
Pemalink: editorial_article/buy-a-hybrid-car-and-get-an-income-tax-credit
By: Cool Editor :: 1 year ago
Buy a Hybrid car and get an income tax credit

Who says loving the planet isn't worth it? Being environmentally minded could save you a couple hundred or a few thousand dollars at tax time.
If you've made energy-saving improvements to your car in the past year, you may get some tax credits on your federal and state income taxes.
There is a growing number of tax breaks for electric car owners at the state and federal level. Government officials are encouraging ownership of hybrid and alternative-energy vehicles to deal with shortages of fossil fuels. The first step toward getting tax breaks on an electric car is a consultation with a certified tax attorney.
The tax break that gets a lot of attention is for hybrid cars. It's true, when you buy a fuel-efficient hybrid, the federal government gives you a credit off your income tax.
The specific amount depends on the hybrid you bought. If you got a Ford Escape SUV, you could get up to $3,000. A Honda Civic garners $2,100. And a Mercury Mariner SUV earns you up to $3,000. Check the IRS chart to find your vehicle.
The new BMW ActiveHybrid 7 has been boosted by news that the vehicle will qualify for a substantial tax credit. The US Internal Revenue Service has determined that the car will earn a $900 credit under the Alternative Motor Vehicle provision.
So why isnt the UK government offering such incentive? Afterall isnt the global warming issue the biggest challenge facing mankind today?
With the new coalition government and the collossal size of the budget deficit, there wont be any tax credit anytime soon.
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