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IRS TAX INFORMATION

Clean Fuel Tax Deductions IRS Use forms 8910;  8911& 3800

Following are excerpts from IRS Publication 535 viewable at http://www.irs.gov/publications/p535/ch12.html#d0e10094

NOTICE:  THIS IRS TAX CREDIT  AVAILABLE FOR 2012.

You are allowed a limited deduction for the cost of clean-fuel vehicle property and clean-fuel vehicle refueling property you place in service during the tax year.

Clean-burning fuels. The following are clean-burning fuels.

  1. Natural gas.
  2. Liquefied natural gas.
  3. Liquefied petroleum gas.
  4. Hydrogen.
  5. Electricity.
  6. Any other fuel that is at least 85% alcohol (any kind) or ether.

Deduction for Clean-Fuel Vehicle Property

The deduction for this property may be claimed regardless of whether the property is used in a trade or business

Clean-fuel vehicle property. Clean-fuel vehicle property is either of the following kinds of property.

Any property installed on a motor vehicle (including installation costs) to enable it to be propelled by a clean-burning fuel

  1. The property is an engine (or modification of an engine) that can use a clean-burning fuel, or
  2. The property is used to store or deliver that fuel to the engine or to exhaust gases from the combustion of that fuel.

For vehicles that may be propelled by both a clean-burning fuel and any other fuel, your deduction is generally the additional cost of permitting the use of the clean-burning fuel.

Following are excerpts from IRS Publication 535 viewable at http://www.irs.gov/publications/p535/ch12.html#d0e10094.

 

Since 2005 the American IRS could not ignore alternative fuel anymore, and started giving considerable rewards for "green" cars, green fuels and green upgrades. We will teach you how to maximize your rewards. Below you will see exact quotes out of official IRS documents.

 

The IRS code states that you can benefit from this reward regardless of whether you drive for pleasure or business:

 

"The deduction for this property may be claimed regardless of whether the property is used in a trade or business."

 

Keep the device invoices and installation receipts - according to this you should get your installation costs back as well:

 

"Any property installed on a motor vehicle (including installation costs) to enable it to be propelled by a clean-burning fuel."

"For vehicles that may be propelled by both a clean-burning fuel* and any other fuel, your deduction is generally the additional cost of permitting the use of the clean-burning fuel."

* The IRS defines Hydrogen as one of several "clean-burning fuels."

You can get back up to $2,000 for a car, $5000 for vehicles 11,000 Lbs. to 25,999 Lbs.,or up to $25,000 for a truck (26,000 pounds, or 20 passenger bus)!!! Isn't that amazing? The text below is not written by us, it's copied word for word out of the new IRS code:

"Deduction limit. The maximum deduction you can claim for qualified clean-fuel vehicle property with respect to any motor vehicle is one of the following.
1. $25,000 for a truck or van with a gross vehicle weight rating over 26,000 pounds or for a bus with a seating capacity of at least 20 adults (excluding the driver).
2. $5,000 for a truck or van with a gross vehicle weight rating over 10,000 pounds but not more than 26,000 pounds.
3. $2,000 for a vehicle not included in (1) or (2)."

 

HH2 does not provide any tax information or advice, only the IRS should be consulted regarding any tax credits or other information related to using Hydrogen in vehicles. We cannot guarantee your tax credits because rules change by year and location. Consult your tax professional for your particular situation.

IRS Form  8910; 8911 and 3800  the forms to send in for your tax credit when you file your taxes, check with your tax person..

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