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Tax Incentives: FAQ

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  • #16
    Re: Tax Incentives: FAQ

    Originally posted by taigacarol View Post
    Watch out on the Federal credit - if you hit the alternative minimum tax - you will loose the credit unless you can claim business use or something like that - it is use or loose in the year the vehicle is purchased in - NO carry over. I just know we ended up loosing it due to our other tax liabilities/credits.
    Previously to filing our taxes, I was led to believe that you would just get the additional $4k on the Honda on top of any refund you were already getting. No so cut and dry. We bought ours in December so there was not any time to fix anything at that point. Just make sure you look further into it if you are "banking" on the entire credit.
    I work at a ford dealer and the shop that we are sending trucks to are saying that after they convert non dedicated trucks to bifuel cost 12,000 but after the rebates and credits its about 2,000!!!!!!! i thought federal rebates and credits only applied to factory converted dedicated cars and trucks???????? does anyone actually know if this is valid?

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    • #17
      Re: Tax Incentives: FAQ

      Welcome to CNGchat leencoo12 !

      Only dedicated alternative fuel vehicles are eligible for the federal tax credit. These credits expire, by the way, at the end of 2010:
      http://www.ngvamerica.org/pdfs/marke...mmarySheet.pdf

      The IRS has a really old list here:
      http://www.irs.gov/businesses/articl...175456,00.html

      Here is the current listing of my company's stuff and letters from the IRS to confirm the credits:
      http://www.naturaldrive.com/componen...,20/Itemid,28/

      Some state incentives include bi-fuel with dedicated. For example Oklahoma, Utah and Colorado will cover 1/2 the cost of conversion (Utah caps this at a $2,500 tax credit). Follow the links here:
      http://cngchat.com/forum/showthread....ral-All-States

      All of the above incentives qualify for both OEM natural gas vehicles as well as aftermarket fuel conversions if the taxpayer can show a valid EPA Certificate of Conformity.
      Last edited by John Mitton; 10-02-2010, 08:22 AM.

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      • #18
        go here
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        • #19
          Re: Tax Incentives: FAQ

          Would you please help me for this question below? I would like to know so I can decide to buy new or used Honda Civic GX.

          If I buy a new Civic GX CNG today, how much Federal and State tax credit I will get (I live in San Jose, California)?

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          • #20
            Re: Tax Incentives: FAQ

            The federal $4,000 tax credit will apply to you (until the end of this year). Please check with your tax professional to see how it will benefit you personally. I believe there is a parking pass available to San Jose residents that purchase their new GX locally from a San Jose dealership that allows free parking at parking meters within the city of San Jose.
            [ATTACH=CONFIG]temp_4586_1441434431016_578[/ATTACH]

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            • #21
              Re: Tax Incentives: FAQ

              Hi Curtis,

              Thank you very much for your answer. I will check with my tax consultant. I don't think I can get any because 4 years ago I bought a Prius and I did not get any because of AMT.

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              • #22
                Re: Tax Incentives: FAQ

                Is it true that there are no plans to renew the $4k credit in 2011/beyond?

                I know it was discussed in S. 3815, but that appears to have been overshadowed by the Electric Vehicles Act? (I once understood these things when I took government in high school)...

                Still torn between waiting for the 'redesigned' 2012 vs buying a 2011 this year...

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                • #23
                  Re: Tax Incentives: FAQ

                  Take a look at the 2012 Civic and maybe it will help you make up your mind.
                  http://www.youtube.com/watch?v=aDffgtjd7Sc
                  [ATTACH=CONFIG]temp_4586_1441434431016_578[/ATTACH]

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                  • #24
                    Re: Tax Incentives: FAQ

                    Thanks, Curtis. I had seen that. And you think you live in the "high desert"!
                    Not too fond of the new look, but I usually feel that way about new cars. Take time to grow on me...
                    In my opinion, not worth giving up $4k.

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                    • #25
                      Re: Tax Incentives: FAQ

                      Originally posted by jsorger View Post
                      Is it true that there are no plans to renew the $4k credit in 2011/beyond?
                      I too wonder about this question: will 2011 be an off-year for federal tax credits? It doesn't make much sense with Honda set to roll out the 2012 GX nationwide. Maybe Honda didn't send protection money to Washington on time.

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                      • #26
                        Re: Tax Incentives: FAQ

                        Originally posted by WildWildMidwest View Post
                        Maybe Honda didn't send protection money to Washington on time.

                        HaHaHaHa this cracks me up. Half the library thinks I am nuts now!

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