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BoA Offers Hybrid Credit in Pilot Program

You might be familiar with the recent changes to the hybrid vehicle tax credits [3] but did you know that Bank of America is rolling out a pilot program to over 21,000 employees where they’ll give employees $3,000 if they buy a hybrid and live within 90 miles of Charlotte, Boston or Los Angeles? That’s pretty nice! If you bought a Prius, you would get $3150 back from Uncle Sam and then another $2,250 (assuming you’re in the 25% bracket and BoA’s $3000 gift is considered regular income) for a total of $5,400 off your bill!

Bank of America is not the only company offering incentives to employees buying hybrid vehicles. The Los Angeles Times reports that although the bank’s program could become the largest in terms of workers eligible, the rebate is smaller than those offered to employees by three California firms: Google (Research) and software developer Hyperion Solutions (Research), which the paper reports both offer $5,000 for purchases; and privately-held Integrated Archive Systems, which the Times reports has a $10,000 rebate plan.

via CNN Money [4].