U.S. Bailout Bill Includes Tax Breaks for Plug-in Hybrids

Businesses would get $15,000 in tax credits and consumers up to $7,500.

Published: 04-Oct-2008

Consumers and companies get massive tax breaks for buying plug-in hybrid cars and trucks in the economic bailout bill passed in Congress.

The bill, passed by the Senate on Wednesday and the House on Friday, grants businesses up to $15,000 in tax credits for each plug-in hybrid vehicle they buy. Consumers could get up to $7,500 for buying smaller plug-ins such as the 2011 Chevrolet Volt.

Traditional hybrid vehicles couple large battery packs and electric motors with gasoline engines to improve fuel efficiency. Plug-ins would use larger batteries so the vehicles could operate more on electricity and less on gas.

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