Rev up tax savings for hybrid vehicles: Claim a tax credit — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Rev up tax savings for hybrid vehicles: Claim a tax credit

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The trend toward buying energy-efficient vehicles continues. If you bought a hybrid car last year, or if you’re searching for a new car this year, consider this valuable tax break.

Claim a tax credit for purchasing a qualified hybrid vehicle. You may be entitled to a $3,000 credit for a 2008 model or one of the newer ’09 models (see charts below).

However, be aware that the tax credits may be reduced for the most popular models. At a certain point, the credit no longer is available.

Keys to the credit: The “alternative motor vehicle credit” is actually a combination of four credits available for vehicles placed in service after 2005 and before 2011. They are (1) the qualified fuel cell motor vehicle credit; (2) the advance lean burn technology vehicle credit; (3) the qualified hybrid motor vehicle credit; and (4) the qualified alternative fuel motor vehicle credit. But the hybrid vehicle credit is the mo...(register to read more)

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