DOMENICI TEST DRIVES HYBRID SUV - A VEHICLE FOR WHICH BUYERS GET $2,500 TAX CREDIT IN ENERGY BILL
SUV does 576 miles of city driving on 1 tank of gas
June 16, 2004
12:00 AM
Washington, D.C. – Senate Energy & Natural Resources Chairman Pete V. Domenici today test drove the 2005 Ford Escape – a nearly emission-free hybrid SUV that runs on gasoline and electricity, getting an estimated 35-40 miles per gallon in city driving.
The Ford Escape is the newest example of the hybrid vehicles for which consumers receive a substantial tax credit in the energy bill. Currently, a consumer buying a hybrid vehicle would get a $1,500 tax deduction. Under the energy bill, that is substantially expanded into a $2,500 tax credit.
This tax credit is part of the energy tax package passed out of the Senate last month. The package is a key component of S. 2095 – the Energy Policy Act of 2003.
The 2005 Ford Escape Hybrid is the world’s first hybrid sport utility vehicle. It will be available to consumers later this summer. The vehicle can operate independently using gas or electric power, minimizing exhaust emissions and maximizing fuel efficiency.
Chairman Domenici’s statement:
“U.S. automakers are designing cars – and now SUVs – that use less gasoline and keep our air clean. Congress is using generous tax credits to get those vehicles on the road. My energy bill includes a $2,500 tax credit for consumers who buy a hybrid vehicle. With these credits, we are trying to replace gas-guzzling SUVs with a hybrid like the Ford Escape, reducing America’s reliance on oil and cleaning up our air.
This energy bill does more for conservation and environmental protection than anything we are doing now. The substantial tax credit for hybrid cars is a prime example; as are the expanded credits for renewable energy, the investments in hydrogen and clean coal research, and the incentives to build energy-efficient homes, offices buildings and appliances. Let’s pass the bill and start making a difference in environment.”
###