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:
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