If you’re getting ready to buy a new car, and you don’t already know all the great advantages of owning a green vehicle, then check out this incentive: you can get up to a $3,400 income tax credit just for purchasing a hybrid.
As if the fuel-efficiency, pollution-reduction and money-saving factors of owning a hybrid weren’t already enough, now hybrid owners can get back some green for saving our green environment.
Here’s a list of tax credits given to Honda hybrid owners, courtesy of www.fueleconomy.gov:
Of course you need to be aware of the ‘phasing out’ process, which means that once the manufacturer sells 60,000 vehicles, they have exceeded their sales figures and can no longer provide the credit. The tax credit also doesn’t apply to vehicles purchased before January 1, 2006 or after December 31, 2010.
You can find a listing of ALL hybrid tax credits here.
Now that you know, go out and get a hybrid. I guarantee that you’ll be happy knowing that you’re fighting global warming while your check from the IRS is on its way!
I’ve been engaged in taxations for lengthier then I care to acknowledge, both on the personal side (all my employed life-time!!) and from a legal standpoint since passing the bar and pursuing tax law. I’ve offered a lot of advice and redressed a lot of wrongs, and I must say that what you’ve put up makes perfect sense. Please continue the good work – the more individuals know the better they’ll be armed to handle with the tax man, and that’s what it’s all about.