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Congressman Dutch Ruppersberger believes that hybrid vehicles will save fuel and protect the environment. And he wants to help you purchase one. For the last several years, people who purchase new hybrid vehicles could get a tax deduction of up to $2,000 under the IRS's Clean Fuel Tax Deduction. However, just as the price of oil is at its peak, this tax break is being eliminated. It is dropping to $1,500 this year and will go away completely in 2007. Dutch has sponsored a bill, HR 5146, which will restore the full tax deductions and credits for purchasing clean fuel vehicles, including hybrids, electric and fuel cell vehicles. It will also renew incentives for alternate fuel research and production, including ethanol, bio-diesel and alcohol based fuels. "The tax incentives provided by this bill would not only save consumers money--but spur market demand for more fuel-efficient vehicles. As people around the country embrace cleaner, more efficient cars, American automobile manufacturers must continue to improve fuel efficiency in order not to lose market share and jobs", said Congressman Ruppersberger. We need to get cleaner vehicles on the road. We need to renew these important incentives. Please help our effort to pass this bill: How You Can Help
Related ReadingNational Renewable Energy Laboratory: Hybrid Electric and Fuel Cell Vehicles IRS: The Clean Fuel Tax Deduction: USA Today: Going Green with Car can save you some Green Bank Rate Monitor: Tax Breaks for Gas Savers |
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