Tax Credits for Hybrid, Electric Trucks Under Senate Bill
Aug 17, 2011 4:19 PM
Sen. Herb Kohl (D-Wis.) introduced S. 1285, the Hybrid and Electric Trucks and Infrastructure Act, which would provide tax credits of up to $24,000 to incentivize the purchase of hybrid and electric medium- and heavy-duty trucks. This bill effectively reinstates the hybrid credit that expired in 2010 and expands it to electric trucks.
This legislation also proposes to provide a tax credit equal to 50 percent of the amount paid or incurred for the purchase and installation of a qualifying idling reduction device up to a credit of $3,500.
“The upfront cost to purchase hybrid or electric trucks — or to retrofit an existing fleet — is high,” Kohl said in a statement. “This credit provides the incentive to get those businesses off the sidelines.”
The per-vehicle tax credit, which expires in 2015, would be based on the incremental cost of the truck, which the legislation defines as the difference between the vehicle and a similar vehicle without the fuel-efficiency technology.
Acceptable Use Policy blog comments powered by Disqus
