House Passes Energy Bill

I tried looking at the bill, but couldn't find the answer: any mention of continuing the tax credit at the current level or increasing it?

 

I haven't read too much on this, but since the CA governor signed this and the senate approved........ does this mean that I can now drive in the carpool lane alone?

 

Think President still needs to sign before bill is offical, but expected to be soon.

 

All right, thank you.

 

Does this mean that a big nice person truck that's technically a hybrid getting 18 Mpg can be in the carpool lane with one passenger? Will the hybrid just become another loophole.

 

You will also need to apply for a decal from the DMV.

 

The state must define Hybrid. In CA I believe it must get 45mpg and be a low emission vehicle (not sure which level of low)

 

Doesn't this bill also include the Daylight Savings Time extension which means we're in DST 9! months out of the year?

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House passes energy bill but not transportation bill...yet

While the energy bill has been passed, it is the transportation bill (H.R.3) that must be passed & signed that would allow the individual states define how the HOV lanes will be used in their boundaries. That's expect to happen this Friday.
[hr:d158884ab8]
H.R.3

Safe, Accountable, Flexible, and Efficient Transportation Equity Act of 2005 (Engrossed Amendment as Agreed to by Senate)

SEC. 1606. USE OF HIGH OCCUPANCY VEHICLE LANES.

Section 102 of title 23, United States Code, is amended by striking subsection (a) and inserting the following:
(excerpts below...)
(a) HIGH OCCUPANCY VEHICLE LANE PASSENGER REQUIREMENTS-
(3) EXCEPTIONS TO HOV OCCUPANCY REQUIREMENTS-
(B) LOW EMISSION AND ENERGY-EFFICIENT VEHICLES-
(iv) EXEMPTION FOR LOW EMISSION AND ENERGY-EFFICIENT VEHICLES- A responsible agency may permit qualifying low emission and energy-efficient vehicles that do not meet applicable occupancy requirements (as determined by the responsible agency) to use high occupancy vehicle lanes if the responsible agency--
(I) establishes a program that addresses how those qualifying low emission and energy-efficient vehicles are selected and certified;
(II) establishes requirements for labeling qualifying low emission and energy-efficient vehicles (including procedures for enforcing those requirements);
(III) continuously monitors, evaluates, and reports to the Secretary on performance; and
(IV) imposes such restrictions on the use on high occupancy vehicle lanes by vehicles that do not satisfy established occupancy requirements as are necessary to ensure that the performance of individual high occupancy vehicle lanes, and the entire high occupancy vehicle lane system, will not become seriously degraded.

 

Boo!

[font=Comic Sans MS:43fe001bcd]So apropriate that you post follows mine, Count Louie!

It's downright scary in DC...[/font:43fe001bcd]

 

© NEW QUALIFIED HYBRID MOTOR VEHICLE CREDIT

(1) IN GENERAL- For purposes of subsection (a), the new qualified hybrid motor vehicle credit determined under this subsection with respect to a new qualified hybrid motor vehicle placed in service by the taxpayer during the taxable year is the credit amount determined under paragraph (2)

(2) CREDIT AMOUNT FOR LIGHTER VEHICLES

(A) IN GENERAL- In the case of a new qualified hybrid motor vehicle which is a passenger automobile, medium duty passenger vehicle, or light truck, the credit amount determined under this paragraph shall be--

(i) $400, if such vehicle achieves at least 125 percent but less than 150 percent of the 2002 model year city fuel economy,

(ii) $800, if such vehicle achieves at least 150 percent but less than 175 percent of the 2002 model year city fuel economy,

(iii) $1,200, if such vehicle achieves at least 175 percent but less than 200 percent of the 2002 model year city fuel economy,

(iv) $1,600, if such vehicle achieves at least 200 percent but less than 225 percent of the 2002 model year city fuel economy,

(v) $2,000, if such vehicle achieves at least 225 percent but less than 250 percent of the 2002 model year city fuel economy, and

(vi) $2,400, if such vehicle achieves at least 250 percent of the 2002 model year city fuel economy.


2002 MODEL YEAR CITY FUEL ECONOMY

Vehicle inertia weight class....fuel economy:
1,500 or 1,750 lbs ................. 45.2 mpg
2,000 lbs ............................... 39.6 mpg
2,250 lbs ............................... 35.2 mpg
2,500 lbs ............................... 31.7 mpg
2,750 lbs ............................... 28.8 mpg
3,000 lbs ............................... 26.4 mpg
3,500 lbs ............................... 22.6 mpg
4,000 lbs ............................... 19.8 mpg
4,500 lbs ............................... 17.6 mpg
5,000 lbs ............................... 15.9 mpg
5,500 lbs ............................... 14.4 mpg
6,000 lbs ............................... 13.2 mpg
6,500 lbs ............................... 12.2 mpg
7,000 to 8,500 lbs ................. 11.3 mpg

 

Hybrid inertia weight classes (MY2005):

Prius & Civic (CVT): 3000

Insight (CVT): 2250

Escape (CVT): 4000

 

Not to rain on the HOV lane crowd (we do not have them in Michigan where we expect everyone to own several, large, american made cars) but if you read this "bill" a bit more carefully...

a State may permit a vehicle with fewer than 2 occupants to operate in high occupancy...

All it means is that the Feds are allowing the states to overide a federal stipulation with their OWN law. It's up to the states to then create and pass a law allowing hybrids to access the HOV with one passenger.

 

For example, Georgia has law that goes into effect as soon as Feds pass this measure. Find out where your state stands here: http://www.hybridcars.com/incentives-legislation.html


As for the tax incentives, I believe that the incentives are tax *CREDITS* in 2006 - 2009, and depending on the credit, possibly much more lucrative than the tax *DEDUCTIONS* we are now getting through 2005. Deductions simply reduce your income before tax is computed, while credits are a straight subtraction off of your final tax bill. Depending on credit, might be worth it to delay your purchase until 2006 if your name comes up on the dealers list in December.

 

Hmmmmmmmm........

That means that we who bought ours in 2005 get a deduction, and those who buy in 2006 get a credit?
Or is the credit applied in the the calendar year of 2006 to reflect tax year 2005? When does all of this take effect?

 

If you buy in 2005, you get the $2000 deduction on your 2005 taxes (filed in April 2006), and assuming that you are in roughly 33% tax bracket, you are looking at a net effect of $666 reduction in your final tax.

When president signs bill, the incentives for 2006 go into effect, and if you purchase in 2006 you will get a credit on your 2006 taxes (filed in 2007). If I read the table above correctly, this appears to be a $1200 credit for the Prius, and you are looking at an extra $500+ in your pocket.

 

CNN Money had this to say in the summary they posted:

By purchasing a hybrid or diesel car after Jan. 1, 2006, consumers can get a tax credit anywhere from $500 to $3,400 dollars, depending on the fuel efficiency of the car.

The tax credit for a Toyota Prius, for example, would range anywhere from $2,500 to $3,000, according to Toyota.

 

And, if what someone else said earlier about the deduction being limited to one instance in 3 years, I will not even get the deduction on the Prius that I bought in 2005 because I took a deduction this year (TY2004) for a new 2004 HCH....

Oh well........