Clean Fuels Program > Overview > Tax Credit > Rules Before 2009
Clean Fuel Vehicle Tax Credit
Rules for Vehicles Purchased Before January 1, 2009
Taxpayers may claim a non refundable tax credit against State individual income tax, corporate franchise tax, or fiduciary tax as follows:
- Converted Vehicles
- Original Equipment Manufacturer (OEM) Clean Fuel Vehicles
- Special Mobile Equipment Converted to Clean Fuels
Taxpayers may claim a non refundable credit on their individual income tax, corporate franchise tax, or fiduciary tax returns for the purchase or conversion of vehicles that use cleaner burning fuels. For a taxpayer to claim this credit, the Clean Fuel Vehicle Tax Credit Form TC-40V must be completely filled out.
- A separate form must be completed for each vehicle claimed.
- The credit may only be taken once per vehicle.
- The vehicle must be certified and claimed in the taxable year in which the item is purchased or converted.
- If the credit claimed exceeds the tax liability for a taxable year, the credit that exceeds the liability may be carried forward for up to five taxable years.
If you have questions about the Clean Fuel Vehicle Tax Credit, please contact Mat Carlile at 801-536-4136.
