Tax credit on Diesel Light Trucks

Just read info over on DieselForum.org and it sounds like the 2500 will qualify for the credit. Didn't completly understand all the legal talk, but gross under 8,500 was one requirement for qualifying. The credit is based on mpg for 2002 vehicle and improvements from 2005 -2010 for same vehicle. I'm sure vehicle mfgs will need a team of engineers and lawyers to prove a vehicle will qualify. Can't retire for 3 more years, so a 2007 or 08 model will be fine for me.

 

I received a $196 or $198 Fed. Income Tax Credit, on my 91. 5 W-250. One of the TDR members wrote an article about the credit so, I checked into it. At the time, there was a 5 year window of opportunity to take advantage of the credit. I was right at 5 years, got the form from the IRS and my CPA used it. He had never heard of it til I mentioned it. I figure it paid for 5 or 6 years of the TDR. Not bad for one good tip!!!



Since that time (mid to late 90's) I have never heard of the credit being offered, again. Of course, that is not to mean that it is not still being offered.



Joe F. (Buffalo)

 

The way fuel prices are going I'll try just about anything!

 

GVWR for a 2500 is 8800 (2nd gen) or 9000 (3rd gen). If by gross less than 8500 they mean empty weight, then most all Dodge CTD's would qualify.

 

This is no joke!! When i bought my 92 CTD I got back a tax REFUND not a write off. Maybe now this new engery bill has them same stuff in it?

 

Never seen or heard of such a thing since I bought the 03.

 

somebody post the info so we can all take advantage

 

The bill as passed by the Senate is easily downloadable as a PDF, but it is 1273 pages... :-laf The TOC has sections in it, section 711 or so is about tax credits, but I couldn't find it.



IF there is indeed a tax credit of like $3500 for diesel light trucks, how does that apply to us in reality. Does that a) Give you $3500 additional in your usual tax refund in April; or b) Deduct $3500 from your gross income for that year, so that you would be taxed on only $36. 5K instead of $40K??



If it is Option B, that would amount to around $600-$800 in reality wouldn't it?? Much less appealing than the $3500, which would pay for your state sales tax and some bombing right from the start :-laf