Kansas Prius tax credit

satsuke · 04-28-2006, 05:03 PM

Does anyone have any experience with the state of Kansas' tax credit for alternative fueled vehicles?

The way the form K62 is worded, it sounds like you get a credit of up to $2400 or $3000 for the difference in cost between a hybrid and non-hybrid based car.

Since the Prius has no exactly comperable non-hybrid model, how do you know what to claim?

Any help would be appriciated.

Satsuke

spectrablue · 04-28-2006, 06:36 PM

I'm by mo means a "tax expert" but I have studied Kansas Tax form K-62 very closely. It looks like the Prius would get you $800 credit. This is, of course, on top of the $3150 from the Feds.

If you study Section 2 -- Factory Equipped Vehicle there are two different methods of calculating the credit: (1)Incremental Cost and (2)Cost of Vehicle.

For Incremental Cost you would need one or both of the forms located below. The incremental cost is $2000 for a Prius. Of that, Kansas gives you 40% back. So $800.

For Cost of Vehicle, you get 5% back of the total purchase price up to a max of $750.

So it's in your interest to use the Incremental Cost method and take the $800.

http://www.toyota.com/images/vehicles/2006...cation_2006.pdf
http://www.toyota.com/images/vehicles/2006...gement_2006.pdf

satsuke · 02-03-2007, 10:22 AM

It might interest some of you to note that Kansas restated their alternative fuels credit form recently.

It added lots of information on claiming the credit for E-85 trucks and such, but nothing about hybrids.

I called the K Dept of Revenue for a clarification on the K-62 form.

The individuals response was (and this isn't tax advise because I am not qualified to give it ,. that and H & R Block doesn't have the hybrid credit module ready on their web site).

Anyway, for the Prius, it definately meets the alternative fuel vehical requirement because it is treated as one for Federal tax purposes. So the academic argument of regenerative braking being alternative or not is sort of moot.

Second, since the Prius doesn't have a non-hybrid version to compare to, the incremental cost calculation probably doesn't apply (or is shaky in tax terms). So it looks like we Kansans take 5% of the purchase price to a max of $750 as a credit on our taxes for this season.

..but .. I am not a tax person or CPA .. YMMV

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04-28-2006, 05:03 PM	#1
satsuke Junior Member Join Date: Apr 2006 Posts: 22 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Does anyone have any experience with the state of Kansas' tax credit for alternative fueled vehicles? The way the form K62 is worded, it sounds like you get a credit of up to $2400 or $3000 for the difference in cost between a hybrid and non-hybrid based car. Since the Prius has no exactly comperable non-hybrid model, how do you know what to claim? Any help would be appriciated. Satsuke

04-28-2006, 06:36 PM	#2
spectrablue Join Date: Mar 2006 Posts: 8 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	I'm by mo means a "tax expert" but I have studied Kansas Tax form K-62 very closely. It looks like the Prius would get you $800 credit. This is, of course, on top of the $3150 from the Feds. If you study Section 2 -- Factory Equipped Vehicle there are two different methods of calculating the credit: (1)Incremental Cost and (2)Cost of Vehicle. For Incremental Cost you would need one or both of the forms located below. The incremental cost is $2000 for a Prius. Of that, Kansas gives you 40% back. So $800. For Cost of Vehicle, you get 5% back of the total purchase price up to a max of $750. So it's in your interest to use the Incremental Cost method and take the $800. http://www.toyota.com/images/vehicles/2006...cation_2006.pdf http://www.toyota.com/images/vehicles/2006...gement_2006.pdf

02-03-2007, 10:22 AM	#3
satsuke Junior Member Join Date: Apr 2006 Posts: 22 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	It might interest some of you to note that Kansas restated their alternative fuels credit form recently. It added lots of information on claiming the credit for E-85 trucks and such, but nothing about hybrids. I called the K Dept of Revenue for a clarification on the K-62 form. The individuals response was (and this isn't tax advise because I am not qualified to give it ,. that and H & R Block doesn't have the hybrid credit module ready on their web site). Anyway, for the Prius, it definately meets the alternative fuel vehical requirement because it is treated as one for Federal tax purposes. So the academic argument of regenerative braking being alternative or not is sort of moot. Second, since the Prius doesn't have a non-hybrid version to compare to, the incremental cost calculation probably doesn't apply (or is shaky in tax terms). So it looks like we Kansans take 5% of the purchase price to a max of $750 as a credit on our taxes for this season. ..but .. I am not a tax person or CPA .. YMMV