When is the tax credit changing?

[shayndel]

Hello,

I am new to Prius Chat and just talked to a dealer (in Daly City, near San Francisco) about getting a new Prius. (details on pricing forum).

Is the tax credit going to change and when? I thought that it already went from from 3000 ish to 1500 ish, but is it going down again? Does it change on a time line or is it dependent on the volume of cars bought?

Thanks!

[MegansPrius]

<div class='quotetop'>QUOTE(shayndel @ Mar 27 2007, 11:05 PM) [snapback]413314[/snapback]</div>

Hello,

I am new to Prius Chat and just talked to a dealer (in Daly City, near San Francisco) about getting a new Prius. (details on pricing forum).

Is the tax credit going to change and when? I thought that it already went from from 3000 ish to 1500 ish, but is it going down again? Does it change on a time line or is it dependent on the volume of cars bought?

Thanks!
[/b]

See: http://www.irs.gov/newsroom/article/...157557,00.html

The Toyota credit will be dropping after March 31, 2007 (i.e., this Satuday) from $1575 to $787.50.

Note, if you earn a lot of money or have lots of other deductions (i.e., family of four, over 100k income a year) and therefore qualify for the Alternative Minimum Tax, there is a slim chance you won't be able to take all of the credit. For most of us, though, (myself included) it was as good as cash.

[JimN]

<div class='quotetop'>QUOTE(MegansPrius @ Mar 27 2007, 10:24 PM) [snapback]413325[/snapback]</div>

See: http://www.irs.gov/newsroom/article/...157557,00.html

The Toyota credit will be dropping after March 31, 2007 (i.e., this Satuday) from $1575 to $787.50.

Note, if you earn a lot of money or have lots of other deductions (i.e., family of four, over 100k income a year) and therefore qualify for the Alternative Minimum Tax, there is a slim chance you won't be able to take all of the credit. For most of us, though, (myself included) it was as good as cash.
[/b]

Quick check: If you have entries on form 1040 lines 47-55 expect your hybrid credit to be reduced. The credit ends Oct. 1.