IRS Tax Credits
for Hybrid Cars - List of Rebate amounts for Federal Taxes
June 11th, 2006
|
 |
|
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
Hondas 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.
Nicole Wilson
Best Syndication
Automotive Books
Keywords and misspellings: hybread hybred auto car discount
taxcredit rebates i.r.s. tax deductible credit time line expiration amounts
list of hibrid car electric pryus acord
|
RSS Automotive Feed
