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Toyota Prius is First Hybrid Vehicle Certified by IRS for $2,000 Tax Deduction

August 15, 2002

Toyota Motor Corp.'s Prius has qualified for a $2,000 U.S. tax deduction, the first gasoline-electric vehicle to be certified under a program to encourage sales of low-pollution cars and trucks. Buyers of new 2001, 2002 and 2003 models can claim the deduction for the year when the car first was put to use, the Internal Revenue Service said in a statement. The IRS said in May that it would expand the deduction from electric vehicles to the hybrid cars and trucks.
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