House Bill 1331 (HB 1331), “Incentives for Efficient Motor Vehicles”, created financial incentives to help consumers purchase efficient motor vehicles. The bill extends tax credits to consumers who purchase or convert vehicles that use “cutting edge” technology and petroleum reduction technology, including plug-in hybrid electric conversion technology. Yes, you read that right, they are offering an incentive for plug-in hybrid electric (PHEV) conversions. The tax credits will last until 2015 however at diminishing percentages. Rebates are available to non-profit and government entities who would normally be unable to enjoy a tax break because they pay no taxes, being a non-profit.
Qualifying vehicles include
- Plug-in hybrid electric (PHEV), PHEV conversion, electric vehicles (EV), EV conversion, hydrogen. Credits capped at $6,000.
- Light-duty passenger vehicle diesel-electric hybrid. Credits capped at $6,000.
- Light-duty passenger vehicle, light-duty truck, medium-duty truck diesel-electric hybrid conversions that increase fuel efficiency of the original vehicle by 40% or more, medium duty truck electric hybrids that achieve 30% improved fuel economy compared to similar non-hybrid models Credits capped at $6,000..
- Light-duty passenger vehicle, light-duty truck, medium-duty truck compressed natural gas conversions that have been approved by the U.S. Environmental Protection Agency, compressed natural gas vehicles.EPA SmartWay approved idle reduction technologies. Credits capped at $6,000..
- Highly efficient hybrids (minimum 40 mpg). Credits capped at $6,000. This credit goes to zero in 2013.
- Mildly efficient hybrids (30 to 39.9 mpg). Credits capped at $6,000.. This credit goes to zero in 2011.
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