The Basic Facts Of Hybrid Vehicle Tax Credit

By: Johan Young

Carbon dioxide emission from gasoline engines have been the main cause of radical climate changes that we are suffering these days. The global warming issue is truly affecting how we live and will be harmful for our future. And owning or buying a hybrid vehicle is an excellent start in helping our planet rejuvenates itself from the affects of over smog. With a little extra money in buying hybrid cars can actually be more advantageous than getting the cheaper gasoline engine car. Additionally, hybrid vehicle tax credit will also be a huge advantage for us.

hybrid car incentive

What is Hybrid vehicle tax credit?

Individuals buying hybrid cars will get a hybrid vehicle tax credit instead of a tax deduction. The IRS has just started to kick out the exact amounts that we can claim for our new hybrid.

Hybrid vehicle tax credit is removed directly from the sum amount of a federal tax issued upon buying a hybrid car. Unlike tax deduction which subtracts a certain percentage from a specific amount, hybrid vehicle tax credits applies and are obtainable to vehicles purchased or placed in service on or after January 1, 2006. This benefit is only obtainable for the first owner or the original owner of a capable hybrid vehicle. If the vehicle was chartered by a company, the issuing company can claim the tax credit. A lot of new Hybrid vehicles are eligible for this incentive.

Here is a list of some qualified hybrid vehicles that are certified by the IRS:

Chevy, GMC, and Saturn Hybrids

2008 Chevy Malibu

2008 Chevy Tahoe 2WD and 4WD

2008 GMC Yukon 2WD and 4WD

2008 Saturn Aura

2008 Saturn Vue Green Line

Mazda Hybrids

2008 Mazda Tribute 2WD

2008 Mazda Tribute 4WD

Nissan Hybrid

2008 Nissan Altima

Ford and Mercury Hybrids

2009 Ford Escape 2WD

2009 Ford Escape 4WD

2009 Mercury Mariner 2WD

2009 Mercury Mariner 4WD

Honda Hybrid

2008 Honda Civic CVT purchased between 7/1/08 and 12/31/08

2008 Honda Civic CVT purchased after 12/31/08

Ford and Mercury Hybrids

2008 Ford Escape 2WD

2008 Ford Escape 4WD

2008 Mercury Mariner 2WD

2008 Mercury Mariner 4WD

There a lot of more brands of hybrid cars to choose from. Tax credit for these types of vehicles can go as low as US$250 to as high as US$3,400.

If you own a hybrid car it is very important for you to ensure out id your vehicle is qualified for a tax credit. You can do this by checking it in the internet via the IRS.gov website for more information.

Another articles by Johan Young you may interest in reading: All Electric Car, Mileage Hybrid, Electric SUV, Hybrid Vehicle Research, and Who Kiled Elecetric Car?