US Treasury Secretary Details Hybrid Car Tax Breaks

The tax credits are limited in the sense that they will be phased out for each manufacturer once that company has sold 60,000 eligible vehicles.

Published: 13-Jan-2006

DETROIT (Reuters) - U.S. Treasury Secretary John Snow, aiming to boost the ailing domestic auto industry and encourage conservation, on Friday outlined details of proposed tax breaks for people who buy hybrid gasoline-electric vehicles.

At a Ford Motor Co. research center in suburban Detroit, Snow discussed tax policy changes that would give people who buy or lease increasingly popular hybrid cars and trucks a tax credit up to $3,400.

"Development and use of hybrid vehicles is a key step toward reducing gasoline consumption, emissions of air pollutants and greenhouse gas emissions," Snow said in comments prepared for delivery.

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