Tax Credt on 08' model

[firepa63]

Assuming no change in the 2007 tax forms from 2006, there is no IRS rebate form. All you need to do is tell your tax preparer that you bought a hybrid and when it was purchased (not ordered). You have to have posession of the car by September 30. There is a line on the tax form to adjust your taxes. That's all there is to it.

[MegansPrius]

Last year I recall we had to wait until Jan 30th 2007 for the IRS to post the updated 8910 form for hybrid tax credits from 2006. Some software programs, such as TurboTax, didn't get around to updating their software to integrate the newly released IRS form for ~2-4 weeks after that.

The thread regarding that can be read at:

http://priuschat.com/forums/showthre...680#post358680

[LaserCobra]

I was quite disappointed to read this after JUST returing from a test drive. Fortunately Florida's tax break appears to be in play so that's good:

Hybrid Sales Tax Exemption (bill): SB 438 would exempt new hybrid purchases from sales tax. The sales tax that is eligible for refund shall be computed on the sales price of the alternative motor vehicle up to a maximum sales price of $15,000. Introduced 03/06/07, referred to Communications and Public Utilities, Environmental Preservation and Conservation; Finance and Tax, and General Government Appropriations Committees.
Hybrid Tax Exemptions (bill): SB 2576 exempts transactions involving the sale or lease of hybrid vehicles and vehicles from the tax on sales, rental, use, consumption, storage, or distribution imposed by state law. Introduced 3/02/07.
Hybrid Sales Tax Refund (bill): As introduced, HB 7123 would establish the Energy Efficient Motor Vehicle Sales Tax Refund Program to provide refund of the sales tax paid on the lesser of $15,000 or the purchase price of a new alternative motor vehicle, including a qualified new hybrid motor vehicle. The refund program would expire 07/01/10. This provision was removed before the bill’s final passage.
http://go.ucsusa.org/hybridcenter/incentives.cfm#FL

[Ct. Ken V]

Hey, Calvin,

Are you sure you didn't mis-type your model year or year of purchase in your post, because for all of 2005 the original tax DEDUCTION of $2,000 was still in force? I also have a 2005 that I put on the road July 14th, 2005 & I had to use the $2,000 DEDUCTION which only netted the average owner a $400 to $600 savings (depend'g on your actual tax bracket). I could have made out a lot better if I had just waited 6 more months because start'g on Jan.1st, 2006 the $3,150 tax CREDIT took effect, but who knew in early to mid 2005 that the hybrid tax benefit (due to reduce from $2,000 for 2005 to only $500 for 2006) would be superceded IN 2006 by a much better law/benefit.

For any NEW Prius put on the road in 2005 (or before) you took $2,000 off of your adjusted gross income, then went to your tax tables to figure your tax owed. You would have filed for this by April 15, 2006, but that doesn't mean that you could claim the 2006 $3,150 tax CREDIT (amount you were allowed to reduce your tax owed bill by). The $3,150 tax CREDIT took effect for any NEW Prius [even a leftover NEW 2005 model (if there even were any)] put on the road start'g Jan.1st,2006 & ending Sept.30th,2006 [after which the CREDIT was cut in half to $1,575 for Oct.1st, 2006 thru March 31, 2007, & then reduced again to $787.50 for April 1st, 2007 thru Oct 31, 2007 (to disappear altogether after that date)].

So, Calvin, if it really is a 2005 model that you put on the road in 2005 and claimed the more beneficial 2006 tax CREDIT for, has the IRS been knock'g at your door yet? Can you answer me (but don't answer your door) to clear up the confusion? If it was indeed a 2005 (leftover?) bought in January of 2006 [NOT January of 2005 (as you posted)] then you're safe in claim'g the $3,150 tax CREDIT.

Ken (in Bolton,Ct)

[DaveinOlyWA]

Originally Posted by janicekargul@comcast.net

Is there a new form with the federal government on the tax rebate for Prius purchased by the end of September on 08' models? I recently purchased a Prius #2 08' model and our dealer said the rebate was valid. I tried downloading a tax form and 08' models were not listed. Can anyone help with this issue? With IL government forms I can not find the correct form to fill out. I am only finding a form for the 07' models.

Janice

Janice i sincerely hope that you are not using your real email name as your primary email. Comcast does allow multiple emails so i hope you use another because publishing your email online like that will have every spambot in the world after you in no time.