What are Hybrid Tax Credits

If you buy a hybrid in the United States and it’s on the list below, you’re all set to put some extra change back in your pocket. It all began when the Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit, and now it’s in your benefit if you’re in the market for a hybrid vehicle.

What exactly is a tax credit? It’s a specific dollar amount that is subtracted directly from the total amount of your federal tax owed, and it reduces your tax obligation. The tax credits listed below are for hybrid vehicles purchased or placed in service on or after January 1, 2006. Cost incentives also vary state-by-state, so it's a good idea to check your state's hybrid incentives. And give your insurance company a call--many offer discounts to hybrid owners.

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