- Bargaineering - http://www.bargaineering.com/articles -
2008 Hybrid Tax Credit Update
Posted By Jim On 06/10/2008 @ 9:07 am In Cars | 3 Comments
The Energy Act of 2005  ushered in new tax credits for the purchase of hybrid cars and light trucks, offering up to $3400 in tax credits for qualifying vehicles purchased after December 31st, 2005 (the act expires in 2010). A credit would be set for each vehicle and, once 60,000 were sold, the credit would be phased out. Once the cap is met, the full tax credit is available for purchases in that quarter and the following quarter. Then, the credit is reduced to 50% for two quarters, then to 25% of the credit for two quarters. Then it’s reduced to zero.
Since the 60,000 count is on all hybrid vehicles, rather than a running count on model, the limit applies to manufacturers. Here’s where all the auto manufacturers stand with respect to that limit according to the IRS (in order of estimated vehicles sold).
Article printed from Bargaineering: http://www.bargaineering.com/articles
URL to article: http://www.bargaineering.com/articles/2008-hybrid-tax-credit-update.html
URLs in this post:
 Tweet: http://twitter.com/share
 Email: mailto:?subject=http://www.bargaineering.com/articles/2008-hybrid-tax-credit-update.html
 The Energy Act of 2005: http://www.eere.energy.gov/afdc/incentives_laws_epact.html
 IRS announcement: http://www.irs.gov/newsroom/article/0,,id=162562,00.html
 IRS announcement: http://www.irs.gov/newsroom/article/0,,id=175828,00.html
 IRS announcement: http://www.irs.gov/newsroom/article/0,,id=172857,00.html
 IRS announcement: http://www.irs.gov/newsroom/article/0,,id=169883,00.html
 IRS announcement: http://www.irs.gov/newsroom/article/0,,id=169952,00.html
 list of releases: http://www.irs.gov/newsroom/article/0,,id=161076,00.html
 Fueleconomy.gov: http://www.fueleconomy.gov/feg/tax_hybrid.shtml
Thank you for reading!