Hybrid Car Owners Get Tax Break
It may not be easy being green, but the Internal Revenue Service is giving a break to car owners that try to go the environmentally friendly route.
The IRS is allowing buyers of 2001-03 Toyota Priuses and 2000-02 Honda Insights and 2003 Honda Civic Hybrids to claim a deduction of $2,000 for the year the vehicle was first put into use.
Federal tax laws allow individuals to claim a deduction for the incremental cost of buying a motor vehicle that is propelled by clean-burning fuel. A hybrid vehicle combines a gasoline-powered engine with an electrical motor to increase gas mileage and lower emissions. Though hybrids use regular unleaded gas, the electrical motor will assist the engine by supplying more power when needed.
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