Honda Natural Gas Cars Issued Massive Tax Credits By Irs

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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