Hybrid Vehicles Credit Qualifications
If you are the owner of a new qualifying hybrid vehicle, you can claim a tax credit between $400 and $2,400 based on fuel economy. You may be eligible for a conservation credit of up to $1,000 too!
In order to qualify for this hybrid vehicles credit, you must have purchased the car beginning with January 2006.
The hybrid vehicles credit is only available to the original purchaser. If the car is leased to a consumer, the leasing company can claim the credit.
The Hybrid Vehicle Tax Credit Phases Out Sooner Than You Think
Don’t hesitate to claim the hybrid vehicle credit for your qualifying car. The phase out occurs when the manufacturer sells more than 60,000 hybrid vehicles.
The tax limit credit may be reduced. Furthermore, the owners of hybrid vehicles can only claim half the credit for the next two quarters and only 25 percent in the following 6 months after.
Tax News Updates:
Foreign car makers fume at Obama snub
Kia flew in an executive from its US headquarters in California to be available to talk about the 2012 Optima hybrid it had on display for Obama. Daimler AG's Mercedes-Benz transported a fuel-cell car from New Jersey to show the president.
Under the hood: GM blueprint for Volt 2.0
By Ben Klayman | TROY, Michigan (Reuters) - The Chevrolet Volt stands as the most heavily promoted - and harshly scrutinized - vehicle from General Motors Co in decades. And that's just version 1.0. Amid the debate, one aspect of the Volt has escaped ...
Car owner sues Honda over Civic Hybrid mileage claims and wins
A former lawyer, Mills chose not to join a class-action suit that would reportedly pay out $100-$200 per owner and include a $1000 credit toward a new car. Instead, she presented her own case in a Torrance, California, small-claims court where ...
Woman takes Honda to small-claims, wins big
Los Angeles Superior Court Commissioner Douglas Carnahan ruled Wednesday that the automaker misled Heather Peters about the potential fuel economy of her hybrid car and awarded her $9867 — much more than the couple hundred dollars cash that a proposed ...
