Fortunately it seems that most state backed credits are not getting ripped out from under people.

While we are not eligible for the full $1500 credit here this year due to our limited tax liability, we can at least roll that credit over for next five tax years until it used up.

 

I did my taxes tonight. I get about 1400 of the 2100 available for a HCH-II.

 

I knew when I bought my Prius Feb. '06 that the tax credit was not forever. I assumed if gas prices continued to roll around as they did last year, the Prius would sell, and that credit would probably be gone by the end of the year.

So, don't know how it will affect my taxes, but I'm eligible for the full amount.

centrider

 

Have not prepared our 2006 taxes yet, but as we have been stuck paying that !#$%^!$#@^ AMT tax for about 3 years already, I know we will get none of the hybrid tax credit. And we pretty much knew that before we bought the thing. Line up the two guys that invented the AMT and the bait and switch hybrid credit while I figure out which one I want to line up on first.

 

We are getting only 348 of the 2600 due to AMT.....

 

Here's one of the 2 you seek. It was the public that assumed they'd never be considered among these 155 rich cheaters that could be to blame.

"In January 1969, Treasury Secretary Joseph W. Barr informed Congress that 155 individual taxpayers with incomes exceeding $200,000 had paid no federal income tax in 1966. The news created a political firestorm. In 1969, members of Congress received more constituent letters about the 155 taxpayers than about the Vietnam war. Later that year, Congress created a minimum tax to prevent wealthy individuals from taking advantage of tax laws to eliminate their federal income tax liability."

In 1969 the senate was 64 Dems to 36 Reps, and the house was 247 Dems to 187 Reps.

Hysterically it is anti-child and anti-homeowner though that was never the intent. Shortsightedness and unintended consequences.

I'm prone to believe that the Democrats that created it were not too stupid to anticipate that this would eventual hit more "rich people" (by not adjusting for inflation), but didn't realize how inflation, reduced taxes, increased housing costs and rising child deductions would reduce middle class taxes owed, and create so many "rich people".

I'm proned to believe that Republicans that cut taxes for everyone (expanded the AMT hit) and agreed to hybrid tax credits were not too stupid to anticipate that AMT would eventually hit more Democrats, and finally get the AMT adjusted for inflation or eliminated which they've wanted since inception. That they didn't address it effectively already is another Republican failure.

I'm proned to believe that Democrats that created the hybrid tax credit were not too stupid to know that the AMT would hit many hybrid buyers but just can't stomach any non-socially-targeted tax cut. The Dems knew that adjusting the AMT for the Hybrid Tax Credit would have invited immediate Reps lambasting against the AMT in principal.

Hopefully something will finally get done about the ridiculous AMT.

 

The fact that it is not adjusted for inflation made it stupid from the start.
The fact it is still around 37 years later is a testament to the stupidity and failure of both political parties.

 

Whoops, redid our taxes online and we screwed up big time somewhere on paper. We get the entire state credit this year.

 

Way to go.

 

I bought my Escape used, so I get stiffed on the tax credit. Correct me if I'm wrong, but I don't think I get a deduction for 2007 either.