Amends the Internal Revenue Code to allow an alternative motor vehicle tax credit for new qualified plug-in hybrid motor vehicles. Defines such a vehicle as any new qualified hybrid motor vehicle that: (1) is a passenger automobile or light truck with a gross vehicle weight rating of not more than 8,500 pounds; (2) meets or exceeds the Bin 5 Tier II emission standard established by the Environmental Protection Agency; (3) draws propulsion energy from a traction battery of not less than 4 kWh; and (4) is equipped with a means of recharging its energy storage system from an external source of electricity.