The number of hybrid cars purchased last month jumped dramatically from 34,000 in March 2011 to 52,000 in March 2012. This number sets a record for the hybrid vehicle market. The release of new hybrid car models, as well as the ever-increasing price of gas, contributed to the sales spike, according to an article in The Tennessean.
In light of the rise in popularity of hybrid vehicles, it’s no surprise that Colorado amended its innovative motor vehicle credit so that now lessees, not just purchasers, of hybrid vehicles are also entitled to the credit. The legislation enacting the changes, H.B. 1299, makes it clear that the lessees, not the lessors, are the taxpayers eligible for the credit. This change should make it attractive for even more consumers to consider driving a hybrid vehicle.
California, Florida, Georgia, Maryland, Michigan, Pennsylvania, South Carolina, Utah, and Wisconsin also offer various hybrid vehicle tax credits and incentives, according to the Bloomberg BNA Green Incentives Navigator.
In other developments . . .
The Massachusetts Department of Revenue issued final regulations implementing its conservation land credit. The credit is a refundable tax credit available to corporations equal to 50 percent of the fair market value of a qualified donation of certified land to a public or private conservation agency. For more information about the regulations, check out Bloomberg BNA State Tax Law Editor Denise Ryan’s article in the Weekly State Tax Report.
By: Kathleen Caggiano
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