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Buy a CNG vehicle today and start taking advantage of the tax credit immediately!
CNG vehicles are eligible for a state tax credit of up to $2500 in Utah. The amount of the credit is 35% of the purchase price of the vehicle or $2500, whichever is less.
The credit is a non-refundable credit. It can only be used to pay taxes that you owe at the end of the year. The state will not just mail you a check for the amount of the credit.
The advantage to buying your car early in the year is that you can stop having state tax withheld from your check and have extra money to spend all year long. When you file your taxes next year you make up the deficit with the tax credit.
Example: You purchased a CNG vehicle for $8000. 35% of $8000 is $2800. The credit is limited to $2500 so your available credit is $2500. Utah State Income tax is computed at a flat rate of 5% of taxable income (after all deductions and write-offs). The $2500 tax credit will cover the state tax owed on the first $50,000 of taxable income. After you have made over $50,000 for the year you could request that your employer begin withholding Utah Income tax again. At the end of the year you would have a deficit of $2500 from the taxes that were not withheld. That deficit is covered by the tax credit available on the vehicle. You have the advantage of having that 5% in your pocket instead of in the state treasury.
By driving a CNG powered vehicle in the state of Utah you are eligible for these great benefits:
- Much cheaper than gasoline: 145.9¢ per gallon equivalent.
- Up to $2,500 tax credit.
- Drive solo in the carpool lane.*
- Park free in downtown SLC.*
* With a Clean Air license plate
Benefits of buying from CNG Utah:
- The vehicles are already here. Come drive them yourself and don't pay hefty shipping fees.
- The vehicles have already passed safety and emissions inspections.
- Family owned and operated.
- CNG Utah is a licensed and bonded dealership.
- No extra dealer document fees.
- All of our vehicles are EPA certified.
