Does the federal tax rebate of ~$3400 still apply to a 2010/11 if purchased prior to 12/31/10? Will the tax rebate apply to 2011s purchased after 1/1/2011? Many thanks.
It looks like that rebate was phased out for Toyotas and Hondas: http://www.hybridcars.com/federal-incentives.html
It ended long ago. According to the IRS: "The credit for ... or new qualified hybrid passenger automobiles or light trucks manufactured by Toyota Motor Corporation will begin to phase out on Oct. 1, 2006." "Beginning October 1, 2007, taxpayers who buy a Toyota hybrid cannot claim the related tax credit."
I'd totally forgotten that they'd even had a tax credit when I bought my Prius in August. I didn't realize that phase out started way back in '06.
Wasn't this tax credit for each carmaker's hybrid cars up to the first 200,000 sold? Or something like that? Prius reached that milestone 4+years ago. Sorry. But just think of the $1,000 you'll be saving in gas every year (and a step fwd in helping save our little planet).
Ha... if congrass doesn't get it together and continue the Bush era tax cuts, we will all be looking a serious increase in taxes next year. So you can pretty much fogettabout them extending the alternative fuel credit.
With a trillion dollar deficit, and Toyota hybrids now being readily adopted without this incentive? Not a snowball's chance.
This thread is mistitled anyway. It was never a tax rebate. There was either a tax deduction (not a very good one) prior to 1/1/06 and then a tax credit started 1/1/06. It was never as high as $3400 for any Prius. No. The phaseout would start when an automaker hit 60K qualifying hybrids sold, starting on 1/1/06. No. The tax credit started on 1/1/06. Toyota/Lexus Hybrids became ineligible ages ago. If you cared about a tax credit, you would have to buy a hybrid which didn't have its credit go to $0 (e.g. NAH). See Federal Tax Credits for Hybrids. Not likely. Hybrid tax credits are ending 12/31/10, so even w/cars like the NAH, the phaseout will be moot since the credit will end even before they hit the 60K mark (beginning of phaseout).
anyone know about writing off the sales tax paid?? According to the lady doing the financial part of the deal, she recommended that I save the receipt as the sales tax is a right off per the stimulus deal. Never heard that but will investigate and look for it in turbo tax. Anyone know about this. sure hate to get my hopes up...lol
I'm not aware of anything in the way of an incentive in the "Stimulus" bill....but I'm speaking from a position of ignorance since (a) I'm a twidget, and not a tax lawyer, and (b) like 99.999999999-percent of the US population, I haven't read the bill. (haven't had time to... ) I wouldn't get my hopes up...
Don't know about 2010, but there was such a deal in 2009. According to the IRS: "The deduction is available on new vehicles purchased from Feb. 17, 2009, through Dec. 31, 2009."
Sales OR state income taxes were allowed as a Federal deduction. Without the documentation in front of me I'm not sure if the sales tax for an extraordinary item (a car in this case) could be listed in addition to state income tax.
tks for the input. I will try to call the IRS this week and ask them directly. If i get an answer i can understand, i will post it here.
Yes but we will continue to subsidize Brazillian grown Cotton until 2012 to the tune of $150m per year...Yeah Congress!
