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Tax Credit Consulting: Hybrid Vehicles Parkersburg WV

As part of the Energy Policy Act of 2005, hybrid vehicles along with energy efficient home improvements and solar energy were made eligible for substantial tax credits. Tax credits are especially valuable as they directly reduce the amount of tax owed rather than reduce the taxable amount as is the case with deductions.

H&R Block Inside Sears At Grand Central Mall
(304) 485-4749
500 GRAND CENTRAL AVE
VIENNA, WV

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Bennett Tax Svc
(740) 423-1040
230 Washington Blvd
Belpre, OH

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H&R Block
(740) 373-5418
474 PIKE ST
MARIETTA, OH

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Harold D. Vealey (RFC®), CLU, LUTCF
(304) 346-2154
910 Chester Road
Charleston, WV
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Vealey Financial Services
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Education: BA
Years of Experience: 43
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IARFC
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Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

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735 Chestnut Ridge Rd
Morgantown, WV

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401 Grand Central Ave
Vienna, WV

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Liberty Tax Service
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18 Acme St
Marietta, OH

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Mr. Gregory R. Metcalf (RFC®), RFP
(307) 723-5018
200 Ivy St
Weirton, WV
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Horizon Financial Group
Qualifications
Education: Ohio University, BBA FinanceCollege for Financial Planning's CFP Certification Professional Education Program
Years of Experience: 15
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IARFC, FPA
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Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection

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H&R Block
(304) 265-2662
12 BLUE Ave
GRAFTON, WV

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Clarksburg, WV

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Tax Credit Consulting: Hybrid Vehicles

Hybrid Vehicle Tax Credit

A hybrid vehicle is an automobile that uses electrical power coupled with a gasoline engine to produce a more fuel efficient power plant. The Hybrid Vehicle Tax Credit was designed to encourage the sales of these vehicles.

As part of the Energy Policy Act of 2005, hybrid vehicles along with energy efficient home improvements and solar energy were made eligible for substantial tax credits. Tax credits are especially valuable as they directly reduce the amount of tax owed rather than reduce the taxable amount as is the case with deductions. These tax credits are a prime example of the use of tax credits to encourage activities deemed to be in the best interest of the public. The Hybrid Vehicle Tax Credit is the common name for the part of the Energy Policy Act dealing with hybrid vehicles.

The importance of reducing the dependence of the United States on fossil fuels was the prime motivation for a generous tax credit for hybrid vehicles. The credit varied from qualified vehicle to qualified vehicle. In some cases, the credit reached as high as $3500 dollars. The hybrid vehicles tend to be a bit expensive and there is still not wide spread acceptance of the technology, so the generous credit was intended to spur sales. The IRS set the amount for each qualified vehicle.

The credit had a unique phase out method. The credit was intended to spur sales of 60,000 vehicles of each various qualified type. When the sales figure reached 60,000 for any individual model, the phase out began. In the quarter after the mark had been reached, the credit remained at 100%. In the 2nd and 3rd quarters after the mark had been reached, the credit dropped to 50%. In the 4th and 5th quarters after the mark had been reached, the credit dropped to 25%. After the 5th quarter, it ended completely.

The Hybrid Vehicle Tax Credit has had its intended impact on the sales and even the development of alternative energy vehicles. Some of the models have reached t...

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