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Ford Hybrid Motors Onto Tax Credit List August 2004Oregon continues rewarding people who buy hybrid cars.The state Department of Energy has announced that the 2005 Ford Escape will qualify for tax credits. Tax credits already apply to the 2004 Toyota Prius, Honda Civic and Honda Insight, and state DOE officials expect that the 2005 models of those cars will also qualify. They also expect to add the 2005 Honda Accord, Toyota Highlander and the Lexus RX4000 to the tax-credit list, depending on their performance figures, which haven't been released yet. The credits are available to individuals and businesses buying new vehicles that have a gas-electric drive train, regenerative braking and a battery. Known as hybrids, the cars offer substantial energy savings over conventional-fuel cars. In 2003, 509 people took advantage of the tax credit, said Justin Klure, a policy analyst with the Department of Energy. So far this year, 400 people have applied for the credits, he said. He doesn't expect that number to grow much in the next few months because current buyers are finding at least a six-month waiting period when they go in to buy a hybrid. The tax credit is only available to people who owe taxes, but individuals who qualify for the credit but don't owe taxes can pass the credit along to someone else. Individuals receive a $1,500 credit. Business owners receive 35 percent of the difference between the cost of a hybrid and a similar model conventional car. Cars that operate on biodiesel fuels aren't eligible for credits because there is no conversion cost associated with switching to the biodiesel, Klure said. Source: Register-Guard | ||
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