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Hybrid Vehicle Tax Credit

A lot of people have asked about the advantages in buying a hybrid car. Almost everyone knows that hybrid cars tend to be more expensive than buying a normal car. So how can you really benefit from acquiring this type of vehicle?

What other advantages can you avail?

Well for one thing, you can save more gas from driving hybrid cars with its better mileage, and can also lower the carbon dioxide deposits which regular vehicles detrimentally emit throughout our atmosphere. So basically, you can essentially reduce your expenses in buying gas, and save the world at the same time. Not too bad for an expensive car. But this is just a part of the deal. There is also a hybrid vehicle tax credit which will also be a great advantage for you.

What is Hybrid Vehicle Tax Credit?

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 are fixed and are available to vehicles acquired or placed in service on or after January 1, 2006. This benefit is only available for the first owner or the original owner of a qualified hybrid vehicle. If the vehicle was chartered by a company, the issuing company can claim the tax credit. Many new Hybrid vehicles are eligible for this incentive.

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

Ford and Mercury Hybrids
2009 Ford Escape 2WD
2009 Ford Escape 4WD
2009 Mercury Mariner 2WD
2009 Mercury Mariner 4WD
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
Ford and Mercury Hybrids
2008 Ford Escape 2WD
2008 Ford Escape 4WD
2008 Mercury Mariner 2WD
2008 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
Mazda Hybrids
2008 Mazda Tribute 2WD
2008 Mazda Tribute 4WD
Nissan Hybrid
2008 Nissan Altima

There many 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 check 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 or by personally visiting the Department of the Treasury, Internal Revenue Service for more information.

Owning or buying a hybrid vehicle is a good start in helping our planet rejuvenates itself from the affects of over pollution. Carbon dioxide emission from gasoline engines have been the major cause of radical climate changes that we are suffering nowadays. The global warming issue is really affecting how we live and will also be damaging for our future. A little extra money in buying hybrid cars can actually be more advantageous than getting the cheaper gasoline engine car. Don’t forget that whatever you do today can essentially affect the outcome of our tomorrow.

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