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It seems Congress fixed the AMT problem with alt fuel vehicle credits!
Hey gang,
The alternative fuel vehicle tax credit has been a major pain for many as if you owe Alternative Minimum Tax these credits are not allowable. Here is a thread on the problem:
http://cngchat.com/forum/showthread.php?t=4436
It seems from this week's NGV America newsletter the problem has been fixed:
The tax portion of the stimulus package included an increase in the tax credit for NGV fueling stations. It increased the credit from 30 percent to 50 percent with a $50,000 cap instead of a $30,000 one. However, the bill does not extend the credit expiration date, so the credit is scheduled to expire on 12/31/2010. The bill also provides AMT relief for personal AFVs. Specifically it allows the AFV tax credit for individuals to count against AMT.
Can anyone look into the details and post it here? Does it only affect the 2009 tax year? We will keep the other thread open to discuss problems folks are having with their 2008 tax filing and let's keep this one focused on the new change.
The alternative fuel vehicle tax credit has been a major pain for many as if you owe Alternative Minimum Tax these credits are not allowable. Here is a thread on the problem:
http://cngchat.com/forum/showthread.php?t=4436
It seems from this week's NGV America newsletter the problem has been fixed:
The tax portion of the stimulus package included an increase in the tax credit for NGV fueling stations. It increased the credit from 30 percent to 50 percent with a $50,000 cap instead of a $30,000 one. However, the bill does not extend the credit expiration date, so the credit is scheduled to expire on 12/31/2010. The bill also provides AMT relief for personal AFVs. Specifically it allows the AFV tax credit for individuals to count against AMT.
Can anyone look into the details and post it here? Does it only affect the 2009 tax year? We will keep the other thread open to discuss problems folks are having with their 2008 tax filing and let's keep this one focused on the new change.
ed. I wish I had read more on the credit being limited by AMT back when I was buying. At least I would not have had my expectations so high. By the way TAXACT is pretty good and a lot cheaper than Turbotax and Taxcut.
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