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Government & Taxes Money, credits and more!

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  #1 (permalink)  
Old 10-05-2008, 01:36 PM
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Real Name: John
Location: Charlotte. NC
Hybrids: shopping
Posts: 5
Question Tax Credits on a new Hybrid

With HONDA coming out with its new INSIGHT in 09 some time in APRIL. Does any one know if it will be in line to get a tax Credit. ( if so how much and for how many Vehicles sold )
Im not positive how the credits work, is it per model Hybrid vehicle or is it for the Total amount of Hybrids a manufacturers makes.

.

A dog naps so much because he loves so hard
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  #2 (permalink)  
Old 10-05-2008, 07:46 PM
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Location: Boston, MA
Posts: 67
Default Re: Tax Credits on a new Hybrid

The tax credits work based on the number of qualifying cars sold by the manufacturer. Once the manufacturer sells 60,000 units, the phase out period begins. Honda has already passed the 60,000 mark and the phase out period will be over for anyone buying a Honda hybrid by the time the new Insight comes out.

To be more specific, the phase out period for Honda buyers started in January, 2008. From January to June 30, the tax credits were halved. From July 1st to Dec 31st, 2008, the tax credits were one-fourth the full tax credit. On Jan 1, 2009, there will be no tax credits available for anyone buying a Honda hybrid.
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  #3 (permalink)  
Old 11-01-2008, 02:39 PM
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Default Re: Tax Credits on a new Hybrid

Does anyone know about tax credits on the Ford Escape hybrid
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  #4 (permalink)  
Old 11-01-2008, 03:18 PM
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Location: Boston, MA
Posts: 67
Default Re: Tax Credits on a new Hybrid

Yes, people who buy the Ford Escape Hybrid are still eligible for the tax credit. I don't know what the 2009 model is eligible for, but the 2008 model year is at least $2200. That's only if you qualify for it, though.

More information:
(My site, btw) http://hybridreview.blogspot.com/200...-for-2007.html
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  #5 (permalink)  
Old 12-04-2008, 05:21 PM
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Real Name: John Howard
Hybrids: Honda Civic Hybrid 2008
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Default Re: Tax Credits on a new Hybrid

I think I'll qualify for a federal tax credit of $525 or so for the Honda Civic Hybrid I bought last summer. Assuming Honda has now sold all 60,000 hybrids, the federal tax credit has lapsed. Let's hope the new administration and Congress renew the hybrid tax credit program. We need to keep encouraging the switch-over to these evironmentally friendly, gas sipping vehicles.
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  #6 (permalink)  
Old 12-09-2008, 10:21 PM
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Real Name: Mike
Location: Sacramento
Hybrids: 2008 Civic
Posts: 84
Default Re: Tax Credits on a new Hybrid

IMO, if the Govt is going to incentivize any cars it ought to be 4 cyl Big three cars.

.

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  #7 (permalink)  
Old 12-10-2008, 09:26 AM
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Real Name: Raza
Hybrids: 2009 Toyota Highlander Hybrid
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Default Re: Tax Credits on a new Hybrid

I just bought a 2009 THH, would I be eligible for a tax credit either this year or next?
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  #8 (permalink)  
Old 12-10-2008, 09:29 AM
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Real Name: John Howard
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Default Re: Tax Credits on a new Hybrid

I don't think so
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  #9 (permalink)  
Old 12-10-2008, 09:31 AM
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Real Name: Raza
Hybrids: 2009 Toyota Highlander Hybrid
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Default Re: Tax Credits on a new Hybrid

Is there a reason why? I wouldn't get it next year either since its a '09 model?
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  #10 (permalink)  
Old 12-10-2008, 09:42 AM
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Real Name: John Howard
Hybrids: Honda Civic Hybrid 2008
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Default Re: Tax Credits on a new Hybrid

You need to noodle around online to find a more knowlegeable source, or maybe consult a tax acountant or somebody. I had a devil of a time determining how much (if any) tax credit I would get on my 08 Civic hybrid.

My understanding is that both Toyota and Honda have reached the 60,000 hybrid car limit and that tax credits are no longer available for the Prius or Civic hybrids. Maybe, if you're lucky, there is still some tax credit to be had on the Highlander. Your dealer should know, but there is a lot of confusion on this topic. Good luck!
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