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Time Running Out on Tax Credits for Toyota Hybrids

Discussion in 'Prius, Hybrid, EV and Alt-Fuel News' started by jkash, Jul 22, 2006.

  1. jkash

    jkash Member

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    Time Running Out on Tax Credits for Toyota Hybrids

    TORRANCE, Calif. — Consumers who stall until September to buy a Toyota gas-electric hybrid will get only half the current federal tax credit because demand for the popular vehicles has surpassed the federal government's 60,000-unit-per-manufacturer cap.

    Because of that, the tax credit on the Prius, which got the biggest break, will drop substantially from $3,150 to $1,575 in October and disappear a year later. Last year's energy bill says that an automaker's additional hybrid sales qualify for half the original tax break for six months, then 25 percent for six months before phasing out entirely.

    President Bush asked Congress to lift the sales cap in the spring, but nothing has been done thus far.

    What this means to you: If you're going to buy a Toyota hybrid, better hustle if you want a break on your personal income tax.

    Source: Edmunds.com
     
    #1 jkash, Jul 22, 2006
  2. the fish

    the fish Member

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    For some reason I thought that level was met by June 30. No matter, glad to see there is still time.
     
    #2 the fish, Jul 22, 2006
  3. Jeannie

    Jeannie Proud Prius Granny

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    The 60,000 mark was reached in May or June, but the full tax credit goes until the end of the calendar quarter AFTER the 60,000 sales, so it's in effect for new Toyota Hybrids purchased up through September 30, 2006 - that means the you take possession of the car before October 1, 2006.
     
    #3 Jeannie, Jul 22, 2006
  4. Cruising7388

    Cruising7388 New Member

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    <div class='quotetop'>QUOTE(jkash @ Jul 22 2006, 06:16 AM) [snapback]290432[/snapback]</div>
     
    #4 Cruising7388, Jul 24, 2006
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