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Beat the tax man with a new car

Discussion in 'Prius, Hybrid, EV and Alt-Fuel News' started by walt, Sep 4, 2006.

  1. walt

    walt New Member

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    http://articles.moneycentral.msn.com/Taxes...ithANewCar.aspx

    Toyota hybrid vehicle fans, circle Sept. 30 in red on your calendars.

    That's the day you must drive one of these fuel-efficient autos off a Toyota lot or give up half of the new tax break created to reward energy-conscious motorists.

    Thanks to the Energy Policy Act of 2005, drivers who trade their gasoline-only autos for cleaner-running hybrid vehicles now get a tax credit instead of a tax deduction. That's a welcome change, since a credit produces dollar-for-dollar tax savings.
     
    #1 walt, Sep 4, 2006
  2. NineToez

    NineToez New Member

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    I sold a few Prius' this past weekend with consumers that had this in mind, not the HOV lane access craze.
     
    #2 NineToez, Sep 5, 2006
  3. SDpnoy

    SDpnoy New Member

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    good info. thx
     
    #3 SDpnoy, Sep 9, 2006
  4. LowCO2

    LowCO2 New Member

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    Same old song from Washington- discontinue the tax break on the most fuel efficient, best selling hybrid, but let GM and Ford continue with a break on their mediocre hybrid offering, let GM,Ford avoid fleet CAFE penalties by manipulating the Flexfuel credit loophole, and let GM and Ford continue to enjoy the tax credit to business owners who buy oversized trucks/SUVs!
    USA! USA! USA! :p
     
    #4 LowCO2, Sep 12, 2006
  5. Charles Suitt

    Charles Suitt Senior Member

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    <_< QUOTE: "Thanks to the Energy Policy Act of 2005, drivers who trade their gasoline-only autos for cleaner-running hybrid vehicles now get a tax credit instead of a tax deduction."

    I find nothing in the tax credit documentation which requires that you "trade a 'gasoline-only' auto" to avail your self of the tax credit.

    Seems a "reporter" (I use the title loosely) could find accurate information as quickly as I did (Google 3 minutes including reading the IRS document).

    http://www.irs.gov/newsroom/article/0,,id=157557,00.html
     
    #5 Charles Suitt, Sep 12, 2006
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