Bank of America is offering $3000 to employees ~ Hybrid Car Review
Hybrid Car Review: Bank of America is offering $3000 to employees

Friday, February 02, 2007

Bank of America is offering $3000 to employees

Bank of America Hybrid IncentiveBank of America is offering $3000 to employees who purchase hybrid cars. Any hybrid car, that is, that qualifies for any part of the hybrid car tax credit. This is good news and becoming a familiar theme for larger companies across the nation. Google and Timberland, for example, also offer incentives (checks) to employees who buy hybrids.

Bank of America (BofA) had previously tried giving this hybrid incentive in just Boston, LA and Charlotte, but now they are rolling it out nationwide.

I'm happy to see it happening, and I hope to see it more often. But I wonder about the results when you give a flat rate for any of the hybrids that qualify for the tax credit on the market today. If the incentive is part of a green campaign, why not offer a tiered incentive based on the vehicle the employee purchases.

For instance, there is a clear difference between buying a Saturn Vue Hybrid and a Toyota Prius, both in fuel economy and in environmental issues. But since they both qualify for the tax credit, if an employee buys either one, he or she will get a check for $3000.

By the way, if you work for any of these companies that offer these incentives, don't forget the IRS has ruled you will have to pay taxes on them.

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