Congress Proposal to Lift the 60,000 cap & ...

Catskillguy · 04-17-2006, 01:50 PM

A couple of notes gleaned from Hybridcenter.org

Lifting the 60,000 cap on the hybrid tax credit (bill): Senators Evan Bayh (D-IN), Joe Lieberman (D-CT), and Sam Brownback (D-KS) have introduced a broad bill (S. 2025) that would remove the cap on hybrid tax credits as part of a package to reduce domestic oil usage. Representative Jack Kingston (R-SC) and Elliot Engle (D-NY) introduced a similar bill (H.R. 4409) in the House. Representative Chris Shays (R-CT) introduced a broad ranging energy bill (H.R. 4384) that in addition to several incentives for renewable energy and energy efficiency across all energy sectors would remove the cap on hybrid tax credits.

AND[b]

Domestic hybrid extended tax credit (bill): Congressman Rahm Emanuel (D-IL) has introduced H.R. 4458, the 'American Hybrid Tax Credit Act of 2005.' The bill would give an additional $3,000 tax credit over and above the currently enacted federal tax credits for "a new qualified hybrid motor vehicle which is assembled in the United States." The total tax credit would be capped at $6,000. This would currently apply to the Ford Escape Hybrid and Mercury Mariner. Models expected to be released in 2006 that would qualify for this extended credit would be the Toyota Camry Hybrid (built in Kentucky) and the Nissan Altima Hybrid (built in Tennessee). Referred to the Ways and Means Committee 12/7/05.

micheal · 04-17-2006, 03:30 PM

Whoa, an additional $3k for those built in the US?!

Makes me want to get on the list for a TCH! An approximately $5K tax credit will make that an even hotter seller IMO.

naterprius · 04-17-2006, 04:07 PM

Spectacular. But why is it "2005" instead of "2006"?

Nate

dipper · 04-17-2006, 04:15 PM

If both comes into law, watch everyone will cancel their order and wait for Jan 2007... Just like the Prius... <_<

Clar · 04-17-2006, 04:25 PM

the bills were introduced in late 2005. Don't know if it's dead or not.

If camry hybrid gets $5k over all tax credit, i'm gonna get one right away!!!

dipper · 04-17-2006, 04:39 PM

<div class='quotetop'>QUOTE(Clar @ Apr 17 2006, 01:25 PM) [snapback]241053[/snapback]</div>

Quote:

the bills were introduced in late 2005. Don't know if it's dead or not.

If camry hybrid gets $5k over all tax credit, i'm gonna get one right away!!!
[/b]

Did a search... no new update since it was first introduced in 12/7/05. Looks like there might be some action because it is mid-term elections this fall.

If both are passed, I am hoping for the rumor 08 Honda Fit hybrid. Since that new one will probably be built in US, it might qualify for all $6k. Imagine a $17k Fit hybrid costing me only $12k after all the credits and tax.

That rumor Honda Fit hybrid is supposed to get a more powerful 1.0L engine and electric motor from the Insight.

04-17-2006, 01:50 PM	#1
Catskillguy Join Date: Oct 2005 Location: Mid Hudson Valley NY Posts: 536 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	A couple of notes gleaned from Hybridcenter.org Lifting the 60,000 cap on the hybrid tax credit (bill): Senators Evan Bayh (D-IN), Joe Lieberman (D-CT), and Sam Brownback (D-KS) have introduced a broad bill (S. 2025) that would remove the cap on hybrid tax credits as part of a package to reduce domestic oil usage. Representative Jack Kingston (R-SC) and Elliot Engle (D-NY) introduced a similar bill (H.R. 4409) in the House. Representative Chris Shays (R-CT) introduced a broad ranging energy bill (H.R. 4384) that in addition to several incentives for renewable energy and energy efficiency across all energy sectors would remove the cap on hybrid tax credits. AND[b] Domestic hybrid extended tax credit (bill): Congressman Rahm Emanuel (D-IL) has introduced H.R. 4458, the 'American Hybrid Tax Credit Act of 2005.' The bill would give an additional $3,000 tax credit over and above the currently enacted federal tax credits for "a new qualified hybrid motor vehicle which is assembled in the United States." The total tax credit would be capped at $6,000. This would currently apply to the Ford Escape Hybrid and Mercury Mariner. Models expected to be released in 2006 that would qualify for this extended credit would be the Toyota Camry Hybrid (built in Kentucky) and the Nissan Altima Hybrid (built in Tennessee). Referred to the Ways and Means Committee 12/7/05. __________________ BT Chassis Stiffening Plate, Mud Flaps, Rear Bumper Rubber Protector OEM, WeatherTech Floor & Cargo Rubber Mats, ExactFit Seatcovers Seaside Pearl '06, Base Prius and Proud of it!

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04-17-2006, 03:30 PM	#2
micheal I feel pretty, oh so pretty. Join Date: Apr 2005 Location: Lubbock, TX Posts: 842 My Car: 2004 Prius Model: Package: #6 Thanks: 1 Thanked 0 Times in 0 Posts Friends: 0	Whoa, an additional $3k for those built in the US?! Makes me want to get on the list for a TCH! An approximately $5K tax credit will make that an even hotter seller IMO.

04-17-2006, 04:07 PM	#3
naterprius Senior Member Join Date: Mar 2004 Location: USA Posts: 1,831 My Car: Other Non-Hybrid Model: Package: N/A Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	Spectacular. But why is it "2005" instead of "2006"? Nate

04-17-2006, 04:15 PM	#4
dipper Senior Member Join Date: May 2005 Posts: 603 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	If both comes into law, watch everyone will cancel their order and wait for Jan 2007... Just like the Prius... <_<

04-17-2006, 04:25 PM	#5
Clar Senior Member Join Date: Mar 2004 Location: DC/MD/VA Posts: 151 My Car: Model: Package: Thanks: 0 Thanked 2 Times in 2 Posts Friends: 0	the bills were introduced in late 2005. Don't know if it's dead or not. If camry hybrid gets $5k over all tax credit, i'm gonna get one right away!!!