Looking For Hybrid Car Tax Credit Info?
The federal government has tax credits (or rebates) available on several hybrid car models.
But which? First let’s keep in mind how the credit works, which i explain below.
The government tax credits were created to help manufacturers recoup part of their investment in clean fuel vehicle production. The federal government wanted to make sure that the millions being spent on fuel efficient vehicles didn’t go to waste.
So what they did was create an incentive (a/k/a tax credit) for hybrid and diesel cars to help push them out of dealer lots – but after a certain number of vehicles were sold, (60,000 to be exact) it would phase out the credit over a period of time.
The program works like this, prior to 60,000 cars being sold the consumer gets the full credit available. After the 60,000 car allotment is reached – the credit phases out like this:
6 month – 1/2 the credit
6month – 25% the credit
3month – nothing (tax credit is no longer available – which is what happened to the Toyota Prius
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