Consumer Reports, however, even the “most cost-effective models require an investment of about five years for the owner to break even.” This legislation will reduce this cost recovery period.
The state tax credit for the purchase of hybrid vehicles expired in 2005. The federal government provided a personal income tax deduction of up to $2,000 for hybrid vehicles purchased in 2004 and 2005. In 2006, the federal tax deduction converted to a tax credit the amount of which depends on the make and model of the vehicle and the date on which it was purchased. This credit phases out as more vehicles are purchased.
On Long Island, drivers of hybrid vehicles are entitled to use the High Occupancy Vehicle lane on the Long Island Expressway.