Bank of America Pilot Program Pays Employees to Buy Hybrids

GreenBiz

CHARLOTTE, N.C., June 9, 2006 - Bank of America has introduced a pilot program that will reimburse $3,000 to bank associates purchasing a new hybrid vehicle. The program will be available to more than 21,000 associates living within 90 miles of Boston, Charlotte, and Los Angeles.

"Given the size of our commuting associate base, the hybrid program expands our commitment to the environment and helps our associates to participate in making a difference while cutting down on their commuting costs," said Anne Finucane, Bank of America global marketing and corporate affairs executive and head of the company's environmental council. "We are pleased to be one of the first corporations offering this benefit and strengthening our long-standing leadership on environmental issues."

The company will evaluate the pilot, factoring in participation levels and demand to assess how it could be rolled out to the full associate base. The pilot mirrors the Internal Revenue Service's hybrid vehicle tax credit program and will apply toward a hybrid vehicle as defined by the IRS. Associates will be eligible for this reimbursement only once and are responsible for paying taxes on the reimbursement. All full-time and part-time associates working at least 20 hours per week in the three pilot cities are eligible.