Tax credit cut off?
#3
Re: Tax credit cut off?
Check here:
https://www.greenhybrid.com/discuss/...&postcount=108
and here:
https://www.greenhybrid.com/discuss/...&postcount=109
https://www.greenhybrid.com/discuss/...&postcount=108
and here:
https://www.greenhybrid.com/discuss/...&postcount=109
Last edited by mickster; 05-18-2006 at 05:34 PM. Reason: Forgot a link!
#4
Re: Tax credit cut off?
Originally Posted by gonavy
Its in most descriptions of the law- you can search it here or google it. The credit phases out the quarter after 60K units of the vehicle have been sold.
#6
Re: Tax credit cut off?
If you are buying a Honda you will definitely get the credit if you buy this year! If it's a Toyota, I don't know of a way to determine if you fall in the group - although there are sales figures published monthly that should allow you to figure that out (or ask your dealer for that hard data). Honda is only planning to produce about 30-35K Hybrids (Acord, Civic, Insight) combined this year so there is no way Honda will reach their quota of 60,000 this year. EACH manufacturer can sell 60K before the tax credits phase out (so it will be around much longer with Honda, Ford, GM than it will be with Toyota)
Eric
Eric
#7
Re: Tax credit cut off?
Since the credits continue for one quater after the manufacturer reaches the 60000 mark both Honda and Toyota will be fine (credit wise) at least through September (and as mentioned before Honda won't reach the 60000 limit until well into 2007). It should be noted that for the credit you have to actually purchase the car, not just get on a waiting list.
#8
Re: Tax credit cut off?
Originally Posted by shoebox303
So how can I be sure that I'm in the group receiving the credit? (I've not purchased the vehicle yet, looks like mid-June).
The credit will be phased out for vehicles offered by a given manufacturer once that company has sold a total of 60,000 eligible hybrid and lean-burn vehicles starting from the beginning of 2006. Manufacturers must report consumer sales to IRS, and IRS will announce when a manufacturer has exceeded this sales figure.
Beginning with the second calendar quarter after the calendar quarter in which the manufacturer sells 60,000 vehicles, the credit will be 50% of the full credit amount. This part of the phase-out will last for two calendar quarters.
For the next two calendar quarters, the credit will be 25% of the full credit amount. The incentives for vehicles by that manufacturer will end thereafter.