Consumers have the potential to get up to $7,500 in tax incentives from the federal government for purchasing an electric vehicle; in addition to local credits and rebates. The amount one would get back depends on battery capacity and the individuals tax situation. This is only one example of a variety of tax incentives that are available. We love tax incentives! ENJEN has an unparalleled success rate for exceeding the median award for the typical high growth company. We are the power fueling, your long term organic growth!
Alejandra Cancino's article on tax incentives provides some interesting insights on Illinois edge incentives as well as corporate tax incentives in general. Cancino discusses the 43 million dollar incentive package that was given to Motorola for a cell phone assembly line in Mchenry Country. According to state data more than $500 million was spent on business incentives in the fiscal year of 2016 in Illinois alone. Full article listed below.
General Motors has greatly benefited from the federal tax break "net operating loss carry forward". This year alone they have avoided paying 18 million in federal taxes due to previously filing for bankruptcy. Additionally, at the end of last year GM still has 8.6 billion in future domestic tax credits. GM also received a $7,500 credit that buyers get for purchasing plug in cars. Furthermore, GM was awarded tens of millions in research grants in a variety of departments, such as energy. This is a great example of tax incentives at work. Full article below.
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