U.S. Treasury Secretary Details Tax Breaks for Hybrid Vehicles
WASHINGTON, D.C. – U.S. Treasury Secretary John Snow recently outlined details of proposed tax breaks for people who buy hybrid gasoline-electric vehicles. The breaks would give people who buy or lease hybrid cars and trucks a tax credit up to $3,400.The credit was initially announced in Washington D.C. as part of an energy bill signed into law in August, but it applies to vehicles that were put into service after Jan. 1. If an individual or a business bought more than one vehicle, each would be eligible for the tax credit. The credit could also apply to vehicles that use other alternative-fuel technology, such as fuel cells that convert chemical energy into electricity.The tax credits will be phased out for each manufacturer once that company has sold 60,000 eligible vehicles.