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| Electric and Clean-Fuel Vehicles |
| Important Changes
for 2002 |
| Maximum clean-fuel vehicle deduction. |
| The maximum deduction you can claim for qualified clean-fuel vehicle property placed in service in calendar year 2002 is one of the following. - $37,500 for a truck or van with a gross vehicle weight rating over 26,000 pounds.
- $37,500 for a bus with a seating capacity of at least 20 adults (excluding the driver).
- $3,750 for a truck or van with a gross vehicle weight rating over 10,000 pounds but not more than 26,000 pounds.
- $1,500 for a vehicle not included in (1), (2), or (3).
The deduction will be phased out completely by 2005. |
| Qualified electric vehicle credit. |
| The credit for a qualified electric vehicle placed in service in calendar year 2002 will be reduced by 25% after you apply the $4,000 limit. The credit will be phased out completely by 2005. |
| Introduction
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| You are allowed a limited deduction for the cost of clean-fuel vehicle property and clean-fuel vehicle refueling property you place in service during the tax year. Also, you are allowed a tax credit of 10% of the cost of any qualified electric vehicle you place in service during the tax year. |
| Taxtip: |
| You can take the electric vehicle credit or the deduction for clean-fuel vehicle property regardless of whether you use the vehicle in a trade or business. However, you can take a deduction for clean-fuel vehicle refueling property only if you use the property in your trade or business. |
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Useful items |
| Publication 463: Travel, Entertainment, Gift, and Car Expenses
544: Sales and Other Dispositions of Assets
946: How To Depreciate Property
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| Form (and Instructions)
8834
Qualified Electric Vehicle Credit
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| See chapter 14 for information about getting publications and forms. |
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