Tax Credits For Toyota & Lexus Hybrids To Be Halved
Environmentally concerned car buyers will see some federal tax breaks for energy efficient hybrids start shrinking this fall.Toyota Motor Corp. has hit the production limit — 60,000 — on vehicles eligible for a special tax credit
That means the tax credits for Toyota and Lexus hybrids will be cut in half for drivers who purchase their vehicles beginning in October, she said. The $3,150 credit for the popular Toyota Prius, the largest hybrid tax credit available, would shrink to $1,575.
Six months later, beginning next April, the tax credits will shrink to one-quarter of their original value. They will disappear by October 2007.
That means the tax credits for Toyota and Lexus hybrids will be cut in half for drivers who purchase their vehicles beginning in October, she said. The $3,150 credit for the popular Toyota Prius, the largest hybrid tax credit available, would shrink to $1,575.
Six months later, beginning next April, the tax credits will shrink to one-quarter of their original value. They will disappear by October 2007.
posted by Milt Baker CPA | 1:11 PM
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