HCH Tax Credit - GreenHybrid

jat1793 · #1 (**permalink**) 10-17-2007, 02:41 PM

I know there is a tex credit on the HCH, until Honda has sold over 60k of the cars. Does anyone know how many Honda has sold so far? Does anyone have any estimation when Honda will reach that number?

rboerger · #2 (**permalink**) 10-17-2007, 02:44 PM

http://www.irs.gov/newsroom/article/...173469,00.html

As of June 30, 2007, 58,872.

Original purchasers of these vehicles may claim the full amount of the credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle.

So .. after the end of the year, the credit will be halved, halved again in July, and zippo starting in '09.

jat1793 · #3 (**permalink**) 10-17-2007, 03:14 PM

Thanks for the website!

"Original purchasers of these vehicles may claim the full amount of the credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle.For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit."

So if Honda sells their 60k HCH by January, there will still be three more months of the $2,100 credit? And if they already have sold 60k by now, then in the winter months there will still be the full $2,100 credit, and then 50% of the $2,100 credit can be claimed by the time we are in the spring months.

Right?

rboerger · #4 (**permalink**) 10-17-2007, 07:19 PM

I imagine that Honda sold more than 1228 hybrids during the July-September quarter. If so the "first calendar quarter after the quarter in which the manufacturer records the sales of the 60,000th vehicle" is the quarter we are in, Oct-Dec 07, making this the last quarter the full refund.

jat1793 · #5 (**permalink**) 10-17-2007, 08:29 PM

Okay, 58,000+ were sold by June 30, 2007 and at a rate of about 2,250 HCHs a month (http://www.hybridcars.com/market-dashboard.html) the HCH outdid its limit this summer. So that means for this quarter we have a full tax credit of $2,100, but by the next quarter half, and the quarter after that half, and then zero.

rboerger · #6 (**permalink**) 10-17-2007, 08:45 PM

Not quite. You get two quarters of half ($1050), then two of half-of-half ($525). So expect to see some year-end "last chance to get the full tax rebate" promotions coming up.

giantquesadilla · #7 (**permalink**) 10-18-2007, 09:03 PM

I'm a little confused... is this based on when you bought your car or when you file for the credit?

rboerger · #8 (**permalink**) 10-19-2007, 03:13 AM

When you purchased the car.

giantquesadilla · #9 (**permalink**) 10-19-2007, 06:47 AM

k. That's what I thought. Thanks

wwwest · #10 (**permalink**) 10-29-2007, 11:22 AM

So that means if I bought a used 2006 HCH in September of 2007, there is NO tax credit ? Correct?