Tax Savings For Hybrids
If you’re thinking about being more environmentally friendly with your next car purchase, be sure to save some green too, by taking advantage of the monetary incentives the federal government provides. There are programs in place for tax credits to buyers of hybrids and alternative fuel vehicles (AFVs). In most cases manufacturer credits begin to be phased out once 60,000 units of a specific model have been sold, but several makes and models still qualify for the program.
The Department of Energy’s fueleconomy.gov website has a full listing of cars and trucks that are eligible for tax credits, as well as the amount of credit available – up to $3,400 in some cases. You can learn more about how to claim the credit, look at other tax incentives and even visit the IRS home page for ultra in-depth information. To see if your green car purchase can earn you a green tax break, check here.