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When is the tax credit changing?

Discussion in 'Prius Tax Credit Discussion' started by shayndel, Mar 27, 2007.

  1. shayndel

    shayndel New Member

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    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!
     
    #1 shayndel, Mar 27, 2007
  2. MegansPrius

    MegansPrius GoogleMeister, AKA bongokitty

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    <div class='quotetop'>QUOTE(shayndel @ Mar 27 2007, 11:05 PM) [snapback]413314[/snapback]</div>
    See: http://www.irs.gov/newsroom/article/0,,id=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.
     
    #2 MegansPrius, Mar 27, 2007
  3. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(MegansPrius @ Mar 27 2007, 10:24 PM) [snapback]413325[/snapback]</div>
    Quick check: If you have entries on form 1040 lines 47-55 expect your hybrid credit to be reduced. The credit ends Oct. 1.
     
    #3 JimN, Mar 29, 2007
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