Hybrid tax credit for Toyota models slowly going away
If you wanted a Prius, you shoulda bought one a few months ago. The rules governing tax credits for hybrids are about to change and kick Toyota hybrid buyers out of getting the top benefit ($3,400). The reason is that Toyota sold its 60,000th hybrid in May. Sixty thousand (applied to each automaker) is the magic number for hybrid tax credit and now Toyota's hybrids will begin to shrink until they disappear in October 2007. Hybrids made by other automakers still qualify for the full tax credit, until either they sell 60,000 hybrids or 2011, whichever comes first. We'll see if the effective price increase in the Prius evens out the hybrid market at all, since it'll take quite a while before Honda or Ford sell 60,000 hybrid models. [Source: AP via EV World]
Reader Comments (Page 1 of 1)
Erik 6:37PM (7/23/2006)
I read in today's (Sunday) LA Times that the credit will go down by the fall, according to most estimates. Are you positive they have sold 60,000 or are they getting close? Is the Times incorrect or is the EV website incorrect?
Thanks,
Erik
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Marcel 7:02PM (7/24/2006)
To clarify: the full credit will be available on Prius put into service before 10/06 and then be reduced: first to 50% for a six month period and then to 25% for a further six months before finally expiring 10/07 (as the post states).
http://toyota.com/images/vehicles/2006/prius/gallery/prius_chart.jpg
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Sheryl 9:24PM (4/06/2009)
Can someone please tell me how to get this tax credit? My daughter and I have each purchased 2008 Prius' and no one knows how to apply for this credit. Is this just on my taxes or how does this work? I know I'm ignorant about this but could use some education!
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