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[RE-POST] The U.S. Internal Revenue Service has launched a program that offers a tax deduction for Insight and Civic Hybrid owners. According to the IRS, these vehicles are eligible for the clean-fuel vehicle deduction as outlined in the Internal Revenue Code, section 179A. This is the first official confirmation of what had previously remained a complex and oft debated issue.
For hybrids purchased in previous years, the new rules allow owners to claim deductions back two years, the period during which hybrids were introduced in the U.S., by filing an amended tax return. These deductions will be phased out between 2004 and 2006. You can find the complete details in the official IRS statement, in PDF format. The IRS has confirmed that the deduction applies to 2000-2003 Insights, although the press release had not been corrected to reflect this at the time of this posting.
For hybrids purchased in previous years, the new rules allow owners to claim deductions back two years, the period during which hybrids were introduced in the U.S., by filing an amended tax return. These deductions will be phased out between 2004 and 2006. You can find the complete details in the official IRS statement, in PDF format. The IRS has confirmed that the deduction applies to 2000-2003 Insights, although the press release had not been corrected to reflect this at the time of this posting.
