Buy a Diesel Liberty, Get a Tax Credit?
Date 2005/8/2 8:23:03 | Topic: Liberty
|President Bush might be signing a new national energy plan into law soon that expands the hybird tax-credit to clean-burning diesel cars, trucks, and SUVs. |
Here's a snippet of a press release discussing the law:
American drivers who purchase newer, cleaner-burning diesel cars, trucks and SUVs will soon be eligible for the same kind of tax incentives as purchasers of gasoline-hybrid electric vehicles under a new national energy plan expected to be signed into law soon by President George W. Bush. Along with hybrids, clean diesel vehicles offer a fuel sipping alternative that is 20 to 40 percent more efficient than gasoline alternatives, according to the Diesel Technology Forum (DTF).
"Congress and the president recognize the important role clean diesel technology will play in meeting America's future energy and environmental goals," said Allen Schaeffer, executive director of DTF. The U.S. Department of Energy reports that if diesel vehicles reached a 30 percent market share by 2020, it would reduce U.S. consumption of oil by 350,000 barrels a day.(1)
Beginning January 1, 2006, the new law allows consumers who purchase some new diesel-powered cars, light trucks and SUVs to be eligible for up to $3,400 in tax credits based on the weight, fuel efficiency rating and emissions level of the vehicle, as determined by the U.S. Environmental Protection Agency. The credit is available through December 31, 2010.