5 billion in credits should be authorized to meet the need.

A Treasury Department spokeswoman last week pointed to at least four major tax credits or incentives in the agency’s 297-page report.

President Obama since taking office in 2009 has made at top priority of helping U.S. companies involved in the production of “green” or alternative energy, largely to help reduce the country’s dependency on foreign oil.

Though Obama has said he backs an “all of the above” approach to domestic-energy production, he has faced sharp criticism for regulating the fossil fuel industry and most recently not approving the Keystone XL crude oil pipeline.

Read the full report here on FoxNews.com.