xcel
02-19-2007, 09:48 PM
Hybrids, Alternative Energy and Home Energy Tax Credits go hand in hand. (http://www.cleveland.com/business/plaindealer/index.ssf?/base/business/1171792316262820.xml&coll=2)
http://www.cleanmpg.com/photos/data/501/2007_Honda_Civic_GX_-_NGV.jpgJohn Funk - The Plain Dealer - Feb. 19, 2007
2007 Honda Civic GX NGV - $4,000 credit available.
The government's energy tax credit program continues for the 2006 tax year with major credits to reduce your tax bill if you purchased a gasoline-electric hybrid vehicle or invested in high-tech home insulation, windows and doors or a high-efficiency furnace or air conditioner.
You won't be able to claim your hybrid tax credits -- as some consumers who bought hybrids have recently learned -- if you are subject to the Alternative Minimum Tax, or AMT. Home energy efficiency tax credits can be used to reduce an AMT, however.
Here's an overview of what's available:
Hybrids.
There are 44 hybrid models qualifying for tax credits this year, ranging from $250 to $3,150, depending on the model and when you bought it. One vehicle that's not a hybrid, powered instead by natural gas, fetches a $4,000 credit.
Household.
Home energy credits vary by product but generally cannot total more than $500. Exceptions to that ceiling are available for exotic home energy improvements. For example, Uncle Sam is willing to cut up to $2,000 off your tax bill if you install solar panels that produce electricity or solar thermal panels that just heat water.
And even though they are not yet commercially available in the United States, the government is ready to provide you with a credit equal to 30 percent of the purchase price of a fuel cell used to power and heat your home. Unless Congress extends the program, tax credits for home energy efficiency projects expire at the end of this year.
http://www.cleanmpg.com/photos/data/501/2007_Honda_Civic_GX_-_NGV.jpgJohn Funk - The Plain Dealer - Feb. 19, 2007
2007 Honda Civic GX NGV - $4,000 credit available.
The government's energy tax credit program continues for the 2006 tax year with major credits to reduce your tax bill if you purchased a gasoline-electric hybrid vehicle or invested in high-tech home insulation, windows and doors or a high-efficiency furnace or air conditioner.
You won't be able to claim your hybrid tax credits -- as some consumers who bought hybrids have recently learned -- if you are subject to the Alternative Minimum Tax, or AMT. Home energy efficiency tax credits can be used to reduce an AMT, however.
Here's an overview of what's available:
Hybrids.
There are 44 hybrid models qualifying for tax credits this year, ranging from $250 to $3,150, depending on the model and when you bought it. One vehicle that's not a hybrid, powered instead by natural gas, fetches a $4,000 credit.
Household.
Home energy credits vary by product but generally cannot total more than $500. Exceptions to that ceiling are available for exotic home energy improvements. For example, Uncle Sam is willing to cut up to $2,000 off your tax bill if you install solar panels that produce electricity or solar thermal panels that just heat water.
And even though they are not yet commercially available in the United States, the government is ready to provide you with a credit equal to 30 percent of the purchase price of a fuel cell used to power and heat your home. Unless Congress extends the program, tax credits for home energy efficiency projects expire at the end of this year.