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The
National Energy Policy Act of 1992 provides tax deductions
for the cost of clean-fuel vehicles and refueling facilities
placed in service after January 1, 2002, as follows:
- Refueling
facilities qualify for a tax deduction of up to $100,000
per location.
- Alternative
fuel vehicles qualify as follows:
- Up
to $37,500 for a truck or van with a GVW of more than 26,000
pounds or a bus with 20-adult seating capacity.
- Up
to $3,750 for a truck or van between 10,000 and 26,000 pounds
GVW.
- Up
to $1,500 for other vehicles.
- Dual-fuel
vehicles qualify, but only the incremental cost associated
with the clean fuel will be taken into account.
To find out
how to take these tax deductions, you may request Publication
535, “Business Expenses,” from the Internal Revenue
Service (IRS). To order a free copy of Publication 535, call
the IRS at (800) 829-3676.
Motor
Fuel Excise Tax Comparisons
Back to Commercial Uses
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