GE Capital Solutions Fleet Services announced a Hybrid Rebate Program for companies that lease hybrid vehicles.


Nearly $875 million of the Energy Tax Incentives Act of 2005 $14.5 billion is reserved for advanced vehicular technology projects such as hybrid tax credits. Despite this, leasing companies have been waiting for additional guidance from the IRS.

"While it's unclear what may happen with future hybrid incentive programs from the IRS, we wanted to put a program together that would help our customers today," said Robert Kruger, commercial tax leader for GE Capital Solutions Fleet Services.

The IRS sets the vehicle-specific credit amounts and OEM-specific phase-out requirements. Based on IRS regulations, GE Capital Solutions tracks eligible vehicles for its customers by using PricewaterhouseCoooper's Like Kind Exchange Services group to calculate the hybrid credit based on eligible vehicles as reported by Polk's VIN validation service. GE Capital Solutions provides the allocated rebate to its customers and does not charge an additional administrative fee for the service. GE Capital Solutions approved more than $2.2 million in hybrid rebates for its customers in 2007.