Many many years ago in a Congress far far away a law was passed that offered tax credits for the purchase of hybrid cards and light trucks. The law was the Energy Act of 2005, the Congress was the 109th, and President Bush was the one who signed it. It created a tax credit of up to $3,400 for qualifying vehicles but the credit expired when 2010 came to a close.
What took its place was a new tax credit on electric vehicles created by the American Recovery and Reinvestment Act of 2009. Electric vehicles purchased in or after 2010 is eligible for up to $7500 in tax credits.
Here’s what the two associated sections say:
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