According to Somerset CPAs, P.C., heavy-duty dealerships can claim the $12,000 in federal income tax credits
According to Somerset CPAs, P.C., heavy-duty dealerships can claim the $12,000 in federal income tax credits normally awarded to customers that purchase hybrid and alternative fuel vehicles when the purchasing organization cannot use the credit because they do not pay federal income taxes. The dealer must notify the entity that they sold the vehicle to at any point before filing the dealership’s tax return for 2007.
Dealerships should make a list of all sales of eligible new vehicles sold—not leased--to non-profit and government entities during 2007, determine the allowable credit for vehicle and calculate the tax benefit of the available credits, and then send the notification to the non-profit/government entity, stated Somerset.
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