As 2006 rolls along, the IRS is in the process of issuing tax credit amounts to particular hybrid vehicles. The agency has just issued the amounts for a number of GM vehicles.
IRS Issues Tax Credit Amounts For GM Trucks
As part of the Energy Policy Act of 2005, the tax advantages of owning a hybrid vehicle have been seriously upgraded. Prior to the Act, a person that purchased such a vehicle could claim a tax deduction of up to $2,000. While this was nice, the new Act changed the deduction into a tax credit. Tax credits are far better than tax deductions because they are reduced directly from the tax you owe, not your gross income.
Through 2006, the IRS is working its way through various hybrid models and issuing the amount of tax credit that can be claimed for each. Makes include Honda, Toyota, Ford, Lexus and just about every vehicle in the class. On July 11, 2006, the IRS issued a slew of tax credit determinations for hybrid trucks made by General Motors.
If you purchase a new GM hybrid truck, you will now be able to claim a tax credit on your tax returns. The models and amount of the tax credit that can be claimed are as follows:
1....
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