Skyrocketing gas prices and fears of global warming jump started sales of hybrids and fuel-efficient vehicles last year. In an effort to swell green showroom traffic, the Federal Government offered a tax carrot to seal the deal. Tucked into the Energy Policy Act of 2005 are tax credits for consumers who purchase various advanced technology vehicles, including hybrid-electric and diesel-powered cars and light trucks. The provision, which became effective in January 2006, differs from previous federal incentives for these vehicles by utilizing tax credits rather than deductions.
Tax credits typically result in greater savings for consumers. The Feds are offering a tax credit to buyers of hybrid and clean diesel vehicles of $250 to $3,400, depending on the energy efficiency of the model, although none of the current 32 models qualify for the top credit this year. read more
Tax credits typically result in greater savings for consumers. The Feds are offering a tax credit to buyers of hybrid and clean diesel vehicles of $250 to $3,400, depending on the energy efficiency of the model, although none of the current 32 models qualify for the top credit this year. read more
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