Alternative Fuel Credit
So you have decided to go green by using alternative fuel in your vehicle.
You may decide to purchase a hybrid car, hydrogen automobile, HHO powered car, or just have a hydrogen car conversion.
Whatever of these options that you may want to choose, it is certain that you are not only helping save our planet, but you are also eligible in acquiring some tax incentives from the government.
One of the best part about the American Recovery and Reinvestment Act of 2009 (Stimulus Bill) is providing tax incentives from using alternative fuels.
It generously offers funds in lowering the countries dependence in carbon based energy sources, and can viably decrease the pollution deposits inhibited to our atmosphere.
Some scopes of this bill are: oAlternative Energy Producer's Investment Tax Credit oAlternative Fuel Stations Tax Credit oInvestment Credit Elections oBonus Depreciation/Section 179 Expensing o2009 New Vehicle Sales/Excise Tax Deduction oVehicle Tax Credits oTax Basis and AMT Caution oState and Local Tax Incentives What is an alternative fuel credit? An alternative fuel credit is a tax credit accessible by a person when he uses alternative fuels for his equipment, cars, automobiles etc.
This incentive is available after December 31, 2005.
The kinds of alternative fuels eligible for this tax credit are: Natural Gas, Liquefied Petroleum Gas, Hydrogen, Electricity, Solar Power, and Biodiesel.
The amount of tax credit that you can get is up to 30% less from equipments, cars, and automobiles that does not exceeds US$30,000 worth or value, and 50% for equipments that does not exceeds US$50,000 in value.
This tax credit is placed into service on or before January 1, 2009.
This also goes to fueling station owners who may want to benefit from this incentive.
They are allowed to use this advantage for each of their branches that utilize these alternative fueling equipments.
Other consumers or private individuals can also avail for an alternative fuel tax credit by using hydrogen cars or equipments.
They can actually get US$1,000 to US$2,000 tax credit from the government.
How can I be eligible for an alternative fuel credit? By completing a form 8910 tax credit (Alternative Fuel Vehicle Refueling Property Credit) or a form 8910 (Alternative Motor Vehicle Credit) from the IRS, You may be able to benefit from this incentive.
You can download such forms from the internet or you can visit the Department of the Treasury, Internal Revenue Service for more information.
What are the qualifications for this tax credit? Qualified alternative fuel vehicle refueling property that is utilized to store or distribute an alternative fuel.
It must be deposited into a fuel tank of a motor vehicle, and must also be the fuel to power the motor.
Here are additional requirements that must be followed in order to qualify for this tax credit: oYou placed the refueling property in service during your tax year.
oThe original use of the property began with you.
oThe property is not used predominantly outside the United States.
oIf the property is not business/investment use property, the property must be installed on property used as your main home.
You may decide to purchase a hybrid car, hydrogen automobile, HHO powered car, or just have a hydrogen car conversion.
Whatever of these options that you may want to choose, it is certain that you are not only helping save our planet, but you are also eligible in acquiring some tax incentives from the government.
One of the best part about the American Recovery and Reinvestment Act of 2009 (Stimulus Bill) is providing tax incentives from using alternative fuels.
It generously offers funds in lowering the countries dependence in carbon based energy sources, and can viably decrease the pollution deposits inhibited to our atmosphere.
Some scopes of this bill are: oAlternative Energy Producer's Investment Tax Credit oAlternative Fuel Stations Tax Credit oInvestment Credit Elections oBonus Depreciation/Section 179 Expensing o2009 New Vehicle Sales/Excise Tax Deduction oVehicle Tax Credits oTax Basis and AMT Caution oState and Local Tax Incentives What is an alternative fuel credit? An alternative fuel credit is a tax credit accessible by a person when he uses alternative fuels for his equipment, cars, automobiles etc.
This incentive is available after December 31, 2005.
The kinds of alternative fuels eligible for this tax credit are: Natural Gas, Liquefied Petroleum Gas, Hydrogen, Electricity, Solar Power, and Biodiesel.
The amount of tax credit that you can get is up to 30% less from equipments, cars, and automobiles that does not exceeds US$30,000 worth or value, and 50% for equipments that does not exceeds US$50,000 in value.
This tax credit is placed into service on or before January 1, 2009.
This also goes to fueling station owners who may want to benefit from this incentive.
They are allowed to use this advantage for each of their branches that utilize these alternative fueling equipments.
Other consumers or private individuals can also avail for an alternative fuel tax credit by using hydrogen cars or equipments.
They can actually get US$1,000 to US$2,000 tax credit from the government.
How can I be eligible for an alternative fuel credit? By completing a form 8910 tax credit (Alternative Fuel Vehicle Refueling Property Credit) or a form 8910 (Alternative Motor Vehicle Credit) from the IRS, You may be able to benefit from this incentive.
You can download such forms from the internet or you can visit the Department of the Treasury, Internal Revenue Service for more information.
What are the qualifications for this tax credit? Qualified alternative fuel vehicle refueling property that is utilized to store or distribute an alternative fuel.
It must be deposited into a fuel tank of a motor vehicle, and must also be the fuel to power the motor.
Here are additional requirements that must be followed in order to qualify for this tax credit: oYou placed the refueling property in service during your tax year.
oThe original use of the property began with you.
oThe property is not used predominantly outside the United States.
oIf the property is not business/investment use property, the property must be installed on property used as your main home.
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