Tax credit for fuel efficient cars
#1
01-02-2007, 01:42 PM
Tax credit for fuel efficient cars
The high price of gas has caused many people to consider buying more fuel-efficient vehicles. In addition to spending less time at the pump, these vehicles may also qualify for a generous tax break. Several new federal income tax credits kicked in this year for buying new fuel-efficient vehicles.
In this article, we'll explain two of the credits and show you how to combine them with another tax break for home equity loans (see the right-hand box). We also list all of the IRS-approved credit amounts to date.
In this article, we'll explain two of the credits and show you how to combine them with another tax break for home equity loans (see the right-hand box). We also list all of the IRS-approved credit amounts to date.
#2
01-03-2007, 11:43 AM
Pretty Darn Active Enthusiast
Join Date: Nov 2006
Location: Finger Lakes Region NY
Posts: 264
Re: Tax credit for fuel efficient cars
I believe the goverment, on State and Federal levels, should take a much more active role in encouraging fuel savings by the use of incentives nad disincentives.
Unfortunately, the reality is that the government has it's hand in the till: it enjoys collecting gasoline taxes. A direct result of this is that the government has failed to actively promote fuel savings, because it would rather greedily rake in gasoline taxes, over all other considerations.
Harry
Unfortunately, the reality is that the government has it's hand in the till: it enjoys collecting gasoline taxes. A direct result of this is that the government has failed to actively promote fuel savings, because it would rather greedily rake in gasoline taxes, over all other considerations.
Harry
#3
01-03-2007, 12:13 PM
Rising Star Hybrid Lover
Join Date: Jan 2007
Location: Sunny Florida
Posts: 2
Re: Tax credit for fuel efficient cars
We just bought an '07 Prius during the end of year clearance at our local Toyota dealer. Not only did we get a good price (there was some serious negotiating required, of course), but we were delighted to find out that our Prius qualifies for a $1750 federal tax credit.
Too bad we did not buy one sooner, but this is certainly a great incentive for those who are pondering if they want to get one or not. You could even extend the warranty on the car using the tax credit if you wanted to.
It sure seems like a great program to me. I hope the new Congress will extend and enhance this program.
Too bad we did not buy one sooner, but this is certainly a great incentive for those who are pondering if they want to get one or not. You could even extend the warranty on the car using the tax credit if you wanted to.
It sure seems like a great program to me. I hope the new Congress will extend and enhance this program.
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