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IRS Tax Credits for Hybrid Cars - List of Rebate amounts for Federal Taxes

June 11th, 2006

IRS Tax Credits for Hybrid Cars - List of Rebate amount for Federal Taxes

Toyota Prius $3,150 credit

The Internal Revenue Service (IRS) released the amounts and which Honda cars will qualify for the tax credit which range from $650 up to $2,100 for the Honda’s Insight, Civic Hybrid and the Accord Hybrid.  Other manufacturers such as Ford, Toyota, and Lexus have been added as well.

The Honda Insight continuously variable transmission (CVT) is the only model that will qualify for the credit in this series due to the requirement of air emissions set by the IRS.

Low-emission versions of the Accord Hybrid and the 2005 Civic Hybrid have restrictions for the tax credit; however the 2006 Civic Hybrid does not have any restrictions.

 

Here is a list of the tax credits offered by the IRS:

  • 2005 Toyota Prius — $3,150
  • 2006 Toyota Prius — $3,150
  • 2006 Toyota Highlander 4WD Hybrid — $2,600
  • 2006 Toyota Highlander 2WD Hybrid — $2,600
  • 2007 Lexus GS 450h — $1,550
  • 2007 Toyota Camry Hybrid  $ 2,600
  • 2006 Lexus RX400h 2WD — $2,200
  • 2006 Lexus RX400h 4WD — $2,200
  • 2006 Ford Escape Hybrid Front WD — $2,600
  • 2006 Ford Escape Hybrid 4 WD — $1,950
  • 2006 Mercury Mariner Hybrid 4 WD — $1,950
  • 2005 Honda Insight CVT — $1,450
  • 2006 Honda Insight CVT — $1,450
  • 2005 Honda Civic Hybrid MT and CVT — $1,700
  • 2006 Honda Civic Hybrid CVT — $2,100
  • 2005 Honda Accord Hybrid AT and Navi AT — $650
  • 2006 Honda Accord Hybrid AT w/updated calibration and Navi AT w/updated calibration — $1,300. The 2006 Honda Accord Hybrid AT and Navi AT without updated calibration qualify for a credit of $650.
  • 2007 Toyota Camry Hybrid  $ 2,600
  • 2007 Lexus GS 450h  $ 1,550
  • 2006 Ford Escape Hybrid Front WD $2,600
  • 2006 Ford Escape Hybrid 4 WD   $1,950
  • 2006 Mercury Mariner Hybrid 4 WD $1,950

You should also check with your local state credits as some are offering a rebate as well.  South Carolina is offering a 20% of the federal tax credit for state taxes.  There is also a time limit offering for the full tax credit.  When the manufacturer reaches the 60,000th vehicle sale, at the end of that quarter, will end the full tax credit with the IRS.  After the second and third calendar quarters the tax credit is only allowed a 50 percent credit.  The fourth and fifth calendar quarters the tax credit is only 25 percent credit.  There will be no further credit after the fifth quarter when the program is phased out.

 

If you have decided to get the tax credit know that your time is limited and always check with the IRS and the State government websites for current tax credit information.  Make sure that you are aware up front what the tax credit will be before buying the vehicle.  Also make sure that you have a tax accountant that is well aware of the hybrid tax credit rules so that you don't get audited.

 
 
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Best Syndication

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