Multiple Cars, Multiple Federal Tax Credits?
#1
Multiple Cars, Multiple Federal Tax Credits?
I have a TCH on-order and am thinking of replacing my Highlander with a Hybrid next year.
Can you get the Federal tax credit on more than one Hybrid vehicle? I've been looking around, but have not found the answer to that question.
As a new member, thanks for a way-cool board!!
Can you get the Federal tax credit on more than one Hybrid vehicle? I've been looking around, but have not found the answer to that question.
As a new member, thanks for a way-cool board!!
#2
Re: Multiple Cars, Multiple Federal Tax Credits?
From my understanding of the tax credit law on hybrids, Toyota will get reduced and then no tax credits next year based on when you take delivery. And anything after Sept 1 of this year the credit will be cut in half. All based on the fact that Toyota will sell 60,000 hybrids by June 30, 2006.
Of course, if the car you buy next year is a Ford hybrid or Nissan hybrid, they may not have gotten 60,000 hybrids sold yet, so you could get a full credit. But in reality any Toyota hybrids will start getting reduced credits after Sept 1, 2006.
Here is a link explaining the law:
http://www.irs.gov/newsroom/article/...156048,00.html
http://www.irs.gov/newsroom/article/...156381,00.html
A longer description of how this works. I don't see anything prohibiting getting credits on 2 hybrids, as long as you buy them soon enough. And you CAN'T LEASE them. You don't get a credit for that. The leasing company does.
http://www.irs.gov/newsroom/article/...157632,00.html
Of course, if the car you buy next year is a Ford hybrid or Nissan hybrid, they may not have gotten 60,000 hybrids sold yet, so you could get a full credit. But in reality any Toyota hybrids will start getting reduced credits after Sept 1, 2006.
Here is a link explaining the law:
http://www.irs.gov/newsroom/article/...156048,00.html
http://www.irs.gov/newsroom/article/...156381,00.html
A longer description of how this works. I don't see anything prohibiting getting credits on 2 hybrids, as long as you buy them soon enough. And you CAN'T LEASE them. You don't get a credit for that. The leasing company does.
http://www.irs.gov/newsroom/article/...157632,00.html
Last edited by TKCamry; 06-04-2006 at 05:48 PM. Reason: Add more links
#5
Re: Multiple Cars, Multiple Federal Tax Credits?
Originally Posted by TKCamry
From my understanding of the tax credit law on hybrids, Toyota will get reduced and then no tax credits next year based on when you take delivery. And anything after Sept 1 of this year the credit will be cut in half. All based on the fact that Toyota will sell 60,000 hybrids by June 30, 2006.
Of course, if the car you buy next year is a Ford hybrid or Nissan hybrid, they may not have gotten 60,000 hybrids sold yet, so you could get a full credit. But in reality any Toyota hybrids will start getting reduced credits after Sept 1, 2006.
Here is a link explaining the law:
http://www.irs.gov/newsroom/article/...156048,00.html
http://www.irs.gov/newsroom/article/...156381,00.html
A longer description of how this works. I don't see anything prohibiting getting credits on 2 hybrids, as long as you buy them soon enough. And you CAN'T LEASE them. You don't get a credit for that. The leasing company does.
http://www.irs.gov/newsroom/article/...157632,00.html
Of course, if the car you buy next year is a Ford hybrid or Nissan hybrid, they may not have gotten 60,000 hybrids sold yet, so you could get a full credit. But in reality any Toyota hybrids will start getting reduced credits after Sept 1, 2006.
Here is a link explaining the law:
http://www.irs.gov/newsroom/article/...156048,00.html
http://www.irs.gov/newsroom/article/...156381,00.html
A longer description of how this works. I don't see anything prohibiting getting credits on 2 hybrids, as long as you buy them soon enough. And you CAN'T LEASE them. You don't get a credit for that. The leasing company does.
http://www.irs.gov/newsroom/article/...157632,00.html
#6
Re: Multiple Cars, Multiple Federal Tax Credits?
I may have answered my own question. The form has now been published. It looks like there is room for more than one car on the form.
http://www.irs.gov/pub/irs-pdf/f8910.pdf
http://www.irs.gov/pub/irs-pdf/f8910.pdf
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