Once an automaker sells 60,000 eligible vehicles, the tax credit phases out for that company's customers. In an effort to deal with high gas prices, President Bush said Tuesday he wants to remove that cap. Bush spoke to a convention of Renewable Fuels Association, which represents producers of ethanol.
The cap was designed as an incentive for sales of GM and Ford hybrid cars. Toyota, with its popular Highlander and Prius, is expected to hit the cap later this year. But it should take Ford and GM a lot longer to hit that cap.
The tax credit allows consumers who buy hybrids to get a tax credit ranging from $250 up to $3,400, depending on how efficient the car is and what type of car it is.
Wednesday, April 26, 2006
Bush wants to lift cap on hybrid tax credit
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