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.
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.
Spc. Jeffrey Hamme and Staff Sgt. Michelangelo Merksamer of HHC, 1/506th Infantry, point out features of the Hybrid Electric Humvee at the AUSA Annual Meeting earlier this month. The two Soldiers participated in a Military Utility Assessment of the prototype vehicle last month at Fort Campbell, Ky.
Ford's 'Hybrid Patrol,' a 10-city initiative this fall that aims to show hybrid drivers how to drive for best fuel economy. EV World photo of Bill and Lisa Hammond on way to first Ford Patrol event in Detroit during stop-over in Omaha.