Timeout! Prius Savings Still?

As long as you took delivery of your Prius before October 1 this year, you still qualify for a small tax credit (around $700). If you took delivery on or after Oct 1, you get nada.

Check the Prius Tax Credit subforum (under the Prius Main Forum) for details on how to claim the credit. I think you fill out a form and submit it with your 1040 for 2007 (which is of course due on April 15 2008).

 

I had to check into this recently as well and was surprised to see that the 2008 Prius is not on the list (IRS.gov site) for Federal incentives. I've been informed that Toyota has sold too many. BOoo!

I believe that you can still get incentives from State, and it varies of course by where you reside.

 

I talked to a dealer in Orange County, CA and they told me they can still qualify for the tax rebate.

Any updated info would be great.

 

<div class='quotetop'>QUOTE(MugenRD1 @ Oct 1 2007, 02:47 PM) [snapback]519939[/snapback]</div>

As you can see from looking at the chart on the IRS web site, any Prius purchased after October 1, 2007, no longer qualifies.
http://www.irs.gov/newsroom/article/0,,id=157557,00.html

 

<div class='quotetop'>QUOTE(Dahgu @ Sep 30 2007, 10:44 AM) [snapback]519430[/snapback]</div>

So what your are saying is if you bought a 2008 Prius BEFORE Oct 1, 2007, you still do not qualify for the $787.50 tax rebate on your Federal Return ?

 

<div class='quotetop'>QUOTE(Sliderule @ Oct 1 2007, 04:04 PM) [snapback]519971[/snapback]</div>

I would guess that 2008's bought and put into service before Oct 1 would be included. Those of us who bought 2007's in the fall of 2006 had much the same question last year. The IRS finally updated their model list (and forms) for 2006 tax filing in mid-March 2007 if I recall.

The phase-out of the Toyota hybrid credit kicked in after they'd sold 60,000 units; that was the only number that mattered. The rest of the phase out proceeded strictly on a calendar basis, with the last credit (about 787 for a Prius) ending yesterday (9/30/07). By that logic, a 2008 Prius put into service before Oct 1 2007 should qualify. You'll note in the example of the phase out given on the IRS site, the model year of the car is not mentioned; it is the put-in-service date that is crucial.
from http://www.irs.gov/newsroom/article/0,,id=157557,00.html
For example, if consumer A purchases a Prius on Sept. 30, 2006, and takes possession in February 2007, consumer A can claim the full credit for 2007, the year in which the vehicle is placed in service. On the other hand, if consumer B purchases a Prius on Oct. 1, 2006, and takes possession of the vehicle in February 2007, Consumer B can claim 50% of the credit in 2007, the year in which the vehicle is placed in service.

 

<div class='quotetop'>QUOTE(MegansPrius @ Oct 1 2007, 04:21 PM) [snapback]519986[/snapback]</div>

I certainly hope you are correct. What troubles me is that the chart on the Federal Web page only goes thru the 2007 Prius Model year. As you suggest, maybe they haven't gotten around to updating it as yet. I have not been able to find anything that states an 2008 is eligible if purchased and received before 9/30/07. Anyone else come across info on '08 tax eligibility?

 

<div class='quotetop'>QUOTE(Sliderule @ Oct 1 2007, 04:39 PM) [snapback]519997[/snapback]</div>

Here's the post from last year where the same issue was discussed. You'll notice the Feds didn't announce 2007 model eligibility until September 29, 2006. I'd suggest waiting a couple weeks before bothering to get anxious.

The actual form you'll need to file probably won't become available until March 2008.

EDIT: And Toyota, on their website, is stating that the 2008 models have not yet been reviewed by the IRS. So I don't think there's any great cause to worry about 2008s purchased and delivered before Oct 1 not qualifying.
http://www.toyota.com/prius/tax.html

 

Wow, $700 will go along way in gas for a Prius!!


$700 / $2.80 gas per gallon = 250 gallons

250 gal. x 45 mpg = 11250 miles!