Diesel Tax Credit Info

[spmd11]

Hey all,

Just purchased a 2010 X5 35d recently and did some research on the Federal Tax credit.

1) Tax credit is $1,800 straight off your Federal Tax bill, regardless of AMT and itemized deductions total

2) This is good for all 2010 35d purchased before December 31, 2010

3) Go here for details: New Energy Tax Credit for Diesels

4) I'm assuming that this is NOT applicable to 2011 models. I'm not sure, but the Federal website does not mention 2011 models

[XXX555]

Originally Posted by spmd11

Hey all,

Just purchased a 2010 X5 35d recently and did some research on the Federal Tax credit.

1) Tax credit is $1,800 straight off your Federal Tax bill, regardless of AMT and itemized deductions total

2) This is good for all 2010 35d purchased before December 31, 2010

3) Go here for details: New Energy Tax Credit for Diesels

4) I'm assuming that this is NOT applicable to 2011 models. I'm not sure, but the Federal website does not mention 2011 models

It might be good for 2011's. I vaguely recall that the credit is good for the first 60,000 of the model sold. Not even half way there, I suspect.

[spmd11]

You would think. But the IRS info only lists 2009-2010 models and the program ends Dec 31, 2010. That is the $24 question.

[Penguin]

I would be extremely surprised if it did not apply to the 2011 models (bought and put into service before 2012.) The IRS publication of the 2010 35d tax credit was also delayed for a while after the 2010 models were delivered, so I would not expect to see a public confirmation from the IRS on the 2011 qualification for another month or two.