The House of Representatives approved Friday a proposal to grant tax relief on the sale and purchase of the so-called energy-saving and environment-friendly hybrid electric vehicles or HEVs in the CNMI.<\/p>\n
The House passed House Bill 14-373, authored by Rep. Clyde Norita, which aims to reward car dealers who sell HEVs and people who buy these type of vehicles.<\/p>\n
Norita said HEVs combine gasoline engines and electric motors for a much more fuel-efficient vehicle. He said these types of vehicle run 30 to 60 miles on a gallon of fuel.<\/p>\n
For instance, he said the Toyota Prius runs 60 miles on a gallon of fuel while the Toyota Highlander Hybrid runs 38 miles per gallon. The Honda Civic Hybrid can run up to 51 miles per gallon of fuel.<\/p>\n
\u201cThe benefits of HEVs are plentiful. It is much more friendly to the environment as a whole. In addition, it can save the owners of HEVs hundreds, even thousands of dollars a year in fuel cost,\u201d Norita said.<\/p>\n
The lawmaker said that upon purchase of an HEV, people can save a total of $3,500 worth of taxes.<\/p>\n
He said that right now, the Internal Revenue Service, through Public Law 108-311, allows taxpayers who purchase new HEVs to deduct up to $2,000. But a sunset provision exists and that deduction may only be taken by consumers who purchase such vehicles for personal use.<\/p>\n
He said his bill offers tax incentives to both car dealers and buyers.<\/p>\n
He said sellers shall receive tax relief in the form of excise tax, beautification tax, and sales tax while the buyers\u2019 tax upon purchase of new HEVs shall be waived.<\/p>\n
Norita said this kind of legislation is timely in view of the rising costs of fuel worldwide.<\/p>\n
H.B. 14-373 now goes to the Senate for action. (Liberty Dones)<\/p>\n","protected":false},"excerpt":{"rendered":"
The House of Representatives approved Friday a proposal to grant tax relief on the sale and purchase of the so-called energy-saving and environment-friendly hybrid electric vehicles or HEVs in the CNMI.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-93245","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/93245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=93245"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/93245\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=93245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=93245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=93245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}