Obama’s proposed budget calls for upping plug-in vehicle tax credit to $10,000

As a candidate, Barack Obama promised to try and get a million plug-in vehicles on U.S. roads by 2015. In his State of the Union address in 2011, he repeated that number and proposed turning the $7,500 tax credit into a point-of-purchase rebate. That hasn’t yet happened, but in the President’s proposed budget that was released this week, Obama took another stab at promoting plug-ins: upping the maximum credit to $10,000. To go along with pushing PHEVs, the budget calls for cutting more subsidies that Big Oil currently enjoys. Of course, the President’s political opponents quickly called the proposal nothing more than a “campaign document” that would divide America. Others are proposing that the PHEV tax credit be eliminated entirely.

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