BMW Advanced Diesel Tax Credit Information
Diesel IRSTax credit and who's eligible?
BMW Advanced Diesel Tax Credit Information
BMW of North America has announced the new 2010 BMW Advanced Diesel models will qualify for the Internal Revenue Service Alternative Motor Vehicle Tax Credit.
The tax credit is offered by the IRS to promote the purchase of Advanced Lean Burn Technology vehicles that help to reduce emissions.
The engines used in the X5 xDrive35d and 335d are class leading examples of Advanced Lean Burn Technology that allows drivers to reduce their carbon footprint while preserving the joy of driving.
The tax credit for purchasers of the 2010 X5 xDrive35d is $1,800.
The tax credit for purchasers of the 2010 335d is $900.
A tax credit is subtracted directly from the total amount of federal tax owed, reducing or even eliminating the taxpayer's tax obligation.
NOTE:
The qualification for this credit depends on a number of factors related to the tax payer's individual tax liabilities. Customers looking to purchase an X5 xDrive35d or 335d should be aware of the following key points regarding the credit:
- BMW Advanced Diesel vehicles must be purchased (not leased) to qualify for the credit. Leased vehicles are not eligible.
- The credit is not processed by BMW NA.
- The credit should be claimed on the purchaser's Income Tax Return-1040.
- There are other factors that may affect the amount of the credit such as income, property taxes, alternative minimum tax, or other tax credits.
Customers interested in purchasing a BMW Advanced Diesel should be aware of the qualification for the Alternative Motor Vehicle Tax Credit.
If further information is needed please, do not hesitate to contact our Client Advisors at JMK BMW
JMKBMW Tel. 866-407-5013 or visit us at www.jmkbmw.com
JMKBMW has one of the largest selections of Premium Luxury Deisel vechicles in New Jersey.
