The Governor of Puerto Rico, Luis G. Fortuno, has signed a law that grants a rebate on the excise tax paid on the purchase of hybrid and fully-electric vehicles.
In order to strengthen the Administration’s policy of reducing the use of combustible fuels, the tax relief for such vehicles has been increased from the USD2,000 excise tax refunds that were previously available.
Under the new measure, up to a 65% excise tax reimbursement, or a maximum of USD8,000, will be available for purchasers of hybrid vehicles for one year from July 1 this year, while 50% (not exceeding USD6,000), 40% (not exceeding USD4,000) and 20% (not exceeding USD2,000) in tax relief will be provided for the years from July 1, 2013, July 1, 2014, and July 1, 2015, respectively.
In addition, a 100% excise tax exemption will be given to buyers of fully-electric vehicles until 2016..
TAGS: tax | law | legislation | Puerto Rico | tax incentives | tax breaks | environment | excise duty | energy
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