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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.
The IRS has adopted large tax credits for purchase of new [[Hybrid Cars|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, after that it is phased out (0 percent).


Hybrid Tax Credits from lowest to highest:
[[Hybrid Cars|Hybrid]] Tax Credits from lowest to highest:


*2007 Lexus GS 450h, $1,550
* 2006-07 [[Chevrolet Silverado Hybrid]] 2wd, $250
*2006 Ford Escape Hybrid 4 WD, $1,950  
* 2006-07 [[GMC Sierra Hybrid]] 2wd, $250
*2006 Mercury Mariner Hybrid 4 WD, $1,950  
* 2006-07 [[Chevrolet Silverado Hybrid]] [[Four Wheel Drive|4WD]], $650
*2006 Lexus RX400h 2WD, $2,200  
* 2006-07 [[GMC Sierra Hybrid]] [[Four Wheel Drive|4WD]], $650
*2006 Lexus RX400h 4WD, $2,200  
* 2005 [[Honda Accord Hybrid]], $650
*2006 Toyota Highlander 4WD Hybrid, $2,600  
* 2006 [[Honda Accord Hybrid]] (w/o updated control calibration), $650
*2006 Toyota Highlander 2WD Hybrid, $2,600  
* 2007 [[Saturn VUE Green Line]], $650
*2006 Ford Escape Hybrid Front WD, $2,600  
* 2007 [[Saturn Aura Green Line]], $1300
*2007 Toyota Camry Hybrid, $2,600
* 2006-07 [[Honda Accord Hybrid]] (w/ updated control calibration), $1,300
*2005 Toyota Prius, $3,150
* 2005-06 [[Honda Insight]] CVT, $1,450
*2006 Toyota Prius, $3,150
* 2007 [[Lexus GS 450h]], $1,550 (purchased on/before 09/30/2006) / $775 (purchased 10/01/06-03/31/07) / $387.50 (purchased 04/01/07-09/30/07) / $0 (purchased on or after 10/01/07)
* 2005 [[Honda Civic Hybrid]] ([[Super Ultra Low Emission Vehicle|SULEV]]) MT & CVT, $1,700
* 2005-07 [[Ford Escape Hybrid]] [[Four Wheel Drive|4WD]], $1,950
* 2006-07 [[Mercury Mariner Hybrid]] [[Four Wheel Drive|4WD]], $1,950
* 2006-07 [[Honda Civic Hybrid]] CVT*, $2,100
* 2006-07 [[Lexus RX 400h]] 2WD or [[Four Wheel Drive|4WD]], $2,200 (purchased on/before 09/30/2006) / $1100 (purchased 10/01/06-03/31/07) / $550(purchased 04/01/07-09/30/07) / $0 (purchased on or after 10/01/07)
* 2008 [[Ford Escape Hybrid]] [[Four Wheel Drive|4WD]], $2,200
* 2008 [[Mercury Mariner Hybrid]] [[Four Wheel Drive|4WD]], $2,200
* 2007 [[Nissan Altima Hybrid]], $2350
* 2007 [[Toyota Camry Hybrid]], $2,600 (purchased on/before 09/30/2006) / $1300 (purchased 10/01/06-03/31/07) / $650(purchased 04/01/07-09/30/07) / $0 (purchased on or after 10/01/07)
* 2006-07 [[Toyota Highlander Hybrid]] 2WD or [[Four Wheel Drive|4WD]] , $2,600 (purchased on/before 09/30/2006) / $1300 (purchased 10/01/06-03/31/07) / $650(purchased 04/01/07-09/30/07) / $0 (purchased on or after 10/01/07)
* 2005-07 [[Ford Escape Hybrid]] 2WD, $2,600
* 2008 [[Ford Escape Hybrid]] 2WD, $3,000
* 2008 [[Mercury Mariner Hybrid]] 2WD, $3,000
* 2005-07 [[Toyota Prius]] $3,150 (purchased on/before 09/30/2006) / $1575 (purchased 10/01/06-03/31/07) / $787.50 (purchased 04/01/07-09/30/07) / $0 (purchased on or after 10/01/07)

Latest revision as of 16:51, 21 April 2007

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, after that it is phased out (0 percent).

Hybrid Tax Credits from lowest to highest:

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