The IRS is working its way through various automobiles that qualify their owners for tax credits. The Saturn model of cars has just been reviewed with one particular model being approved.
IRS Approves Saturn Vue Green Line for Tax Credit
Owning a hybrid car was pretty much a financial windfall from the outset. The cars provided tremendous savings on fuel costs. With gas costing a vicious $3.90 a gallon in San Diego, the savings are not to be understated. On top of this, the purchase of these vehicles also provided the owners with a $2,000 tax deduction, a very nice perk indeed. In 2005, things got even better.
The passage of the Energy Policy Act of 2005 was something of a godsend to hybrid vehicle manufacturers. Frankly, the CEOs of these companies must have dropped to their knees and openly wept. This moment of humanity had everything to do with the change of one word in how hybrids were viewed for tax purposes. Individuals who purchase new hybrids approved by the IRS no longer where eligible for a tax deduction. Nope. The word deduction had been changed to credit, a massive difference in the world of tax returns.
A tax credit is so much more...
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