Hybrid Vehicles Credit…Getting Tax Credits While Saving Gas
One of the most widely debated, contested, and misunderstood issues of tax law is how to handle the deduction of business vehicles for the business owner. Just recently the IRS announced that 2007 purchasers of qualified hybrid vehicles will be able to continue to claim the Alternative Motor Vehicle Credit. The proclamation came after the IRS completed its quarterly review of the number of hybrid vehicles sold. The amount of the credit available is based upon the type and year of the vehicle purchased so be sure to consult tax tables to be sure of a vehicles eligibility and the amount of the credit to be claimed. At purchase you should ensure that you obtain a copy/written acknowledgment of the vehicles certification credit from the dealer as the credit amounts vary based upon the quarter the vehicle was purchased as well as the amount of the vehicles sold.
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