SVB said:Alternative Motor Vehicle Credit
Section 1341 of the Energy Policy Act of 2005 provides a tax credit to buyers of new alternative fuel vehicles placed in service as an alternative fuel vehicle after January 1, 2006. The legislation provides for a tax credit equal to 50% of the incremental cost of the vehicle, plus an additional 30% of the incremental cost for vehicles with near-zero emissions (SULEV or Bin 2 for vehicles <14,001 lb GVWR). The IRS has issued two notices to establish rules for manufacturers and qualified vehicle buyers to claim the credit. The Current Tax Credits table has information on certified vehicles and available credits.
Georgia Incentives and Laws
Alternative Fuel Vehicle (AFV) Tax Credit
Georgia offers a tax credit towards the purchase, lease, or conversion of a vehicle that operates solely on an alternative fuel and has a minimum EPA Low Emission Vehicle (LEV) certification. The owners of vehicles that have their vehicles converted to operate on an Energy Policy Act (EPAct) defined alternative fuel and can meet the EPA certification of LEV or better may also receive the credit. The credit is worth up to 10% of the cost of a new AFV or up to 10% of the cost of converting the vehicle to operation on an alternative fuel, or $2,500, whichever is less. The credit cannot exceed the taxpayer's income tax liability, but any portion of the credit not used in the year the AFV is purchased or converted can be carried over for up to five additional years. This incentive does not apply to hybrid electric vehicles. (Reference Georgia Code 48-7-40.16)
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