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Credit Union (AXcess News) Washington - The Internal Revenue Service has acknowledged the certification by Ford Motor Company that several of its 2007 vehicles qualify for the Alternative Motor Vehicle Credit created by the Energy Policy Act of 2005. The tax credit for hybrid vehicles applies to vehicles purchased on or after Jan. 1, 2006, and could be as much as $3,400 for those who purchase the most fuel-efficient vehicles.

Thanks to the Energy Policy Act of 2005 (Energy Act), there is still a tax credit available in 2007 for the installation of energy efficient measures in principal residences.

Merchant Credit Guide Co The hybrid vehicle certifications recently acknowledged by the IRS and their credit amounts are:

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Apply Online For Credit Card - Ford Escape Front WD Hybrid Model Year 2007 $2,600
- Ford Escape 4 WD Hybrid Model Year 2007 $1,950
- Mercury Mariner 4 WD Hybrid Model year 2007 $1,950

With gas prices reaching record highs earlier this year, efficient vehicles with smaller engines to help cut down on fuel costs. This is helping Ford%š May. Sales of Ford Motor Co.%š cylinder vehicles like the Ford Fusion and the Mercury Milan have almost doubled and now accounts for more than 20 percent of all Ford vehicles. The Ford Focus and Escape have also experienced brisk sales over the same period.

By Card Credit Debt Debt Guide Starting in 2006, this tax credit replaces the tax deduction of $2,000, which was previously allowed for taxpayers who purchased a new hybrid vehicle before Dec. 31, 2005, for the clean-burning fuel deduction. The tax credit requires a different certification. Many currently available hybrid vehicles may qualify for this new tax credit.

---------------------- Free + Free + 3847 pad Tankless Water Heater Tax Credit for 2006 and 2007 The Energy Policy Act of 2005 provides valuable federal tax credits for consumers who make certain, efficiency upgrades to their homes. efficient products in their homes enjoy multiple benefits. At home, these benefits include lower home energy bills, increased indoor comfort, and reduced air pollution. In addition to helping savvy consumers lower their energy bills at home, efficient products eligible for the new federal tax credits actually lower the amount of federal income taxes that these taxpayers must pay Uncle Sam.

Credit Repair Consumers seeking the credit may want to buy early since the full credit is only available for a limited time. Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.

Active Credit Credit Guide For more information and a complete listing of all qualified hybrid vehicles, please visit IRS.gov

Credit Score Source: IRS

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