HB+63

HB 63

Title: Tax Cuts for Investments in the Environment Act

Sponsors: JBuccilli, KSavage, MKlinger

Purpose: To give tax incentives to big businesses and the average car buyer to stop purchasing wasteful cars such as hummers and instead buy green cars. and a tax increase to people who do buy gas guzzlers. this would be introduced in the sales tax.

eco if a person buys a eco car 1-9,999 dollars get a 1.5% tax cut ,10,000-15,000 dollars they get a 3% tax cut. if they buy a eco car 15,001-20,000 dollars they get a 4% tax cut if they purchase a eco car 30,001 dollars and up get a 6% cut.

gas guzzler same as above but insted of tax cut they get a tax increase.

Eligibilty: the eligiblty would be a person(s) who buys a new car(s) green for tax cut gas gusslers.

Terms and Benefits: A. This bill will go into effect on January 1st, 2011 1. The first thing that this bill will do is increase the demand for eco friendly cars. 2. The next thing that our bill will do is save many car buyers money that year when they are paying taxes. 3. Then with the money saved those people can make investments or buy things which would stimulate the economy. 4. The tax on gas guzzlers will also give the government money as well as helping the environment 5. The tax break on hybrid cars, electric cars, and energy efficient cars gives money back to people who inveat in helping our environment

Fiscal Impact: the fiscal impact would be very small. the revenue lost to the tax cut will be made up with the sales tax increase on gas guzzlers, a car with 25 fuel milage. the other cost would probably be in the range of 15 million U.S. Currency. Equipment-0 marketing-12 million, a 100 dollar grant to add the new tax cut/tax increase in a tv commercial labor-0 energy-0 transportation-0 Education-0 Legal-1million dollars other-5 million for backup