FILE - In a Tuesday, Feb. 21, 2012 file photo, Boeing Company Chairman, President, and CEO W. James McNerney, Jr. attends the first-ever State Department Global Business Conference, at the State Department in Washington. Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday, Aug. 16, 2012 by the Institute for Policy Studies. The study said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 million last year while paying little or no federal tax on ample profits, according to regulatory filings. The study said McNerney Jr. of Boeing got $18.4 million in pay last year while his company received a tax refund of $605 million. (AP Photo/Manuel Balce Ceneta, File)
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FILE - In a Tuesday, Feb. 21, 2012 file photo, Boeing Company Chairman, President, and CEO W. James McNerney, Jr. attends the first-ever State Department Global Business Conference, at the State Department in Washington. Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday, Aug. 16, 2012 by the Institute for Policy Studies. The study said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 million last year while paying little or no federal tax on ample profits, according to regulatory filings. The study said McNerney Jr. of Boeing got $18.4 million in pay last year while his company received a tax refund of $605 million. (AP Photo/Manuel Balce Ceneta, File)
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FILE - In a Monday, June 18, 2012 file photo, Citigroup CEO Vikram Pandit prepares for a television interview on the floor of the New York Stock Exchange, after he rang the opening bell. Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday, Aug. 16, 2012 by the Institute for Policy Studies. The study said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 million last year while paying little or no federal tax on ample profits, according to regulatory filings. The study also laid into Citigroup for paying Pandit $14.9 million while the bank received a net $144 million in tax benefits. (AP Photo/Richard Drew, File)
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In this Wednesday, Nov. 22, 2012, photo, Eva Cevallos with her eleven-month daughter, Quinn, shop during the Thanksgiving Pre-Black Friday event at the Walmart Supercenter store in Rosemead, Calif. Wal-Mart Stores Inc. offered a weak business outlook Thursday, Feb. 21, 2013, as new economic challenges for its low-income U.S. shoppers start to take a toll. (AP Photo/Damian Dovarganes)
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CAPTION CORRECTION OF NAME OF VIDEO SERIES In this Sept. 27, 2012 photo provided by Jackson Hewitt Tax Service, Mark Steber, right, interviews Justine Watson about the fiscal cliff in Madison Square Park for Jackson Hewitt's "On the Street" video series, in New York. (AP Photo/Jackson Hewitt Tax Service)
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This photo taken Wednesday, Jan. 9, 2013 shows H&R Block Tax preparer Tracey Wales, right, working with customer Muneer Sheikh, on preparing his taxes, at H&R Block office downtown in Washington. Taxpayers preparing to file their 2012 returns can breathe a collective sigh of relief. The alternative minimum tax or AMT has been patched, permanently, and several tax credits and deductions that technically expired at the end of 2011were extended as part of the fiscal cliff legislation that Congress passed and President Barack Obama signed into law in January 2013. (AP Photo/Pablo Martinez Monsivais)
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This photo taken Jan. 9, 2013 shows H&R Block Tax preparer Tracey Wales, right, working with customer Muneer Sheikh, on preparing his taxes, at H&R Block office downtown in Washington. Taxpayers preparing to file their 2012 returns can breathe a collective sigh of relief. The alternative minimum tax or AMT has been patched, permanently, and several tax credits and deductions that technically expired at the end of 2011 were extended as part of the fiscal cliff legislation that Congress passed and President Barack Obama signed into law in January 2013. (AP Photo/Pablo Martinez Monsivais)
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Dressed as the Statue of Liberty, part-time employee, Zidkijah Zabad, waves to passing motorists while holding a sign to advertise for Liberty Tax Service in Los Angeles, Tuesday, Jan. 22, 2013. (AP Photo/Jae C. Hong)
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FILE - In this Aug. 17, 2012 file photo, Kansas Gov. Sam Brownback answers questions about tax issues during an interview with The Associated Press in his office at the Statehouse in Topeka, Kan. Emboldened by big majorities and eager to lure businesses, Republican legislators and governors across the Midwest and South are planning to pursue hundreds of millions of dollars of tax cuts in the new year. (AP Photo/John Hanna)
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In this Sept. 6, 2011 file photo, incoming Missouri Senate President Pro Tem Tom Dempsey, R-St. Peters, is seen before the Senate convened for the first day of the special legislative session in Jefferson City, Mo. Emboldened by big majorities and eager to lure businesses, Republican legislators and governors across the Midwest and South are planning to pursue hundreds of millions of dollars of tax cuts in the new year. (AP Photo/Kelley McCall)
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President Barack Obama pauses as he speaks to reporters about the fiscal cliff in the Brady Press Briefing Room at the White House in Washington, Friday, Dec. 21, 2012. (AP Photo/Charles Dharapak)
Maine senator seeks tax break on electric vehicles
AUGUSTA, Maine (
AP) — Owners of plug-in electric vehicles would get tax breaks in Maine if a bill up for review this week passes.
Bangor Democratic Sen. Geoffrey Gratwick's bill would create an income tax credit for the purchase of qualified plug-in electric vehicles. The break would be equal to the excise tax paid, up to $1,000. A hearing is planned Monday afternoon before the Taxation Committee.
Maine wouldn't be the first state to pass such a tax credit. Colorado offers a tax credit of 85 percent for conversions completed between Jan. 1, 2010 and Jan. 1, 2012, lowering the cost of converting to electric hybrids.
The tax credit proposed in Maine would expire Jan. 1, 2017.
Tags:
united states senate, taxation in the united states, taxation, maine, income tax, plug-in hybrid, business, tax, tax refund, tax credit, electric vehicles, indirect tax, income tax credit, plug-in electric vehicles, democratic sen. geoffrey
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