President Bush signed an energy bill on Aug 8th according to which hybrid car buyers will get additional tax breaks in 2006. If you will be buying the car this year then a slightly less tax break is in the cards. The bill contains 1724 pages so getting into the required information will not be a cakewalk. To make-work simple, lets have a look at the posting of Department of Energy Web site according to which:
"Starting in 2006, hybrid-car buyers and advanced lean-burn technology vehicles will be eligible for tax credits ranging from $1,700-$3,000; this credit is tied with two components: hybrids that save the most fuel compared with 2002 models, and the vehicle's estimated lifetime fuel savings."
These tax credits are actually a percentage of additional cost of the car, which are fitted with hybrid technology. One could avail this benefit on each vehicle purchased.
Date of this item added : 2005-08-19