Lean burn vehicle credit update...
Thread Starter
Member
Joined: Aug 2008
Posts: 79
Likes: 2
From: Fredericksburg, VA
2008 E320 Bluetec, 2008 GL320 CDI
Lean burn vehicle credit update...
I need more confirmation, but I read where prior to 2009 the lean burn vehicle credit could NOT be used towards AMT, (this we already knew). In 2009 the credit CAN be applied towards the AMT, (this part is new). Those looking at buying now are looking at pricing close to invoice, take off another 10k manufacturer to dealer cash, and then get 1,800 taken off your tax bill. I am actually thinking of trading my 08 for an 09, buuuutt, well... I can't justify it.
any body have confirmation on the lean burn credit being applied towards AMT?
Baron11
any body have confirmation on the lean burn credit being applied towards AMT?
Baron11
Thread Starter
Member
Joined: Aug 2008
Posts: 79
Likes: 2
From: Fredericksburg, VA
2008 E320 Bluetec, 2008 GL320 CDI
SmartMoney dot com says...
Hopefully I am allowed to do this, the following comes from SmartMoney.com
"Lean-Burn Diesel Vehicle Credits
Federal income tax credits are also granted for buying (not leasing) new (not used) lean-burn diesels. These credits will offset your 2009 federal income tax bill even if you owe the AMT and regardless of how high your income might be. Unlike hybrids, lean-burn diesels achieve superior fuel efficiency without sacrificing much performance. In fact, they haul you-know-what. And they don’t have expensive and environmentally hazardous battery packs that eventually need to be replaced and disposed of. If this sounds to you like a vastly superior technology, you’re right! Lean-burn credits are subject to the same phase-out rule as hybrid credits. So they will be reduced and eventually disallowed after a manufacturer has sold 60,000 units. At this point, however, the phase-out rule is no cause for concern. Here’s the current list of IRS-approved vehicles and credits (2010 models will show up as soon as the IRS certifies them).
2009 DIESEL MODELS
Audi Diesel
Q7 3.0L TDI (midsize SUV) = $1,150
BMW Diesels
335d Sedan = $900
X5xDrive35d (midsize SUV) = 1,800
Mercedes Benz Diesels
R 320 BlueTEC (crossover) = $1,550
GL 320 BlueTEC (large SUV) = 1,800
ML 320 BlueTEC (midsize SUV) = 900
Volkswagen Diesels
Jetta 2.0L TDI Sedan = $1,300
Jetta 2.0L TDI SportWagen = 1,300
Touareg 3.0L TDI (midsize SUV) = 1,150"
No flames please, if I can't quote an article, please just remove it.
Baron11
"Lean-Burn Diesel Vehicle Credits
Federal income tax credits are also granted for buying (not leasing) new (not used) lean-burn diesels. These credits will offset your 2009 federal income tax bill even if you owe the AMT and regardless of how high your income might be. Unlike hybrids, lean-burn diesels achieve superior fuel efficiency without sacrificing much performance. In fact, they haul you-know-what. And they don’t have expensive and environmentally hazardous battery packs that eventually need to be replaced and disposed of. If this sounds to you like a vastly superior technology, you’re right! Lean-burn credits are subject to the same phase-out rule as hybrid credits. So they will be reduced and eventually disallowed after a manufacturer has sold 60,000 units. At this point, however, the phase-out rule is no cause for concern. Here’s the current list of IRS-approved vehicles and credits (2010 models will show up as soon as the IRS certifies them).
2009 DIESEL MODELS
Audi Diesel
Q7 3.0L TDI (midsize SUV) = $1,150
BMW Diesels
335d Sedan = $900
X5xDrive35d (midsize SUV) = 1,800
Mercedes Benz Diesels
R 320 BlueTEC (crossover) = $1,550
GL 320 BlueTEC (large SUV) = 1,800
ML 320 BlueTEC (midsize SUV) = 900
Volkswagen Diesels
Jetta 2.0L TDI Sedan = $1,300
Jetta 2.0L TDI SportWagen = 1,300
Touareg 3.0L TDI (midsize SUV) = 1,150"
No flames please, if I can't quote an article, please just remove it.
Baron11
