IRS tinkers with vehicle credits. — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
The IRS continues to “tune up” the list of vehicles eligible for the alternative motor vehicle credit. This credit has four components: (1) the alternative fuel motor vehicle credit, (2) the fuel-cell motor vehicle credit, (3) the lean-burn technology motor vehicle credit and (4) the hybrid motor vehicle credit. The hybrid vehicle credit—which is the component best-known to taxpayers—can be as high as $3,200. It includes consumer passenger vehicles and heavy-duty, industrial-use trucks and buses. If you qualify for 2007, claim the credit on Form 8910, Alternative Motor Vehicle Credit. Tip: Find the updated list of qualified vehicles at www.irs.gov/newsroom/article/0,,id=157632,00.html.
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