Here are simplified tax credit amounts for the eligible hybrids. These totals include an extra amount from "conservation credits" which have most likely made it into the final bill. The NY Times and Toyota have quoted figures that would indicate they are included.

Hybrid Cars:
Accord - (AT) - $400 tax credit
Civic - (CVT) - $1,700
Civic - (MT) - $1,300 (06 model will get $1,700, if it's 1 mpg higher)
Insight - (MT) - $800
Insight - (CVT) - $1,050
Prius - (CVT) - $2,750

Hybrid Trucks:
Escape 2wd (CVT) - $1,950
Escape 4wd (CVT) - $1,550
Highlander 2wd (CVT) - $1,550
Highlander 4wd (CVT) - $1,950 (Might be $400 less if the city mileage has been rounded up and isn't actually over 30.8)
Mariner (CVT) - $1,550
RX 400h (CVT) - $1,950 (Might be $400 less if the city mileage has been rounded up and isn't actually over 30.8)

How sure are you about these numbers. (What a complex formula! ) And could the numbers be changed by the President in any way?

*edited to add*
Do we know for sure that these new Tax Credits REPLACE the already-in-place "Clean-Burning Fuel Tax Deduction". I would think so, but I can't find language to that effect.

Perhaps the Deduction will run concurrently with the new Tax Credits in 2006?

Now that would be nice!

Eric Powers

MHG Organizer - www.MadisonHybridGroup.com
Hybridfest 2008 - A Hybrid Electric Car Show and More! www.hybridfest.com
Madison, WI July 19 & 20, 2008

We need some CPAs with congressional experience!

I believe the line item veto was in effect only briefly, so the President's only option is to sign or not sign, as far as I know.

I was wading through the bill (and you can find 5 or 6 versions at thomas.loc.gov, search for H.R.6 or Energy Policy Act of 2005) and in both the PDF of the "public print" and the "Engrossed Amendment as Agreed to by Senate" it states at the end of Sections 1531/30:

" (c) EFFECTIVE DATE- The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act, in taxable years ending after such date."

Am I reading this correctly? It sounds like purchases in 2005 after the enactment of the Act would qualify. A FAQ at thomas.loc.gov notes:

"A bill becomes law on the date of approval or passage over the President's veto, unless it expressly provides a different effective date."

I checked other sections of the Act, and they expressly give dates of "period after December 31, 2005," or "after September 30, 2006," etc. Should I get excited, since I'm looking to get an Escape Hybrid sooner instead of later? Any constitutional law junkies out there???

Fred

***Dang, I read the Conference Report linked by Greg, and besides having the additional conservation credits, the effective date reads "after December 31, 2005..." Wonder what the final form of the bill is.....

There are already rebates in effect, and they would have been until the end of this year regardless, so I doubt they would have made a law to come into effect until the current one expires, but we can always hope...

2001 Prius Photos       2005 Prius Photos
'97 Prius Simulation Prius inner workings

insightcentral.net Citrus Smoothie has posted there info on the new Honda Civic Hybrid, including its mpg:

56 mpg city; 54 mpg highway; 55 mpg combined
( Prius II is 60 city 51 highway 55 combined ).

This info is from "recent Insight Owners Day at Honda UK" ; apparently Honda had an IMA expert there.

The new Honda Civic Hybrid should have a $2350 tax credit.

It would have to be improved to almost 60 mpg city to get the same tax credit as the Prius II.
Assumptions: The mpg is US gallons, but it is not certain that the fuel efficiency quoted is based on the EPA tests or on European tests. I assume it is US EPA.
--Walter

According to NPR this morning, each manufacturers cars receive the full tax credit from the new energy bill only for the first 60,000 vehicles sold by that manufacturer. For the Prius that's only about 6 months of sales. There may be a partial tax credit after the 60,000 cars are sold. I guess we'll have to read the 2000 page bill more carefully for the details.
--Walter

55mpg combined would represent over a 15% increase over the current 47.5 combined, which I don't think is likely. In Honda's officially released video about the 2006 Civic Hybrid's new engine, they said it's 5% more efficient than the outgoing motor. That would put the new combined figure at about 50mpg combined. It's already now the start of the 2nd week of August and typically Honda releases all it's official specs and EPA figures on cars by no later than September, so we should know for certain very soon.

More info on the tax credit and its phaseout after 60,000 hybrids/company:
http://www.hybridblog.org/ Look for "CLEAR ACT tax credits & the Energy Bil"
and at:
http://www.insightcentral.net/forum/viewtopic.php?p=33145#33145l

--Walter

This is just an example of bad journalism. You could give a $50,000 credit and it won't help. The problem with electric cars is you can't buy them anywhere! All of the big automobile companies scrapped their production, and small-time manufacturers are all but impossible to find. You either have to do the conversion yourself or risk taking it to a shady "chop shop" for conversion (and even if you do, I bet it doesn't count because the credit only applies for "new" vehicles).

It really makes me mad. I wouldn't mind getting that 8K credit toward an electric car. It would help me be able to pay an exorbitan amount which I'm sure they'd cost. But bottomline is no one makes them, and I can't very well conjure a car out of thin air.

How do you get the credit?

Is it valid for those of us who have already bought?