Originally published February 26 2006
Hybrid vehicle owners can claim tax credits up to $3,400
by Mike Adams, the Health Ranger, NaturalNews Editor
Under new guidelines from the Treasury Department, hybrid car buyers are able to claim a fuel economy credit of $400 to $2,400 and an additional "conservation credit" of $250 to $1,000 based on estimated lifetime fuel savings.
Consumers who buy hybrid vehicles can claim tax credits of as much as $3,400 under new guidelines issued Friday by the Treasury Department, partially offsetting the higher sticker prices of the gas-electric cars and trucks.
Buyers can claim a fuel economy credit of $400 to $2,400, according to the guidelines, and also can claim an additional "conservation credit" of $250 to $1,000, based on the estimated lifetime fuel savings.
Toyota Motor Corp., Honda Motor Co. and Ford Motor Co. all sell hybrids in the U.S.
"I commend the manufacturers who are making these energy-efficient and environment-friendly vehicles and hope that the President's energy bill proves to be an important step in their rising prominence on American roads," said Treasury Secretary John Snow, who announced the details of the tax plan at a Ford facility in Dearborn after visiting the Detroit Auto Show.
That means Toyota, which sold more than 100,000 of its hybrid Prius models last year, will likely lose the credit before its competitors.
Ford started selling a hybrid version of its Escape sport-utility vehicle in August 2004.
The company estimates a front-wheel-drive Escape hybrid will get 35 to 40 miles per gallon of fuel in city driving, compared with 20 for the gasoline-only model.
Toyota created the hybrid market when it began selling Prius in Japan in 1997.
U.S. demand for the car, which the government estimates can travel as far as 60 miles per gallon of gasoline, has surged.
Ford was the first U.S. automaker to begin selling hybrids.
His company was the first to offer a gasoline-electric sport-utility vehicle and is trying to catch up to Toyota.
The automaker plans "to put more marketing muscle" this year behind hybrid versions of Escape and Mariner, Fields said.
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