Automotive trends are beginning to change. Gas guzzling SUVs are making way for smarter hybrid vehicles. Also called “clean fuel vehicles”, these cars and trucks operate on either an electric motor, or a fuel engine and an electric motor. They are wise choices for anyone concerned with preserving our earth’s precious resources, and the government is awarding these smart consumers with special tax deductions.
If you have purchased a vehicle that runs on both fuel and electricity, you can claim a one-time deduction of up to $2,000. Owners of vehicles that operate on electricity only can claim up to $4,000.
For yours to qualify as clean fuel vehicle, it must run on natural gas, LNG, LPG, Hydrogen or any other fuel that is 85% alcohol or less. You should be cautioned that even though gasoline/electric hybrids use an electric motor, they are not eligible for electric vehicle tax credits.
If your vehicle operates on more than one type of fuel, the cost incurred in converting the car into a proper clean-fuel user may earn you a deduction, subject to the stated limits.
There are other additional requirements to consider. To get a tax...
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