The Terrafugia, a small airplane that can drive on roads and has been billed as the first "flying car," is now one step closer to becoming street- and sky-legal.

The vehicle has cleared a Federal Aviation Administration (FAA) regulatory hurdle for craft classification by weight. A full-fledged production prototype might be just around the corner, according to multiple reports.

At issue was Mass.-based company Terrafugia wanting its Transition vehicle to be classified as a "Light Sport Aircraft" by the FAA so people eager to fly it would need only 20 hours of flying time.

__gallerY__

Photo: Terrafugia's Transition flying car and its chase plane during testing in May, 2009.

Yet the two-seater vehicle came in 110 pounds (50 kilograms) overweight in accommodating roadworthy-assuring safety items such as crumple zones. The FAA said that so long as customers are advised about this extra weight, the car-plane hybrid can be sold.

The Terrafugia completed its maiden voyage last March in upstate New York. According to its maker, the Terrafugia can transform from a roadable vehicle that can hit a highway speed of 65 mph to a winged aircraft in 30 seconds.

The plane version can cruise at about 115 mph (185 kph) and cover about 400 miles (644 kilometers) worth of turf before needing a refill of regular unleaded gas.

The price of a Terrafugia is expected to be around $200,000 and deliveries could start next year, assuming the vehicle passes crash tests. The company has envisioned its vehicle as finding a home with amateur pilots who live near air fields, but as any Jetsons' fan knows, flying cars might well be the wave of the future.

Click here to read more at MSNBC