Honda Natural Gas Cars Issued Massive Tax Credits By Irs

Honda Natural Gas Cars Issued Massive Tax Credits By IRS
Between global warming and massive increases in​ fuel prices,​ many people are reconsidering their transportation .​
Honda has two natural gas cars the​ IRS absolutely loves.
Honda Natural Gas Cars Issued Massive Tax Credits By IRS
In 2018,​ the​ federal government passed a​ new energy policy act that created tax benefits for the​ use of​ alternative fuel vehicles .​
Most people are generally aware of​ this given the​ fact they get a​ tax credit break when they purchase a​ hybrid vehicle .​
What fewer people know,​ however,​ is​ they get massive tax breaks if​ they purchase a​ natural gas powered vehicle such as​ a​ Honda Civic GX.
Buried within the​ language of​ the​ new energy policy act is​ the​ Alterative Motor Vehicle Credit .​
The AMVC goes well above and beyond the​ financial benefits granted to​ hybrid cars .​
The act defines four distinct areas where the​ IRS must issue significant tax credits .​
Those categories include fuel cell vehicles,​ advanced lean burn technologies,​ hybrid vehicles and alternative fuel vehicles .​
While most vehicles fall within the​ hybrid classification,​ new models are coming on​ the​ market that fall within the​ remaining three .​
Indeed,​ the​ IRS has just issued the​ tax credit amounts that can be claimed by individuals that purchase the​ Honda natural gas models .​
Specifically,​ the​ tax credit amount is​ $4,​000 if​ you​ purchase either the​ 2018 or​ 2018 Honda Civic GX .​
The car must be purchased new and directly form a​ dealer .​
Please note,​ these cars run only on​ natural gas,​ which is​ why they get such a​ big tax credit .​
This $4,​000 tax credit is​ a​ major financial incentive for most taxpayers .​
Unlike a​ tax deduction,​ a​ tax credit is​ applied directly to​ the​ amount of​ money you​ owe the​ IRS .​
If you​ prepare your tax returns and determine you​ owe $7,​000 to​ the​ IRS,​ the​ tax credit would reduce this amount to​ $3,​000 .​
In short,​ we are talking about major savings .​
There is​ little dispute that we are facing significant issues related to​ energy .​
From global warming to​ our reliance on​ foreign sources for fuel,​ things are pretty bleak .​
The transition to​ alternative fuel sources makes sense,​ and now the​ tax credit for natural gas powered vehicles makes financial sense as​ well.

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