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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