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Car Forum / Ford / Ford Mustang / September 2006Hybrid vehicles
Does anyone know what the tax break is on owning a Hybrid vehicle? Also is it just for the first year you own it or the lifetime of the vehicle? TIA. >Does anyone know what the tax break is on owning a Hybrid vehicle? Also is >it just for the first year you own it or the lifetime of the vehicle? TIA. The tax credit is a mix of how much fuel the car saves over 120,000 miles (Conservation credit) and its fuel economy as expressed by a percentage of the 2002 model year fuel economy for its weight class (Fuel Economy credit). The better a hybrid car does in these two computations, the larger the tax credit. 2006-2007 Ford Escape Hybrid Front WD $2,600 2006-2007 Ford Escape Hybrid 4 WD $1,950 2005 Honda Accord Hybrid $650.00 2006 Honda Accord Hybrid $1,300.00* 2005 Honda Civic Hybrid (SULEV) MT $1,700.00 2005 Honda Civic Hybrid (SULEV) CVT $1,700.00 2006 Honda Civic Hybrid CVT $2,100.00 2005-2006 Honda Insight CVT $1,450.00 2007 Lexus GS 450h $1,550 2006 Lexus RX400h 2WD $2200 2006 Lexus RX400h 4WD $2200 2006-2007 Mercury Mariner Hybrid 4 WD $1,950 2007 Saturn VUE Green Line SUV $650 2007 Toyota Camry Hybrid $2,600 2006 Toyota Highlander 4WD Hybrid $2600 2006 Toyota Highlander 2WD Hybrid $2600 2005-2006 Toyota Prius $3150 *2006 Honda Accord Hybrid without updated control calibration qualifies for a credit amount of $650. "A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship." -- Alexander Tyler >>Does anyone know what the tax break is on owning a Hybrid vehicle? Also is >>it just for the first year you own it or the lifetime of the vehicle? TIA. [quoted text clipped - 33 lines] > fiscal policy, which is always followed by a dictatorship." -- Alexander > Tyler Thanks for the response I gather that is a one time Federal savings. I wonder if states offer anything further? :) >>>Does anyone know what the tax break is on owning a Hybrid vehicle? Also is >>>it just for the first year you own it or the lifetime of the vehicle? TIA. [quoted text clipped - 36 lines] >Thanks for the response I gather that is a one time Federal savings. I >wonder if states offer anything further? :) One time good time, this year only, or so they say. I have no idea what state does what. However, here in Va your State Income Tax is a % of your federal. Therefore, anything you do to reduce your federal tax bite automatically reduces your state bite. "A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship." -- Alexander Tyler |
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