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Hybrid Vehicles. The most current information can be found on the Instructions for Form 8910.
The alternate motor vehicle credit is not permanent. Per the instructions for IRS Form 8910, Alternative Motor Vehicle Credit: Alternative Motor Vehicle. The math is complicated, and fortunately, you won't have to calculate it. An alternative motor vehicle is a vehicle with at least four wheels that qualifies as a … Alternative Motor Vehicle Tax Credit Qualifying vehicles purchased on or after January 1, 2006, are eligible for a tax credit ranging from $400 to $4,000 based on fuel economy. This is a vehicle propelled by power derived from one or more cells that convert chemical energy directly into electricity by combining oxygen with hydrogen fuel, and that meets certain additional requirements. The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a … The alternative motor vehicle credit has been extended to cover vehicles purchased in 2018, 2019, and 2020. Any credit not attributable to depreciable property is treated as a personal credit. The alternative motor vehicle credit is a tax credit given to individuals who purchase vehicles that derive their power from alternative energy sources.
There are phase-out rules for different makes, models and model years. The alternative motor vehicle tax credit is actually a combination of two separate tax credits. Use Form 8910 to figure your credit for alternative motor vehicles you placed in service during your tax year. It is set out in easy-to-read tables based on make, model, credit amount and purchase date. To qualify for the Alternative Motor Vehicle Credit, the vehicle must be a Qualified Fuel Cell Vehicle.
The credit attributable to depreciable property (vehicles used for business or investment purposes) is treated as a general business credit.