|
The original
purchaser of a qualifying hybrid gas-electric vehicle may take an
above-the-line deduction of $2,000 in the year the vehicle is first
used; if that year is before 2006. In 2006, the deduction is scheduled
to drop to $500.
The following vehicles qualify for the
clean-fuel vehicle deduction:
-
Ford Escape Hybrid — Model Year
2006
-
Mercury Mariner Hybrid — Model
Year 2006
-
Lexus RX 400h — Model Year 2006
-
Ford Escape Hybrid — Model Year
2005
-
Toyota Prius — Model Years 2001
through 2005
-
Toyota Highlander Hybrid — Model
Year 2006
-
Honda Insight — Model Years 2000
through 2005
-
Honda Civic Hybrid — Model Years
2003 and 2005
-
Honda Accord Hybrid — Model Year
2005
NOTE: These vehicles MUST be new and you
MUST the first owner to claim this deduction! An above-the-line
deduction does NOT mean you are saving $2,000 in taxes. Your actual tax
savings is $2,000 multiplied by your tax rate! |
