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Hybrid Tax Credits: Difference between revisions
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The IRS has adopted large tax credits for purchase of new hybrid vehicles. The credits have a current maximum of $3,150. Note these are credits-- dollar for dollar tax savings-- not merely deductions. The law that created the credits limits its availability to 60,000 vehicles from each automaker; meaning credits for popular models will be gone before the tax break's scheduled Dec. 31, 2010, expiration date. Full credits for the automaker's remain available for the next calendar quarter following the quarter in which its 60,000th vehicle is sold; for the subsequent two quarters, the incentive is 50 percent of the full amount; for the two quarters after that, it is 25 percent. | |||
Hybrid Tax Credits from lowest to highest: | Hybrid Tax Credits from lowest to highest: | ||
Revision as of 13:35, 17 June 2006
The IRS has adopted large tax credits for purchase of new hybrid vehicles. The credits have a current maximum of $3,150. Note these are credits-- dollar for dollar tax savings-- not merely deductions. The law that created the credits limits its availability to 60,000 vehicles from each automaker; meaning credits for popular models will be gone before the tax break's scheduled Dec. 31, 2010, expiration date. Full credits for the automaker's remain available for the next calendar quarter following the quarter in which its 60,000th vehicle is sold; for the subsequent two quarters, the incentive is 50 percent of the full amount; for the two quarters after that, it is 25 percent.
Hybrid Tax Credits from lowest to highest:
- 2007 Lexus GS 450h, $1,550
- 2006 Ford Escape Hybrid 4 WD, $1,950
- 2006 Mercury Mariner Hybrid 4 WD, $1,950
- 2006 Lexus RX400h 2WD, $2,200
- 2006 Lexus RX400h 4WD, $2,200
- 2006 Toyota Highlander 4WD Hybrid, $2,600
- 2006 Toyota Highlander 2WD Hybrid, $2,600
- 2006 Ford Escape Hybrid Front WD, $2,600
- 2007 Toyota Camry Hybrid, $2,600
- 2005 Toyota Prius, $3,150
- 2006 Toyota Prius, $3,150
