IRS Awards Honda FCX Tax Credit

Honda applied for the credit, which totals $12,000, even though it will probably be next year before it has a next-generation fuel-cell vehicle ready for the public.

Published: 30-Jul-2007

The Internal Revenue Service said this week that Honda's FCX qualified for a $12,000 federal tax credit. That would be good news for the owners of the hydrogen-powered car — if there were any.

Only two of the futuristic fuel-cell vehicles are in private hands, and both of those are on $500-a-month leases. That means Honda technically owns the cars. Which also means that Honda gets the tax credit.

Fuel-cell electric vehicles use on-board electrochemical reactions to produce electricity from hydrogen fuel stored in pressurized tanks. They qualify for the tax credit under a 2005 federal law that provides breaks to taxpayers who do certain things to conserve energy, including driving fuel-cell vehicles.

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