.
Hybrid Tax Credits: Difference between revisions
Wikicars, a place to share your automotive knowledge
Jump to navigationJump to search
No edit summary |
No edit summary |
||
Line 1: | Line 1: | ||
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. | ||
Hybrid Tax Credits from lowest to highest: | [[Hybrid Cars|Hybrid]] Tax Credits from lowest to highest: | ||
*2007 Lexus GS 450h, $1,550 | * 2005 [[Honda Accord Hybrid]], $650 | ||
*2006 Ford Escape Hybrid | * 2006 [[Honda Accord Hybrid]] (w/o updated control calibration), $650 | ||
*2006 Mercury Mariner Hybrid | * 2006 [[Honda Accord Hybrid]] (w/ updated control calibration), $1,300 | ||
*2006 Lexus RX400h 2WD, $2,200 | * 2005-06 [[Honda Insight]] CVT, $1,450 | ||
*2006 Lexus RX400h 4WD, $2,200 | * 2007 [[Lexus GS 450h]], $1,550 | ||
* | * 2005 [[Honda Civic Hybrid]] ([[Super Ultra Low Emission Vehicle|SULEV]]) MT & CVT*, $1,700 | ||
*2006 Toyota Highlander 2WD | * 2006 [[Ford Escape Hybrid]] [[Four Wheel Drive|4WD]], $1,950 | ||
*2006 | * 2006 [[Mercury Mariner Hybrid]] [[Four Wheel Drive|4WD]], $1,950 | ||
* | * 2006 [[HondaCivic Hybrid]] CVT*, $2,100 | ||
*2005 Toyota Prius | * 2006 [[Lexus RX400h]] 2WD, $2,200 | ||
* 2006 [[Lexus RX400h]] [[Four Wheel Drive|4WD]], $2,200 | |||
* 2007 [[Toyota Camry Hybrid]], $2,600 | |||
* 2006 [[Toyota Highlander Hybrid]] 2WD , $2,600 | |||
* 2006 [[Toyota Highlander Hybrid]] [[Four Wheel Drive|4WD]] , $2,600 | |||
* 2006 [[Ford Escape Hybrid]] 2WD, $2,600 | |||
* 2005-06 [[Toyota Prius]] $3,150 |
Revision as of 12:04, 22 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:
- 2005 Honda Accord Hybrid, $650
- 2006 Honda Accord Hybrid (w/o updated control calibration), $650
- 2006 Honda Accord Hybrid (w/ updated control calibration), $1,300
- 2005-06 Honda Insight CVT, $1,450
- 2007 Lexus GS 450h, $1,550
- 2005 Honda Civic Hybrid (SULEV) MT & CVT*, $1,700
- 2006 Ford Escape Hybrid 4WD, $1,950
- 2006 Mercury Mariner Hybrid 4WD, $1,950
- 2006 HondaCivic Hybrid CVT*, $2,100
- 2006 Lexus RX400h 2WD, $2,200
- 2006 Lexus RX400h 4WD, $2,200
- 2007 Toyota Camry Hybrid, $2,600
- 2006 Toyota Highlander Hybrid 2WD , $2,600
- 2006 Toyota Highlander Hybrid 4WD , $2,600
- 2006 Ford Escape Hybrid 2WD, $2,600
- 2005-06 Toyota Prius $3,150