Tax Credit For New Prius...I'm So Sad now :(
#12
Re: Tax Credit For New Prius...I'm So Sad now :(
Originally Posted by galaxee
Denny, if you trade the govt may reclaim that $2k deduction. they reserve the right to make you keep the car 3 years to keep the deduction.
of course, it may get missed
of course, it may get missed
#15
Re: Tax Credit For New Prius...I'm So Sad now :(
Just saw this on the internet this morning, I was not aware of this info regarding the hybrid federal tax credit for 2006 :
Looks like if this is correct, if you want the credit, you should buy early in 2006, don't wait!
Scharin noted that the credits will begin to phase out after an automaker has sold 60,000 qualifying vehicles, "so it may pay consumers to buy sooner rather than later" this year.
#17
Re: Tax Credit For New Prius...I'm So Sad now :(
Originally Posted by javawebgrrl
......................snip.........Looks like if this is correct, if you want the credit, you should buy early in 2006, don't wait!
Below is a quote which summarizes the essence of the credit - from a member of priuschat.com ; here's a link, response #12:
http://priuschat.com/index.php?showt...%20credit&st=0
QUOTE: The 60,000 hybrid vehicle threshhold includes all models the manufacture sells after December 31, 2005.
If 60k hybrid vehicles are sold by a manufacturer sometime in the first quarter of 2006, the tax credit will follow the following schedule:
(2006Q1) - 100%
(2006Q2) - 100%
(2006Q3) - 50%
(2006Q4) - 50%
(2007Q1) - 25%
(2007Q2) - 25%
If the 60k threshold is reached in a later quarter, the 100% period will be longer for as many additional quarters as it took to meet that threshhold.
The quarters start on January 01, April 01, July 01, and October 01.
This means that the full tax credit for Toyota will be in effect at least until June 30, 2006. END QUOTE
#18
Re: Tax Credit For New Prius...I'm So Sad now :(
The credit is based on 60,000 total units from the manufacturer. Highlanders and the new Camry hybrids are included, so it may be reached before June, depending on how soon the Camry is available and how well it sells out of the starting gate. But June seems a fair assumption at this point.
Last edited by BeGreen; 02-12-2006 at 12:34 AM.
#19
Re: Tax Credit For New Prius...I'm So Sad now :(
Even if the limit is reached before June, the credit is still available until the end of the quarter, so there's no guesswork... It will be available at least until the end of June.
#20
Re: Tax Credit For New Prius...I'm So Sad now :(
Originally Posted by BeGreen
The credit is based on 60,000 total units from the manufacturer. Highlanders and the new Camry hybrids are included, so it may be reached before June, depending on how soon the Camry is available and how well it sells out of the starting gate. But June seems a fair assumption at this point.
Hmmmmm.......one would think that IF TPTB wish to have more people utilizing Hybrids and keeping our air cleaner, that they would offer the tax credit no matter how many cars are sold.
Bippy
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