BMW NJActive Hybrid Tax Credit
Hybrid Tax Credit
The tax credit for purchasers of the ActiveHybrid 7 Series is $900.
The tax credit for purchasers of the ActiveHybrid X6 is $1,550.
The standard and long-wheelbase versions of the ActiveHybrid 7 become the fourth and fifth BMW models to qualify for the Alternative Motor Vehicle Tax Credit, joining the ActiveHybrid X6 and BMW's Advanced Diesel 335d Sedan and X5 xDrive35d.
The tax credit for purchasers of the X5 xDrive35d is $1,800.
The tax credit for purchasers of the 335d is $900.
A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer's tax obligation. The qualification for this credit depends on a number of factors related to the tax payer's individual tax liabilities. Customers looking to purchase a Hybrid or Diesel model vehicle should be aware of the following key points regarding the credit:
The American Recovery and Reinvestment Tax Act of 2009 allows the taxpayer to use the Alternative Motor Vehicle Credit to offset BOTH regular tax liability AND Alternative Minimum Tax (AMT) liability for tax years 2009 and 2010. Prior to the enactment of this new law, the credit could not be used by taxpayers to lower their AMT. BMW ActiveHybrid and Diesel vehicles must be purchased to qualify for the credit. Leased vehicles are not eligible. The credit is not processed by BMW NA, BMW FS, or the BMW Center. The credit should be claimed on the purchaser's Income Tax Return-1040.
Customers interested in purchasing a vehicle should need to speak to their Client Advisor about the Alternative Motor Vehicle Tax Credit. Client Advisors can communicate to the customer the potential for this tax credit to help offset the purchase price.
Further information regarding the details of the credit should be obtained from the IRS.GOV website, or by consulting the individual's tax advisor.
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