This must have been asked, but I can't find it... Does the 2005, ordered and delivered in 2004, qualify for a 2004 rebate? I would expect the $1500 as on model year 2004. I can not find Toyota or IRS certification for this model year. Thanks! Robert
I believe it is based on when you took delivery of the car, not the model year. The IRS is very calender-centric.
It's not a rebate, it's an income adjustment - basically lowers your incomine to change the tax amount. As long as you take delivery before Dec 31st 11:59pm, you should qualify for the $1500 deduction. That translates to a few hundred less due at tax time of a few hundred dollar additional refund - depending on other factors like your tax bracket, etc.
I've seen newspapers screwing it up and calling it a rebate, and I've heard Congressmen talk about pending legislation to turn it into a $4,000 credit (so $4,000 directly off your taxes, no calculation), but for now, the best you can hope to do with it is be in the highest bracket and get the most of that $1,500. Of course, if you want a $100,000, not $1,500 deduction, just buy a 3-ton SUV... :roll:
