HB 74, a bill that offers a larger tax incentive to Utahns who opt to purchase more fuel efficient vehicles, passed in the House today.
Sponsored by Representative Lowry Snow of St. George, the bill extends the current $2,500 tax incentive to encompass not only compressed natural gas (CNG) vehicles, but also hybrids and electric cars. Plug-in hybrids are also included.
Although there are incentives in place for hybrid and electric vehicles, the write-off amount is significantly less —only $650.
Not everyone is singing the bill's praises. A $7,500 federal tax incentive for the purchase of a clean energy vehicle is already in place, making some question the need for an initiative on the state level.
Others voiced the issue that HB 74's passage could potentially effect Utah businesses that rely on jobs in the coal industry, as well as the fact that Utahns of lower economic status cannot afford to purchase new vehicles that fall under HB 74's guidelines.
HB 74 ultimately passed with a 59-13 vote and is now on its way to the state Senate.
What are your opinions on HB 74?