tax breaks for driving greasers

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oj
oj's picture
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Joined: 07/29/2005

every year when i do my federal taxes i notice there is a tax break for people with alternative fuel vehicles. do greasers count?

ForrestGump's picture
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Joined: 04/14/2005

yes

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akghound's picture
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Not in Montana

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A Day at A Time
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blhfla's picture
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Joined: 08/11/2005

What are the condtitions/requirements/benefits?

JesterV's picture
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--
If you want a tax break, what counts as "alternative" is what the tax man says counts. Doesn't matter what we think.

Your state tax authorities will have a website and some kind of pamphlet you can read online, or get at the library. Or maybe even a hotline to call. In my state we have some alternative energy, non-profit, university-type groups that also keep on top of that stuff. People in green energy houses, solar people, engineering types and such. They ususally have good info becasue they are the ones up in the Capitol lobbying for the changes and helping the write the laws behind the scenes.

If you do your taxes online (like Turbo Tax or the IRS free e-tax services) you can use your account to walk through your taxes without filing. When you get to the part about 'alternative fuel credit' or whatever, it will ask you some questions about your set up based on the latest tax info from Big Brother. That is a good way to find out some general info. If your state has great bennies, then the system will steer you into it. If your state sucks (like mine) you'll be told that the only credit you can get is from the Feds for buying a brand new electric or hybrid vehicle.

I think Forest Gump might be right about Illinios, but I've not seen the details in writing.

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1978 Dodge D-100 with factory 4.0 Mitsubishi running 50/50 in a single tank.

"Think about how dumb the average person is and realize that, by definition, half of them are even dumber than that" --George Carlin

scmadm's picture
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Joined: 05/12/2005

Quote:
Originally posted by: oj
every year when i do my federal taxes i notice there is a tax break for people with alternative fuel vehicles. do greasers count?
Original post asked about "federal taxes". Not state taxes. Is there a tax break/credit for alternative fuel vehicles for federal taxes that anyone is aware of? It won't matter which state you are from.

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Steve M
1985 300SD (Benny)

My car burns oil like crazy....AND I LIKE IT!

Grease...It's not just for breakfast anymore!

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1985 MB 300SD,,,,,,old Greasel system with mods

1998 VW Passat TDI.....50 MPG

1981 Cadillac Seville Diesel....30 MPG   My show car and pride and joy.

oj
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Joined: 07/29/2005

or state taxes. i mentioned federal, but the question was really one of general tax relief for greasers.

danalinscott's picture
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Joined: 12/13/2004

WVO converted vehicles ARE NOT eligible for any tax breaks state or federal. This is due to the fact they do not conform to the definition of alternative fuel vehicle in the legislation that provides for these tax breaks.

It sucks..but that's the way it is.

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danalinscott@yahoo.com

ForrestGump's picture
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I used to have the web page saved for IL. tax. now i can't find it but you can claim 80% of cost to make (build) wvo conversion and use of WVO all year

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blhfla's picture
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I will try to remember to ask my tax accountant next week. It will only be re: federal taxes as there are no state taxes in Florida.

danalinscott's picture
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Quote:
Originally posted by: ForrestGump
I used to have the web page saved for IL. tax. now i can't find it but you can claim 80% of cost to make (build) wvo conversion and use of WVO all year
This refund is only for "alternative fuel vehicles" as defined by the IRS statutes. VO fuel is not covered under this definition. So VO conversions are NOT covered by it. The reason the web page may have dissapeared is the rebate offer expired.

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danalinscott@yahoo.com

ForrestGump's picture
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I am Brian Miller

scmadm's picture
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Seems it is only for producers to pass on for retail sales of Biodiesel and WVO. Doesn't appear someone using it for personal use can take any credit or deduction. Just my take on it and not to be considered legal or financial advise as I can't even balance a checkbook!

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Steve M
1985 300SD (Benny)

My car burns oil like crazy....AND I LIKE IT!

Grease...It's not just for breakfast anymore!

__________________

1985 MB 300SD,,,,,,old Greasel system with mods

1998 VW Passat TDI.....50 MPG

1981 Cadillac Seville Diesel....30 MPG   My show car and pride and joy.

TDIguy's picture
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Joined: 06/07/2004

I like that article. But its definantly not something published by the IRS or any department of revenue so i would wonder if it is much of a guideline for tax purposes. Neat facts tho looks like at current production rates we have a lot more extra soy bean (nevermind corn and other veg oil producing crops) then what people say we do. Wonder what we are currently doing with those millions of gallons of excess oil.

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01 vw jetta TDI
Vag-Com tool at home
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Running on Veg sence summer 04 still learning new tricks
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oj
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g'ment is probably paying the farmers subsidies to grow it and then throwing it away.

Cabover's picture
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Joined: 11/03/2004

You are already have a tax break.

Collect it, filter it burn it and do not pay the road tax. Simple but effective!

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A little grease goes a long ways!

Cabover's picture
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Interesting question about the oil.

I suspect that a lot is exported for food use. I move a lot of oil seed to the ports myself. So I suspect it is converted to oil form with lower cost labor after the boat ride.

Cabover

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A little grease goes a long ways!

ridgerunner's picture
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Joined: 08/17/2005

I personally would think that we would want to keep quiet about using wvo as a fuel. The "Man" gets alot of tax $ from the sale of fuel and we are skirting the issue by making our own . So we are already getting our tax credit by not paying those stupid fed taxes on diesel.

swimgym's picture
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I agree totally with Ridgerunner. We all need to stay on the DOWN LOW as much as possible! Once the feds find out what so many of us are up to, they will make it illegal for restaurants to hand their used grease over to *anyone* who is not a licensed, registered, grease disposer/recycler. And we will end up right back where we are right now with gas vehicles - overpaying and stressed out.

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Swimgym

loserstench's picture
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Joined: 08/04/2005

like the guy who made his car to run on water. he told the dept of energy and 2 men came to his parents house (he was only an 18 yr old metalhead) some odd years ago and told him to be quiet. locked him up on some bogus muder charge. the end. so i read.

ridgerunner's picture
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When our oil supplies become illegal then those that are using hydrogen will come out of the woodwork. You cant regulate water and DC electricity. I have also done this with limited success.

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Ron Cook

Brasil's picture
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Here in Baton Rouge, restaurants have to prove to the Health Dept. that they have a contract with with a licensed grease hauler. Plus the recyclers pay the restaurants for grease, which makes it harder to get here.

dano's picture
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Joined: 08/19/2005

Be carefull ..in Florida...and maybe other states. not only is there NOT an alternative fuel break, but the state wants you to buy a Road use stamp (or sticker) because you are no longer paying road tax from dino diesel sale...Shhhh!!!
Don't tell them what you are burning.