Quote:
Originally Posted by Mike M
My CPA informed me today that I won't receive my $2,600 tax credit for the purchase of my 2006 FEH FWD. It seems that if you are subject to the Alternative Minimum Tax (AMT) your tax credit will not apply. Sadly, my CPA informed me that most of her clients who can afford a hybrid never get to use the credit because they fall under the AMT. This almost seems like a bait and switch scheme when you consider that these vehicles are marketed with the tax credit benefit. There is no prospect of congress revising the AMT anytime soon, as long as we have to continue to pay for the War in Iraq.
How many other hybrid owners on this site fell into the AMT trap?  |
Sorry you got screwed out of the deal...
It isn't really a bait and switch...in the sense I've never seen any advertising from Ford describing the tax credit or claiming I'd get it or how much I would get. The only info I saw was from the media and the government.
Also... its not a problem limited to the hybrid tax credit. ANY tax credit that gets you below the AMT you will not get... thats why its called an AMT... "alternative minimum tax". The idea is that the MINIMUM tax you are allowed to pay...
It was created to keep the rich from getting out of paying any taxes... unfortunately, with inflation wages and such more and more people who are FAR from rich are falling into it.
Congress keeps talking about it.... but thats all they seem to do is talk.