2010 Tax Credits?

[windstrings]

Since we are now under a new administration, has anyone heard whispers of a hybrid tax credit for 2010?

They are printing new money and giving it away to everyone and at the same time they are claiming to go green... so where's the tax credit?

[HTMLSpinnr]

I somehow doubt that Toyota vehicles will qualify for credits this time around, but I certainly wouldn't say no to one!

I wonder if it's triple dipping if I claim one for 2010, given that I claimed one retroactively for 2002, and then claimed again for my 2004?

[qbee42]

Originally Posted by HTMLSpinnr

I somehow doubt that Toyota vehicles will qualify for credits this time around, but I certainly wouldn't say no to one!

I wonder if it's triple dipping if I claim one for 2010, given that I claimed one retroactively for 2002, and then claimed again for my 2004?

No, I think that just shows a pattern: 2002, 2004, 2010, 2028. I looks to me like this is the formula:

y(n+1) = (y(n)-2000)*3 - 2 + 2000

Where y(n) is the year.

Tom

[HTMLSpinnr]

Originally Posted by qbee42

No, I think that just shows a pattern: 2002, 2004, 2010, 2028. I looks to me like this is the formula:

y(n+1) = (y(n)-2000)*3 - 2 + 2000

Where y(n) is the year.

Tom

I think unless the economy takes a major dive, I won't be waiting 18 years until my next purchase Or are you working out the governmental tax credit increments?

Besides, that formula just hurts my brain today.

[avocadoman1]

Tax season: New tax credit for wind power

Energy credit for energy improvements to homes was skipped in 2008

Associated Press
Thursday, January 15, 2009

WASHINGTON — Did you put off getting those new double-pane thermal windows or an energy efficient hot water heater or furnace? From a tax perspective, your procrastination could save you money.
Congress renewed the tax credit for energy improvements to homes, but skipped the 2008 tax year. The credit will reappear in 2009.
However, if you installed a small windmill to generate energy for your home, you may qualify for a credit for up to $4,000 of the cost. Wind-produced energy was added for 2008 to the alternative energy sources under the Residential Energy Efficient Property Credit.
The credit is for 30 percent of the cost, including labor and materials, up to a maximum of $2,000 for solar or geothermal installations, $4,000 for wind, and $500 for each one-half kilowatt of fuel cell capacity.
The credits are designed to reduce the use of electricity or natural gas. They were added to the economic stimulus act signed by President Bush on Oct. 3.
It's not just energy efficiency in your home that can save you money on taxes.
You also can still get a maximum tax credit of $3,000 if you buy a hybrid car or light truck. However, with their growing popularity, many of the available credits are smaller, if they're there at all.
Did you buy a 2008 Toyota Prius last year? No rebate there. The credit begins phasing out after the manufacturer sells 60,000 qualifying vehicles.
You'll have better luck if you bought a 2008 Honda Civic hybrid. If you made the purchase during the first half of 2008, you could be eligible for a $1,050 credit. That is cut in half if the car was bought from July through December.
If you bought a two-wheel-drive hybrid Ford Escape any time during the year, you may be entitled to the full credit of $3,000.
The credit is only available to original owners. If you lease the car, your leasing agency can claim it.
For 2009, Congress has added a tax credit for plug-in electric cars, up to $7,500. Like the hybrid vehicle credit, these begin phasing out, but only after 250,000 vehicles are sold.
On the Net: EPA site on energy tax credits: Federal Tax Credits for Energy Efficiency : ENERGY STAR
Information about the Alternative Motor Vehicle Tax Credit : Alternative Motor Vehicle Credit
HYBRIDS ELIGIBLE FOR TAX CREDIT
A list of 2008 and 2009 model year hybrid vehicles eligible for a tax credit, and the amount of the available credit. The full credit begins phasing out after the manufacturer sells 60,000 hybrid cars or light trucks.
Model Year 2009:
Ford Escape Hybrid 2WD, $3,000
Ford Escape Hybrid 4WD, $1,950
Mazda Tribute Hybrid 2WD, $3,000
Mazda Tribute Hybrid, 4WD, $1,950
Mercury Mariner Hybrid 2WD, $3,000
Mercury Mariner Hybrid 4WD, $1,950
Model Year 2008:
Chevrolet Malibu Hybrid, $1,300
Chevrolet Tahoe Hybrid 2WD and 4WD, $2,200
Ford Escape Hybrid 2WD, $3,000
Ford Escape Hybrid 4WD, $2,200
GMC Yukon Hybrid, $2,200
Honda Civic CVT: Purchased between Jan. 1 and June 1, 2008, $1,050; between July 1 and December 31, 2008: $525.
Mazda Tribute Hybrid 2WD, $3,000
Mazda Tribute Hybrid 4WD, $2,200
Mercury Mariner Hybrid 2WD, $3,000
Mercury Mariner Hybrid 4WD. $2,200
Nissan Altima Hybrid, $2,350
Saturn Aura Hybrid, $1,300
Saturn Vue Green Line, $1,550
Source: Internal Revenue Service

[avocadoman1]

MORE...

Congress considers ‘cash for clunkers’ proposal

Owners of old gas hogs would get $4,500 to have them taken off the road


updated 4:10 p.m. PT, Wed., Jan. 14, 2009

WASHINGTON - Congress is mulling a proposal to pay people to get rid of those old gas guzzlers sitting in their driveways.


Under legislation introduced Wednesday in both the House and Senate and called the "Cash for Clunkers" program, drivers could get vouchers of up to $4,500 when they turn in their old fuel-inefficient vehicles for scrapping and buy vehicles that get good gas mileage.


People could also turn in their old cars for vouchers that could be used to ride public buses and trains.
The bill, said Sen. Dianne Feinstein, D-Calif., "would be an important part of helping getting America's struggling automobile industry back on its feet, and help consumers who are concerned about covering the cost of buying a more fuel-efficient vehicle."

Taking gas guzzlers off the road, added Sen. Susan Collins, R-Maine, a co-sponsor, "would reduce our dependence on foreign oil, decrease greenhouse gas emissions and stimulate the economy."
The bill envisions the program operating for four years and encouraging the retirement of up to one million vehicles a year, saving between 40,000 and 80,000 barrels of motor fuel a day by the end of the fourth year.
Drivers would be eligible for reimbursement for purchase of a new or used vehicle with a fuel economy rating that exceeds federal targets for that class of vehicle by at least 25 percent. The vehicle must have a manufacturer suggested retail price of less than $45,000 and be a model year 2004 or later.


The vehicles turned in must be drivable, registered in the United States and have a when-new fuel economy rating of less than 18 miles per gallon.
In the first year of the program, a person trading in a vehicle that is model year 2002 and later would be eligible to receive $4,500 for purchase of a new vehicle, $3,000 for purchase of a used vehicle or $3,000 for transit fare credit. For model year vehicles 1999 to 2001, drivers would get $3,000 for the purchase of a new vehicle. Those who trade in vehicles that came out in 1998 or before could get a credit of $2,000 for a new vehicle.


"This is an even better trade-in offer than they could get from any car dealership," said Sen. Charles Schumer, D-N.Y., also a co-sponsor.
A person could obtain no more than one voucher in any three-year period. Dealers and scrap recycling companies could also get payments of $50 per vehicle. Initial estimates set the cost of the program between $1 billion and $2 billion a year.

[abishai100]

I think with social pressures like Boston's hybrid taxi fleet conversion project, Barack Obama will have to find ways to suggest Earth-friendly car initiatives like public transportation incentives and car donation incentives.

If we do not make 2010, I would be downright surprised if there is little more by 2012.

Are they printing movie posters on hemp/recycled paper yet?

[Welshdog]

Originally Posted by avocadoman1

The vehicles turned in must be drivable, registered in the United States and have a when-new fuel economy rating of less than 18 miles per gallon.

Shoot! My 1992 volvo 940 turbo daily driver is rated at 18 overall. Maybe I can squeak by on the 17 mpg city rating.

[fuzzy1]

Originally Posted by Welshdog

Shoot! My 1992 volvo 940 turbo daily driver is rated at 18 overall. Maybe I can squeak by on the 17 mpg city rating.

Is the cutoff line "18 or less", not "less than 18"?

[Welshdog]

Originally Posted by fuzzy1

Is the cutoff line "18 or less", not "less than 18"?

Edmunds has a good FAQ page here. Edmunds cash for Clunkers FAQ

The bill was passed and signed on June 24. It goes into effect around July 23 and ends November 1. According to the list on the Edmunds site my Volvo is eligible with "18 or less" MPG and if I get a 2010 Prius I can get $4500. Wowee wow wow that is huge!

Now the question is can we manage to get a 2010 in the rather narrow time band the program will be active. Champion Toyota in Austin only shows two in stock with 12 "available". Maund Toyota only shows 1 in stock. Is 2010 supply really that tight?