| So you have decided to go green by using | | | | does not exceeds US$50,000 in value. This tax |
| alternative fuel in your vehicle. You may decide to | | | | credit is placed into service on or before January |
| purchase a hybrid car, hydrogen automobile, HHO | | | | 1, 2009. This also goes to fueling station owners |
| powered car, or just have a hydrogen car | | | | who may want to benefit from this incentive. |
| conversion. Whatever of these options that you | | | | They are allowed to use this advantage for each |
| may want to choose, it is certain that you are | | | | of their branches that utilize these alternative |
| not only helping save our planet, but you are also | | | | fueling equipments. Other consumers or private |
| eligible in acquiring some tax incentives from the | | | | individuals can also avail for an alternative fuel tax |
| government. | | | | credit by using hydrogen cars or equipments. |
| One of the best part about the American | | | | They can actually get US$1,000 to US$2,000 tax |
| Recovery and Reinvestment Act of 2009 | | | | credit from the government. |
| (Stimulus Bill) is providing tax incentives from using | | | | How can I be eligible for an alternative fuel credit? |
| alternative fuels. It generously offers funds in | | | | By completing a form 8910 tax credit (Alternative |
| lowering the countries dependence in carbon | | | | Fuel Vehicle Refueling Property Credit) or a form |
| based energy sources, and can viably decrease | | | | 8910 (Alternative Motor Vehicle Credit) from the |
| the pollution deposits inhibited to our atmosphere. | | | | IRS, You may be able to benefit from this |
| Some scopes of this bill are:o Alternative Energy | | | | incentive. You can download such forms from the |
| Producer's Investment Tax Credito Alternative | | | | internet or you can visit the Department of the |
| Fuel Stations Tax Credito Investment Credit | | | | Treasury, Internal Revenue Service for more |
| Electionso Bonus Depreciation/Section 179 | | | | information. |
| Expensingo 2009 New Vehicle Sales/Excise Tax | | | | What are the qualifications for this tax credit? |
| Deductiono Vehicle Tax Creditso Tax Basis and | | | | Qualified alternative fuel vehicle refueling property |
| AMT Cautiono State and Local Tax Incentives | | | | that is utilized to store or distribute an alternative |
| What is an alternative fuel credit? | | | | fuel. It must be deposited into a fuel tank of a |
| An alternative fuel credit is a tax credit accessible | | | | motor vehicle, and must also be the fuel to |
| by a person when he uses alternative fuels for his | | | | power the motor. Here are additional |
| equipment, cars, automobiles etc. This incentive is | | | | requirements that must be followed in order to |
| available after December 31, 2005. The kinds of | | | | qualify for this tax credit:o You placed the |
| alternative fuels eligible for this tax credit are: | | | | refueling property in service during your tax |
| Natural Gas, Liquefied Petroleum Gas, Hydrogen, | | | | year.o The original use of the property began |
| Electricity, Solar Power, and Biodiesel. | | | | with you.o The property is not used |
| The amount of tax credit that you can get is up | | | | predominantly outside the United States.o If the |
| to 30% less from equipments, cars, and | | | | property is not business/investment use property, |
| automobiles that does not exceeds US$30,000 | | | | the property must be installed on property used |
| worth or value, and 50% for equipments that | | | | as your main home. |