Bush Proposes to Extend Tax Credits on Hybrids

President Bush proposed today to make all new hybrid vehicles sold this year eligible for the current tax credits. If approved by Congress, the cap by manufacturer would be suspended this year. From his energy statement made this morning:

"If we're trying to conserve energy, if we want to become less dependent on oil, let's provide incentives for consumers to use less energy. The problem is that these tax credits apply to only a limited number of hybrid and clean diesel vehicles for each manufacturer. If the automakers sell more than their limit, new purchasers are not eligible for the full tax credit. And so here's an idea that can get more of these vehicles on the road, and that is to have Congress make all hybrid and clean diesel vehicles sold this year eligible for federal tax credits. We want to encourage people to make wise choices when it comes to the automobiles they drive."

http://www.whitehouse.gov/news/releases/20...4/20060425.html