Bank of America today announced that it is expanding its program to reimburse $3,000 to employees who purchase a new hybrid vehicle to cover the entire US and more than 185,000 US-based employees. Last June, the company introduced the program to employees living within 90 miles of the three pilot program cities, Boston, Charlotte, and Los Angeles. (Earlier post.)
The company will continue to evaluate the program, assessing how it could be rolled out to its employees outside of the US. The program mirrors the Internal Revenue Service’s hybrid vehicle tax credit program and applies toward a new hybrid vehicle as defined by the agency.
Bank of America employees—“associates”—are eligible for this reimbursement only once, and the reimbursement is subject to all applicable federal, state and local withholdings. All full-time and part- time, US-based associates working at least 20 hours per week are eligible.
Our associates were very enthusiastic about this program and have responded well to the opportunity. In fact, since we launched the program and within the three cities where it was piloted, hybrid vehicle purchases by our associates have more than quadrupled. The program continues to expand our commitment to the environment and offers our associates a way to participate in making a difference while cutting down on their commuting costs.—Anne Finucane, Bank of America chief marketing officer and head of the company’s environmental council
Bank of America has set voluntary goals to reduce greenhouse gas emissions from its direct operations by 7% by 2008 based on 2004 baseline data.