Most know House Resolution 6899 as the offshore drilling bill, but it also contains the plug-in tax credit that Toyota complained about yesterday, as well as a mandate that all gas stations offer an alternative fuel pump by 2018. The U.S. House of Representatives passed the bill today with a vote of 236 - 189, and the details of the plug-in tax credit are different than what Automotive News reported yesterday.
We know that, because of the Prius' popularity, Toyota and Lexus hybrid vehicles will lose their IRS tax credits at the end beginning of October. We've also know it was likely that Honda would finally sell 60,000 hybrids in the U.S. and so begin the mandated halving of IRS tax credits .The IRS and Honda have now announced that this has indeed come to pass (61,625 as of the end of July) and so, starting on January 1, 2008, the tax credits will be sliced in half. Until that day, tax credits are as
Gonna have to come clean, here. When the 2008 Mazda Tribute hybrids (2WD and 4WD) were approved for some fat tax credits from the U.S.' s Internal Revenue Service back in early July, it slipped by the AutoblogGreen radar. But the EDTA brought it to our attention through their newsletter and we went and checked it out. 'Tis true.
Woefully short of details, but about a topic we're sure to know more about soon, this article from the Louisville Courier-Journal says that sales of Toyota Motor Company's hybrid vehicles peaked at the end of September as buyers tried to get their hands on a Prius or a Camry or Highlander hybrid (or, of course, a Lexus RX 400h or GS 450h) before the tax credits for those vehicles was cut in half on Oct. 1. The news comes from a Toyota spokesperson. The reason Toyota's hybrids had their credits c
Just so everyone's clear on where Toyota's hybrid models stand in getting federal tax credits in the United States, here's the way the money lines up for purchases after Oct. 1 (i.e., tomorrow), courtesy of Toyota:
American hybrid purchasers get a tax break when they buy one of the fuel-efficient cars. But how easy is it to claim this credit, and just what does one do to do so. Over at the money advice site Bankrate, George Saenz, CPA, answers a reader's question on the credit, although the question is more detailed and helpful than the answer.