Hybrid Tax Credit in 2011
hybrid tax credit
To promote the green cause, if you are a hybrid car owner or thinking to buy one then depending on the model you own, year of purchase and the number of deductions being already availed, you are entitled to a hybrid tax credit.
The alternative fuel Motor vehicle is categorized in four different categories. Different tax credits apply to each category. The categories are: Qualified Hybrid Vehicles, Qualified Fuel Cell Vehicles, Qualified Alternative Fuel Vehicles and Advanced Lean-Burn Technology Vehicles.
Hybrid Tax Credit has shown some changes in the year 2011. The changes have proven good for some car owners whereas bad for the others. Where on one hand hybrid car owners are struck with the tax credit expiring on the gas- electric hybrid car with the end of the year 2010, on the other for full electric cars or the cars with electric plug-in, you are entitled for credit up to $7,500.
The models that qualify for 2011 alternative motor vehicle credit are plug-in hybrid and the full electric hybrids. Chevrolet Volt is the only model that qualifies the criteria in the former category. Wheego Life EV, Tesla Roadster, Smart ForTwo Electric Drive, Think City EV, Nissan Leaf and the CODA Sedan are the ones qualifying in the latter category.
The initial credit is of $7,500 which decreases to 50 % and then phases out after the 200,000 similar models from the manufacturer are purchased.
The tax credit up to $2,500 is applicable on smaller electric vehicles used to reach the neighborhood. These include low speed, 2 and 3 wheels electric vehicles. This hybrid tax credit is applicable for the year 2011.
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Posted by Mark Bastian
on Sep 27 2011. Filed under General, Headlines.
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