Number: RS22558
Title: Tax Credits for Hybrid Vehicles
Authors: Salvatore Lazzari, Resources, Science, and Industry Division 
Abstract: The Energy Policy Act of 2005 replaced a $2,000 deduction for hybrids with a system of tax credits that vary according to fuel efficiency and estimated lifetime fuel savings, compared with a 2002 comparable gasoline-only model. These credits, which range from $250 to $3,400 per vehicle, went into effect on January 1, 2006, and are available through December 31, 2009. However, there is an approximately 60,000-per-manufacturer limit on the number of hybrid vehicles that would qualify for the full credit.
Pages: 6
Date: February 7, 2008