Our Government is making a concerted effort to boost alternative sourced powered vehicles and reduce our dependence on gas powered vehicles. Every effort is now made to encourage alternative energy sourced powered vehicles.
Thus, the IRS has just announced on December 5, 2007 that "Purchasers of certain large trucks, buses or other
heavy vehicles running on alternative fuel can claim a credit of up $32,000, and purchasers of certain large hybrid trucks and other
heavy hybrid vehicles can claim a credit of up to $12,000 if they qualify for the Alternative Motor Vehicle Credit".
The IRS has defined "Qualified Alternative Fuel Motor Vehicles (QAFMV)as being powered solely by alternative fuels, such as compressed natural gas, liquefied natural gas, liquefied petroleum gas, hydrogen and any liquid at least 85 percent of the volume of which consists of methanol."
Futhermore, the IRS states that "Vehicles powered by a combination of an alternative fuel and a petroleum-based fuel may qualify for a reduced credit. Purchases of new vehicles with special equipment, as well as ones converted for alternative power, may qualify."
The IRS states that "a credit also is available for certain new qualified heavy hybrid vehicles with a gross vehicle weight rating in excess of 8,500 pounds. A qualifying heavy hybrid motor vehicle draws propulsion energy from onboard sources of stored energy which are both an internal combustion or heat engine using consumable fuel, and a rechargeable energy storage system. This credit should be not confused with the alternative motor vehicle credit for qualified hybrid passenger automobiles and light trucks."
Source: IRS News
For a full list of vehicles that qualify for this credit please click on the link below:
Qualified Alternative Fuel Motor Vehicles (QAFMV) and Heavy Hybrid Vehicles
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