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Q
is there a tax credit for hybrid vehicles
I'm a seasoned industrial engineer with a keen interest in machine learning. Here to share insights on latest industry trends.
Yes, there is a tax credit for hybrid vehicles, known as the Alternative Motor Vehicle Credit, which includes credits for purchasing new, qualified plug-in electric and hybrid vehicles. The credit amount varies depending on the vehicle's battery capacity and its gross vehicle weight rating. It originally aimed to encourage the adoption of eco-friendly vehicles to reduce greenhouse gas emissions. However, the eligibility for these credits can phase out once a manufacturer sells 200,000 qualified vehicles. Buyers should verify the specific vehicle model's eligibility for the credit and its credit amount with the IRS or the vehicle manufacturer, as these details can change based on legislative updates and cap limitations.
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