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The IRS announced today that the 2005 Prius has been certified as eligible for the clean-burning fuel deduction.

Also, under the recently signed Working Families Tax Relief Act of 2004, the clean-burning fuel deduction is up to $2,000 for certified vehicles first put into service in 2004 and 2005. The deduction will be limited to $500 for vehicles placed in service in 2006 and no deduction will be allowed after that year.

Every little bit helps.

Peace

--Jim Volz
 

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From the irs web site:

# Clean fuel vehicle deduction — the maximum amount of this deduction was scheduled to drop this year and next, but has been retained at the $2,000 level through 2005. IR-2004-125 has information on this deduction and the newest vehicle to qualify for it.

Yippie
 
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