Isn't it a no-brainer to buy a Prius Plug-in?

Fairly positive there is no income cap on the tax credit. You are right that some deductions / credits only apply below a certain income cap, but this isn't one of them.

 

Thanks miscrms. It will be great if we can get confirmation of some sort. I will keep looking. If you find one, please post. Appreciate your quick reply! This is great community here on PC!

 

This [quote="PriusVala, post: 2000846, member: 122052...It will be great if we can get confirmation of some sort. I will keep looking. If you find one, please post. ...[/quote]

The Federal Fuel Economy website has all the details and a link to tax form 8936 used to claim the credit.

Enjoy your new Plug-in

 

Here is the form and instructions, I don't see anything related to income. The only restriction is when you get to line 22, your total tax liability minus your personal credits from your 1040 must be greater than $2500 to qualify for the whole credit as discussed above. IE you have to be paying >$2500 in taxes (whether you paid out of your paycheck or when you file) in order to get the $2500 credit.

http://www.irs.gov/pub/irs-pdf/f8936.pdf

Rob

 

The way I see it, the more you make, the more likely you'll get the full credit. Consult a tax professional to be sure.

 

Yep, it's a no brainer-- especially with the larger rebates now. I presume you bought the plug in. I bought mine back in December for $27 - $4 in tax credit and state rebate = $23. I think they're even cheaper now. I believe the DMV just ran out of stickers though. I'm very happy with mine and average about 95 mpg with an 18 mile commute and free charging at work.

 

I don't think the credit relies on income. People who buy Tesla's get the same federal credit, but the full amount due to the higher battery capacity.