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Posted by taxguru on May 24, 2002

Hybrid Vehicle Tax Break

Since 1992, there has been a special $4,000 tax deduction available for the original buyers of electric vehicles in order to offset their higher costs. Since purely electric cars have been a bust in terms of market acceptance, some car companies have been making vehicles that use a hybrid combination of gasoline and electric power. For a long time now, it has been unclear whether they would qualify for the special deduction.

Finally this week IRS issued an official Solomon like pronouncement that these hybrids will qualify for a $2,000 deduction. You can download the official one page IRS announcement in pdf here. Here is a summary of the rule from USA Today.

KMK

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