2007 Honda Alternative Fuel Vehicle Tax Credit
Posted In: others
Alternative Fuel Vehicles or AFV’s are vehicles that are only capable of operating on an alternative fuel source.
These sources include compressed natural gas or CNG, liquified natural gas or LNG, liquified petroleum gas or LPG, hydrogen or any liquid that is at least 85% methanol by volume.
The Alternative Fuel Vehicle that qualifies for the 2007 Tax Credit is the 2006 and 2007 Honda Civic GX.
According to the IRS, qualifying alternative fuel vehicles (AFVs) purchased or placed into service between January 1, 2005 and December 31, 2010 may be eligible for a federal income tax credit of up to $4,000.
Additional requirements to qualify for the credit include:
- It’s original use commences with the taxpayer.
- It is acquired for use or lease by the taxpayer, and not for resale. (The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.)
- It is used mostly in the United States.
Leave a Reply