So yesterday I was on a call with my business partner and we were having this repetitive conversation about the car she is about to purchase. She is so in love with a luxury SUV and has been since she was a kid. Fine, to each his own, I want a fukkin Lambo, but I refuse to pay $5 a gallon for gas and making Dick Chaney the Devil perpetually rich. So part way through our discussion I mentioned to her again the Honda FCX, fuel cell car. That's right the Japanese have out smarted our economy once again. So as we ended our call, I picked up the phone and called the good folks at Carry Paul Honda to find out exactly when I could buy the FCX. I was connected to Brenda, who was the sweetest woman in the world and she nicely explained that I had another four years before I could purchase this car. I have my own reservations as to why the FCX is not available for another 4 years. I bet it has to do with the Devil Dick Chaney and his oil business. If he were Italian, we would call me RICO. If he were Black or Hispanic we would call him King Pin. But for now we will follow the propagandist and call him "A Great American". So as Brenda and I gib gabbed back and forth about gas prices and the election when she mentioned to me one of the other hybrids she sells. I entertained her banter and she discovered I was uninterested until she mentioned the $2,100 tax credit. That was like her standing on her desk and showing me her bare breast and I'm not a titty man. She went on to explain that her dealership sold more that 20 hybrids last week and they expected to sell another twenty this week. My question to all is why is the mainstream media not covering this story??? My second question is why I have to read to the very bottom of a CNN article on gas prices before they mention these facts? Hide the pill in the apple sauce??? Yes, the antibiotics but not the Vicodin. I really don't understand why the government is not intent on solvency. I really don't understand Americans that are intent on lifestyle and not practicality and not willing to participate in the political process. The Honda Hybrids get 40-50 mile to the gallon. There is an associated $2,100 tax credit and the demand is through the roof. I'm through preaching, when I am rich and the rest of America is stuck counting pennies to buy top Ramen then you will wish you read my blog and paid attention and not $5 for gas.
Updated frequently — last updated Dec. 11, 2007 |
Vehicles Purchased or Placed in Service |
The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit. A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer's tax obligation. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006. |
The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit. |
Hybrid vehicles have drive trains powered by both an internal combustion engine and a rechargeable battery. Many currently available hybrid vehicles may qualify for the tax credit. |
These models have been certified for the credit in the following amounts: |
† This reflects a decrease in the credit amount as of Oct. 1, 2006, due to the manufacturers meeting quarterly sales of 60,000 qualified hybrid cars — See Quarterly Sales, below. |
†† This credit amount does not phase out. The full amount of the altenative fuel vehicle credit would be available for vehicles purchased on or before December 31, 2010. |
Qualifed Cars and Credit Amounts |
Quarterly Sales |
Consumers seeking the credit may want to buy early since the full credit is only available for a limited time. Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th hybrid or advance lean burn technology. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter. |
For example, F Company is a manufacturer of hybrid motor vehicles, but not advanced lean burn technology motor vehicles. F Company sells its 60,000th hybrid car on March 31, 2006. |
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Toyota Motor Sales, U.S.A., Inc., has submitted quarterly reports indicating that its cumulative sales of qualified vehicles to retail dealiers has reached the 60,000-vehicle limit during the calendar quarter ending June 30, 2006. Effective Oct. 1, 2006, the tax credit amounts for certified Toyota models will be reduced. The models and allowable credits may be found in news releases IR-2006-145, Toyota Hybrids Begins Phaseout on October 1and IR-2006-154, Additional Toyota and Lexus Vehicles Certified for the Energy Tax Credit. |
More detailed information may be found in the Summary of the Credit for Qualified Hybrid Vehicles |
Vehicles Purchased or Placed in Service 2001 through 2005 |
In August 2002, the IRS announced that it had certified the first hybrid gas-electric automobile as eligible for the clean-burning fuel deduction, effective 2001. Federal law allowed individuals to claim a deduction for the incremental cost of buying a motor vehicle propelled by a clean-burning fuel. A tax deduction is subtracted from income, thus reducing the amount of adjusted gross income on which the taxpayer is taxed. |
The deduction is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit. |
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