Incentives for Buying Clean Vehicles
California and federal incentives for buying certain clean vehicles are still available. California currently offers a rebate of up to $5,000 per light duty vehicle to individuals and businesses who purchase or lease a new eligible zero emissions or hybrid electric vehicle. Certain zero emissions commercial vehicles are eligible for a rebate of up to $20,000. The rebates are available on a first come first serve basis and apply to qualified vehicles purchased or leased after March 15, 2010. For more information on eligible vehicles, rebate amounts and to apply for rebates visit www.energycenter.org.
The federal incentive comes in the form of a federal tax credit called the Plug-In Electric Vehicle Credit. The credit of up to $7,500 is available on qualified plug-in electric drive motor vehicles purchased on or after January 1, 2010. The credit phases out once the manufacturer has sold 200,000 qualified vehicles in the United States. Additional qualifications for the credit are the taxpayer must be the owner of the vehicle to claim the credit (leased vehicles will not qualify), the vehicle is placed in service during the tax year, the original use of the vehicle began with the taxpayer, the taxpayer did not acquire the vehicle for resale and the vehicle is used primarily in the United States. For more information on the federal tax credit visit www.irs.gov. Your LMGW tax advisor can also answer any additional questions you may have about the federal and state incentives.
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