1. Attachments are working again! Check out this thread for more details and to report any other bugs.

Tax Credit Gone? Did Putnam Toyota Lie?

Discussion in 'Dealers & Pricing' started by pablosfo, May 14, 2006.

  1. pablosfo

    pablosfo New Member

    Joined:
    May 13, 2006
    5
    0
    0
    I just got off the phone with a salesman at Putnam Toyota (Burlingame, CA) who told me that the tax credit for new Prius was no longer available because the manufacturing limit had been reached. He was trying to sell me a used vehicle, so had incentive to distort the facts -- but this was outrageous.

    Of course, I told him that even if the limit had been reached, the rules allow for tax credits well beyond that date. He claimed "That's what the guys in new car sales are telling me." I got off the phone as quickly as I could, but this raised a question in my mind: Does anyone know if the 60k limit has been reached?
     
    #1 pablosfo, May 14, 2006
  2. galaxee

    galaxee mostly benevolent

    Joined:
    Mar 14, 2005
    9,810
    465
    0
    Location:
    MD
    Vehicle:
    2005 Prius
    as of the end of april it was just over 50k. this works on a per-quarter basis. assuming the 60k limit is reached by the end of june, the full credit will last through september, after which it will decrease in increments as it phases out.

    the BS meter is going wild here...
     
    #2 galaxee, May 14, 2006
  3. ghostofjk

    ghostofjk New Member

    Joined:
    Mar 8, 2006
    979
    4
    0
    Yes.
     
    #3 ghostofjk, May 14, 2006
  4. blbgp

    blbgp New Member

    Joined:
    Apr 6, 2006
    18
    0
    0
    <div class='quotetop'>QUOTE(galaxee @ May 14 2006, 11:11 AM) [snapback]255251[/snapback]</div>
    So please educate me here....you're saying it works on a quarterly basis, so even if the limit is reached today, as long as I still buy one before September I'm ok? Or would I have to buy before the end of June?
     
    #4 blbgp, May 16, 2006
  5. galaxee

    galaxee mostly benevolent

    Joined:
    Mar 14, 2005
    9,810
    465
    0
    Location:
    MD
    Vehicle:
    2005 Prius
    the quarter in which the limit is reached and the quarter after both qualify for 100% credit. so you're good until the end of sep if the limit is reached before the end of june. then it goes to a percentage of the credit.
     
    #5 galaxee, May 16, 2006
  6. Kiloran

    Kiloran New Member

    Joined:
    Aug 31, 2005
    1,225
    2
    0
    http://www.ase.org/content/article/detail/2654#phase_out

    The full tax credit is available for all Toyota hybrids purchased between January 01, 2006 and September 30, 2006 (subject to AMT for now).

    Even after September 30, part of the credit is still available.
    50% for 2 additional quarters and 25% for the 2 quarters after that.
     
    #6 Kiloran, May 16, 2006
  7. qwicsvt

    qwicsvt New Member

    Joined:
    May 22, 2006
    2
    0
    0
    <div class='quotetop'>QUOTE(Kiloran @ May 16 2006, 01:57 PM) [snapback]256355[/snapback]</div>
    Kilorian

    Very helpful link, thanks for your post.
     
    #7 qwicsvt, May 22, 2006
(You must log in or sign up to post here.)