A bill has been introduced in the U.S. Senate to provide a tax credit for converting a used gasoline vehicle into a hybrid. The goal of the legislation is to help reduce the nation’s dependency on foreign oil. Businesses with fleets of vans, trucks and cars would be the primary beneficiaries. The tax credit would vary from $3,000–$8,000 based on vehicle weight. The tax credit would be paid for by federal funds not otherwise obligated for other programs. In order to qualify, the vehicle must be used or leased and not for resale, and achieve a specified fuel savings once converted.
For more information, please contact Dan Sadowski at dans@sema.org.