I bought my toyota HH 2006. I read one the internet that If one is paying AMT, he cannot get the hybrid tax credit. I looked at 1040 form. AMT is on line 46 and Hybrid credit is online 55 (other form). The hybrid credit is applied after AMT. Basically it means the credit will not be impacted by AMT. Am I reading it wrong?

Yep, you're reading it wrong. IRS Form 8910 breaks down the calculation and yes AMT is there.

The AMT claimed our $2600 credit on our 07 FEH...bye bye!