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Change in vehicles under ‘clunkers’ program

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in Small Business Tax

Q. I’m interested in the new cash-for-clunkers program. Can I qualify if I trade in a passenger car for an SUV? D.J., Parsippany, N.J.

A.
It appears so, although the government has not provided specific authority yet. According to the guidelines currently on the government web site (www.cars.gov), if the new vehicle is an SUV that has a combined fuel economy that is at least two but less than five miles per gallon higher than the traded-in vehicle, the credit is $3,500. If the new vehicle has a combined fuel economy at least five miles higher than the trade-in vehicle, the credit is $4,500.

Tip: Keep checking www.cars.gov for updates.

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