Hybrid Car ā€“ More Fun with Less Gas

Energy Tax Credit

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Posted by mrv@kluge.net on April 8, 2006, 4:14 pm
 
http://www.irs.gov/newsroom/article/0,,id 6048,00.html

Some Toyota and Lexus Vehicles Certified for the New Energy Tax Credit


IR-2006-57, April 7, 2006

Washington - The Internal Revenue Service has acknowledged the
certification by Toyota Motor Sales U.S.A., Inc. that several of its
2006 vehicles and a 2005 model year vehicle qualify for the hybrid tax
credit enacted by the Energy Policy Act of 2005.  The tax credit for
hybrid vehicles applies to vehicles purchased on or after January 1,
2006, and may be as much as $,400 for those who purchase the most
fuel-efficient vehicles.

The hybrid vehicle certifications recently acknowledged by the Service
and their credit amounts are:

2005 Toyota Prius    $150
2006 Toyota Prius    $150
2006 Toyota Highlander 4WD Hybrid $600
2006 Toyota Highlander 2WD Hybrid $600
2006 Lexus RX400h 2WD   $200
2006 Lexus RX400h 4WD   $200
Starting in 2006, this tax credit replaces the tax deduction of $,000
which was previously allowed for taxpayers who purchased a new hybrid
vehicle before December 31, 2005 for the clean-burning fuel deduction.
The tax credit requires a different certification. Many currently
available hybrid vehicles may qualify for this new tax credit.

Consumers seeking the credit may want to buy early since the full
credit is only available for a limited time.  Taxpayers may claim the
full amount of the allowable credit up to the end of the first calendar
quarter after the quarter in which the manufacturer records its sale of
the 60,000th vehicle. For the second and third calendar quarters after
the quarter in which the 60,000th vehicle is sold, taxpayers may claim
50 percent of the credit. For the fourth and fifth calendar quarters,
taxpayers may claim 25 percent of the credit.  No credit is allowed
after the fifth quarter.


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