Hybrid Cars Tax Credit!!
Before we discuss the hybrid cars tax credit 2011, let us back up a bit on the energy policy of the United States in the recent years. President George W. Bush signed the Energy Policy Act of 2005, which considerably changed the energy policy of in the United States. As a measure to promote the use of energy efficient and environment friendly sources of energy, the government offered several incentives to the people as a part of the bill.
The hybrid cars tax credit 2011 was a part of the said act.
Provisions Regarding Hybrid Cars Tax Credit 2011
So one might ask, why hybrid cars and what is tax credit? The basic intention of the act was to promote the use of fuel efficient vehicles and energy resources. The best way to encourage such a widespread use of vehicles is to provide some kind of incentive to the people. In this case, the act empowered the IRS to provide tax credit to the people in cases where they purchased some specified hybrid vehicles. A tax credit is basically a provision where the tax filer would not have to pay tax worth the tax credit for the next year, very much like a prepaid tax. In some cases, a rebate or a refund would be provided to the income tax filers. A hybrid vehicle is an automobile that works on two mechanisms, namely, an internal combustible engine, and a battery operated motor. Apart from that, these cars are fitted with a certain mechanism wherein unused mechanical and kinetic energy is transformed into electrical energy and is stored into the battery which in turn, is used for motor propulsion. The car thus, saves a high volume of energy, and more importantly fuel. It also does not cause any pollution in the process.
As per the provisions of the act, the IRS would release a list of vehicles for all applicable years. The people who purchased the vehicles in these years would receive the aforementioned tax credit or tax rebate. The time limit for the tax credit was December 31st, 2010. That is, any vehicle purchased before the date would become a valid ground for a tax credit. The act and the IRS have however made certain provision for the vehicles to be released in 2011. The condition is that the vehicle, should be procured (paid for) in 2010 yet it can be model for 2011 and actual custody of the vehicle can be taken in 2011. The IRS has also put forth a list of models that it recognizes as 2011 models and a valid ground for a tax credit.
Recognized Hybrid Cars Tax Credit 2011
The following is a list of cars that are valid for tax credit for hybrid cars 2011. These cars are qualified by the IRS and the models not included in the said list are not valid for the credit. It must be noted that this list if applicable for 2011 models.
|Manufacturer||Car Model||Available Tax Credit|
|BMW||Active Hybrid 750i||$900|
|BMW||Active Hybrid Li||$900|
|BMW||Active Hybrid X6||$1,550|
|Cadillac||Escalade Hybrid (2WD & 4WD)||$2,200|
|Chevrolet||Tahoe Hybrid C1500 2WD||$2,200|
|Chevrolet||Tahoe Hybrid K1500 4WD||$2,200|
|Chevrolet||Silverado Hybrid C15 2WD||$2,200|
|Chevrolet||Silverado Hybrid K15 4WD||$2,200|
|GMC||Sierra Hybrid C15 2WD||$2,200|
|GMC||Sierra Hybrid K15 4WD||$2,200|
|GMC||Yukon Hybrid C1500 2WD||$2,200|
|GMC||Yukon Hybrid K1500 4WD||$2,200|
|GMC||Yukon Denali Hybrid K1500 4WD||$2,200|
|Mercedes Benz||ML450 Hybrid||$2,200|
|Porsche||Cayenne S Hybrid||$1,800|