Clean Fuel Alternative Vehicle Deduction
For 2005, the original purchaser of a qualifying hybrid gas/electric car can claim a deduction for $2,000 of the cost of the car [IRC Sec. 179A]. In fact, from a tax standpoint 2005 is good year to invest in a hybrid. In 2006, the deduction is scheduled to drop to $500.
The following vehicles have been certified by the IRS as qualifying for the clean-fuel vehicle deduction
Toyota Highlander SUV- Model Year 2006 (Added June 27, 2005)
Lexus RX 400h SUV- Model Year 2006 (Added May 5, 2005)
Ford Escape Hybrid SUV- Model Year 2005
Toyota Prius- Model Years 2001 through 2005
Honda Insight- Model Years 2000 through 2005
Honda Civic Hybrid- Model Years 2003 and 2005
Honda Accord Hybrid - Model Year 2005
Intuit
Internal Revenue Service:
http://www.irs.gov/newsroom/article/0,,id=107766,00.html
For 2005, the original purchaser of a qualifying hybrid gas/electric car can claim a deduction for $2,000 of the cost of the car [IRC Sec. 179A]. In fact, from a tax standpoint 2005 is good year to invest in a hybrid. In 2006, the deduction is scheduled to drop to $500.
The following vehicles have been certified by the IRS as qualifying for the clean-fuel vehicle deduction
Toyota Highlander SUV- Model Year 2006 (Added June 27, 2005)
Lexus RX 400h SUV- Model Year 2006 (Added May 5, 2005)
Ford Escape Hybrid SUV- Model Year 2005
Toyota Prius- Model Years 2001 through 2005
Honda Insight- Model Years 2000 through 2005
Honda Civic Hybrid- Model Years 2003 and 2005
Honda Accord Hybrid - Model Year 2005
Intuit
Internal Revenue Service:
http://www.irs.gov/newsroom/article/0,,id=107766,00.html
posted by Milt Baker CPA | 11:52 AM
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