I read on another message board that I go on that Bush just to give refunds on vehicles bought in 2004. I'm trying to find out if thats true and where I can read more about it. If that is so, i'm exstatic as we bought 2 vehicles this year but I wanted to verify it before getting too excited!

Anyone?

By Boxzgrl on Tuesday, December 14, 2004 - 06:12 pm:

click

I read this but don't really know my "tax talk" so I guess i'll have to research more.

By Mrsheidi on Tuesday, December 14, 2004 - 06:12 pm:

I just know there's a tax deduction. I think might it be for a clean fuel vehicle...deduction is $2,000?

By Breann on Tuesday, December 14, 2004 - 06:20 pm:

We just bought a 2004 minivan this year. I would be happy with some sort of tax break

By Boxzgrl on Tuesday, December 14, 2004 - 06:42 pm:

I should have clarified that what I read was a state tax credit. But dont quote me. I'm just looking for someone who may know.

By Ginny~moderator on Tuesday, December 14, 2004 - 06:47 pm:

Businesses that buy certain kinds of vehicles can get a tax break (not refund, but break) on the vehicle bought for the business. There is also a clean fuel deduction.

Here's some info Lowe's posted:

The IRS is offering a limited-time tax break on business property, and it's set to expire at the end of 2005. Are you taking full advantage of this offer?

The Break
Also known as the “expensing deduction,” Sect. 179 of the Internal Revenue Code allows you deduct the cost of tangible personal property—physical objects you can see or touch, such as heavy construction equipment and power tools, but also computer software—from your company’s income tax for the year of purchase. Otherwise, you would have to spread the deduction over a number of years, using IRS timetables.
...
Different deduction amounts apply to business vehicles under Sect 179, depending on whether they weigh more than or less than 6,000 pounds and whether you can claim a special allowance, according to the IRS. If you buy a van, truck or sports-utility vehicle weighing more than 6,000 pounds and modify it into a “qualified nonpersonal use vehicle” for your company’s use after June 6, 2003—by removing all seats except for the front bench, installing permanent shelving or painting your firm’s name on the side—you will not have to use the lower passenger vehicle deduction limits.

Here's the information on the "clean air" deduction or tax break, from the Detroit News:
If you buy a hybrid vehicle this year, you can claim a $1,500 deduction on your 2004 tax return, down from $2,000 for hybrids bought in 2003.
Next year, the deduction will drop to $1,000, and it’s scheduled to fall to $500 in 2006.
Because the tax break is a deduction, its value varies, depending on your tax bracket. If you’re in the 33 percent tax bracket, a $1,500 deduction will reduce your tax bill by $495. If you’re in the 15 percent tax bracket, it’s worth $225.
How it works:
* You don’t have to itemize to claim the deduction. The hybrid tax break is what’s known as an “above-the-line” deduction, which means you can take it even if you claim the standard deduction.
* Record the deduction at the bottom of your Form 1040 as an adjustment to income, and write “clean fuel” on the dotted line.
You don’t need to include a copy of your sales receipt with your tax returns, but should file a copy with your tax records.
* The deduction is limited to vehicles certified by the IRS. So far, the IRS has certified the Toyota Prius, Honda Insight and Honda Civic Hybrid.
* The deduction is limited to new cars. You can’t claim the deduction if you buy a used hybrid.
* It’s a onetime deal. You can claim the deduction only for the first year you use the car.
However, if you bought a hybrid a few years ago, you may still be able to claim the deduction. Once your car has been certified by the IRS, you can file an amended tax return for the year you bought the car.
* Drivers of all-electric cars get an even bigger break, although that incentive is also shrinking. Purchasers can claim a tax credit of up to $3,000 this year, down from $4,000 in 2003.
You must file IRS Form 8834 to claim the credit. It’s limited to vehicles powered primarily by rechargeable batteries, fuel cells or other portable sources of electricity, according to the IRS.

I got this by typing "vehicle tax break 2004" into Google.

By Boxzgrl on Tuesday, December 14, 2004 - 07:31 pm:

Thanks Ginny, I *knew* I needed to clarify what I originally read!