California Pulls the Plug on Electric Car Subsidies for the Rich

For the past five years, Californians have been eligible for thousands of dollars in state rebates when purchasing an electric car.

Not anymore, at least for the wealthy.

The California Air Resources Control Board has proposed imposing an income cap on electric car tax subsidies, meaning households earning $500,000 or more can no longer cash in.

Critics have long bashed the program for giving the rich cash so they can buy six-figure luxury electric supercars like the Tesla Motors Model S, leaving less money for low-income and middle-class drivers.

A survey from the Center for Sustainable Energy, which runs the state’s clean vehicle rebate program, shows that the program has issued more than $217 million in rebates to electric car and plug-in hybrid owners since 2010. Of the 15,432 survey respondents who received a rebate, only 6 percent had a household income below $50,000.

Read the entire article at Takepart.com