For 2009, the Alternative Motor Vehicle Credit will be granted to taxpayers who
purchase qualified energy-efficient vehicles, including hybrid vehicle that meet the following requirements:
- The
vehicle must be purchased and placed in service on or after January 1, 2009.
- Only
the original owner may claim the credit; it does not apply to used vehicles.
- The
vehicle must be used predominantly within the United States.
Beware…The
Credit Will Phase Out
Taxpayers
wishing to take advantage of this credit may want to buy early because the credit
has a phase out provision. The full credit may be claimed up to the end of the
first calendar quarter after the quarter in which a manufacturer records its sale
of its 60,000th vehicle. During the second and third calendar quarters following
the sale of the 60,000th vehicle, the credit is reduced to 50%; during the fourth
and fifth quarters, the credit is reduced to 25%. No credit is allowed after the
fifth quarter following the sale of the 60,000th vehicle.
What
Fuel Efficient Vehicles Are Eligible For The Credit?
The United States Department of Energy, Energy Efficiency and Renewable Energy has created a Web site that lists vehicles eligible for tax credits. To view tax incentives for all types of fuel efficient vehicles—including hybrids, diesels and alternative fuel vehicles—visit http://www.fueleconomy.gov.
The Henssler Financial Group Tax & Accounting Division can assist you with further information regarding the
Alternative Motor Vehicle Credit or any other tax related issues. Please call
us at 770-428-4025.
