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Stock Car Racing 2010
Random Lugnuts
Green Cars, Blue Skies
Dee-Cee Enterprises
Auto Racing Shop
Automotive Shop
Luckybug Scrapbooking
Luckybug Creations
Forex Fortunes News
Richard A. Chapo
June 19, 2006
The Toyota Prius is the vehicle that started the entire hybrid vehicle craze. It continues to dominate the market and the IRS has announced the tax credits for this year.
IRS Announces Tax Credits For Toyota Prius
In an effort to promote energy efficiency, the federal government has instituted an energy program that provides financial rewards for energy efficient products. The government realizes prodding us with words is not going to work. As such, it has decided to issue tax credits to motivate us to conform our activities to the desired goal. In this case, reducing our oil dependency is the key.
The Toyota Prius was the first mass production hybrid vehicle. It was such a hit that Toyota could not come close to filling orders the first few years. This is still the case to some extent, a reflection of our rising environmental consciousness and high gas prices. The tax credit you get with a purchase provides another reason to buy this peppy little vehicle.
The IRS issues tax credit amounts for hybrid cars that meet its standards. Various manufactures have been approved including Ford, Lexus, Honda, Mercury and, of course, Toyota. In this case, the tax credit is $3,150. You must purchase the car new from a dealer to qualify for the credit and the sooner, the better. The tax credit is graduated, which means it gets reduced as more cars are sold through the year. The full credit is only available through the quarter of the fiscal calendar of the year after which Toyota sells the 60,000 car. If you buy in the following two fiscal quarters, you can only claim half of the tax credit. The subsequent two quarters see a reduction to 25 percent of the tax credit. After that, you cannot claim any of the credit.
Obviously, hybrid vehicles are hot sellers and make sense on a lot of fronts given outrageous gas prices. The tax credits that come with each purchase certainly adds to their popularity.
Richard A. Chapo is with BusinessTaxRecovery.com - providing information on tax credits.
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