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Tigard, OR--With gas prices the highest in twenty years Congressman David Wu announced that he would introduce legislation, the Clean Fuel Vehicle Fairness Act of 2004 that would make it easier for businesses and individuals to utilize more fuel-efficient vehicles.
“We have the highest gas prices in twenty years and our tax code still disadvantages the most fuel efficient vehicles on the market. Why under existing tax law does a small business which purchases a vehicle over 6,000 pounds get a bigger tax break than a business which purchases a fuel efficient hybrid vehicle?” asked Congressman David Wu. “My legislation will also extend two expiring tax provision which provide meaningful financial relief to individuals who purchase hybrid vehicles.”
The Clean Fuel Vehicle Fairness Act of 2004 calls for three specific measures that would offer businesses and individuals a fuel-efficient option when purchasing a vehicle. Those three measures are the following: extending the more favorable depreciation rate applied to vehicles over 6,000 pounds to hybrid (clean fuel) vehicles used for business; extending the full $2,000 clean fuel vehicle tax deduction through 2006 for individuals, and extending the full $4,000 electric vehicle tax credit through 2006 for individuals.
“I am not here today to tell anyone what they should and should not drive, but we should reward, not punish those in our communities who choose to drive fuel efficient vehicles.”
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