While my wife was doing our taxes this year using Turbo Tax there was an option to claim costs for converting a vehicle to alternative fuel. There were examples but ethanol wasnt one of them. You were able to claim the price of parts for the conversion, but we didnt claim it as I didnt see ethanol on the example list. Has anyone talked to a financial advisor or accountant to see if its possible to claim those expenses? I obviously cant now, but might be useful info for someone down the road.
Tax break?
- Thread starter runsonboost
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Look for your states conversion to ultra low emission vehicle. You car will have to be converted to run on ultra low emission fuel only. In Colorado 55% of the conversion expense is deductible. As an added bonus in Colorado, vehicle becomes emissions exempt! :beer:
More info for Colorado Vehicles:
http://forums.coloradoracing.net/index.php?/topic/131939-must-read-no-joke-how-to-get-up-to-18000-cash-back-for-converting-your-gas-engine-to-e-85-ethanol/
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Yeah, did a quick google search and found a couple states that have the same type of thing.
http://www.nga.org/files/live/sites/NGA/files/pdf/1201CLEANENERGYALTFUELSINCENTIVES.PDF
If I am reading this correctly there is an incentive and a tax credit for the conversion in Oklahoma and some other states?
If I am reading this correctly there is an incentive and a tax credit for the conversion in Oklahoma and some other states?
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