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PLUG-IN HYBRID Rebates for plug-in hybrids were signed into law last week, as existing tax credits for renewable energy were extended. The law will give drivers of plug-in hybrid vehicles a tax credit of between $2,500 and $7,500, depending on the capacity of the battery. Larger vehicles, such as trucks, have larger credits.
"The new tax credits for plug-in cars are higher than either presidential candidate has proposed. Now automakers and car buyers will no longer see higher up-front costs as a showstopper," Felix Kramer, founder, the California Cars Initiative, said in a statement. "And with this legislation, we'll also get more wind and solar energy that will make plug-in cars drive cleaner every year they're on the road."
HYBRID Tax Credits On August 8, 2005, President Bush signed the comprehensive energy bill into law. Included were new tax credits for advanced vehicle technologies ranging from $250 to $3,400 depending on the vehicle's level of fuel economy improvement. Vehicles purchased after December 31, 2005 may qualify. The Union of Concerned Scientists estimates the following credits for each hybrid vehicle currently sold:
For more information on state and federal incentives, see the Hybrid Center website. Info on Alternative Motor Vehicle tax forms can be found at the IRS website. |
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