Maximum clean-fuel vehicle deduction.
The maximum deduction you can claim for qualified clean-fuel
vehicle property placed in service in calendar year 2002 is one of the
following.
- $37,500 for a truck or van with a gross vehicle weight
rating over 26,000 pounds.
- $37,500 for a bus with a seating capacity of at least 20
adults (excluding the driver).
- $3,750 for a truck or van with a gross vehicle weight rating
over 10,000 pounds but not more than 26,000 pounds.
- $1,500 for a vehicle not included in (1), (2), or
(3).
The deduction will be phased out completely by 2005.
Qualified electric vehicle credit.
The credit for a qualified electric vehicle placed in service in
calendar year 2002 will be reduced by 25% after you apply the $4,000
limit. The credit will be phased out completely by 2005.
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