New move to offer tax credits for hybrid-car purchases
#1
04-20-2005, 05:16 PM
New move to offer tax credits for hybrid-car purchases
With concern over U.S. dependence on foreign oil deepening, a renewed effort is forming in the Senate to give consumers tax credits for the purchase of hybrid gas-electric cars and other energy-efficient vehicles. Sen. Orrin Hatch, R-Utah, plans to introduce a bill later this month to provide tax credits for the purchase of hybrids such as the Toyota Prius.
The amount of the credit would vary depending on fuel savings and the type of technology employed, with models that use more advanced technologies and little or no gasoline or other petroleum products eligible for the largest credits.
"The benefits for hybrids are scaled," said J.J. Brown, an aide to Hatch. "The more of the technology you are using, the more of the tax benefit you would get."
A similar plan was included two years ago in the Senate version of legislation to overhaul the nation's energy policies and retained in negotiations with the House. But the plan died when the energy measure ran aground as the result of other issues.
The amount of the credit would vary depending on fuel savings and the type of technology employed, with models that use more advanced technologies and little or no gasoline or other petroleum products eligible for the largest credits.
"The benefits for hybrids are scaled," said J.J. Brown, an aide to Hatch. "The more of the technology you are using, the more of the tax benefit you would get."
A similar plan was included two years ago in the Senate version of legislation to overhaul the nation's energy policies and retained in negotiations with the House. But the plan died when the energy measure ran aground as the result of other issues.
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