IRS Certifies More Honda Hybrids for Clean Fuel Vehicle Deduction
The Internal Revenue Service has certified the Honda Insight, Model Years 2003 and 2004, and the Honda Civic Hybrid, Model Year 2004, as being eligible for the clean-fuel vehicle deduction.
The certification means taxpayers who purchase any of these new hybrid vehicles may claim a tax deduction of up to $2,000 for tax year 2003 or up to $1,500 for tax year 2004.
Federal tax law allows individuals to claim a deduction for the incremental cost of buying a motor vehicle that is propelled by a clean-burning fuel. By combining an electric motor with a gasoline-powered engine, these hybrid vehicles obtain greater fuel efficiency and produce fewer emissions than similar vehicles powered solely by conventional gasoline-powered engines.
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