Tax Tip: Alternative Motor Vehicle Credit
Are you civic minded? If your business fleet includes the Honda Civic GX NGV than you know what I mean. The Civic GX is a dedicated natural-gas vehicle that can go approximately 170 miles before it runs out of fuel, according to the EPA.
The Civic GX engine produces almost no emissions and the amount of smog-forming emissions is near zero making it one of the cleanest-burning internal-combustion vehicles, with EPA Tier-2, Bin-2, and ILEV certification as of May 2007.
And, it qualifies for a great tax credit. This tip, courtesy of b5media’s TaxGirl:
Honda Compressed Natural Gas Vehicle is Certified for the Qualified Alternative Fuel Motor Vehicle Tax Credit.
From the IRS website:
IR-2007-181, Oct. 31, 2007
WASHINGTON — The Internal Revenue Service has acknowledged the certification by American Honda Motor Company, Inc., that its Honda Civic GX Model Year 2008 vehicle meets the requirements of the Qualified Alternative Fuel Motor Vehicle Credit.
The Qualified Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005. To qualify these vehicles can operate only on alternative fuels or mixed fuels (a combination of alternative fuel and petroleum based fuel). The 2008 Honda Civic GX is an alternative fueled vehicle that operates on compressed natural gas. This vehicle should not be confused with hybrid vehicles.
The Qualified Alternative Fuel Motor Vehicle Credit amount for the Honda Civic GX Model Year 2008 is $4,000.
More at IRS
More tax tips at TaxGirl
More vehicles at EPA Green Vehicle Guide
