I believe the Honda credit is cut in half for this quarter.
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Joined: Apr 2007
Posts: 151
From: Palm Bay, FL
Re: I believe the Honda credit is cut in half for this quarter.
I'm surprised that after the 40+ cent hike in gas in the last 30-45 days that hybrid sales aren't on a sharp rise which would push the HCH over the 60K mark. I guess it doesn't help that the economy is in the crapper right now so not many can afford a new car!
Ridiculously Active Enthusiast
Joined: Aug 2006
Posts: 1,102
Re: I believe the Honda credit is cut in half for this quarter.
Right. The quarter AFTER the quarter in which the 60,000th hybrid is sold is the last in which you can receive the full tax credit. For the 2nd and 3rd quarters after the threshold is reached, you get 50% of the credit. For the 4th and 5th quarters after the threshold is reached, you get 25%. Then nothing!
Apparently Honda hit 60,000 in the third quarter, which means you'll still get the full credit this quarter. But on Jan. 1, 2008, it goes to half:
http://www.eere.energy.gov/news/news.../news_id=11246
Apparently Honda hit 60,000 in the third quarter, which means you'll still get the full credit this quarter. But on Jan. 1, 2008, it goes to half:
http://www.eere.energy.gov/news/news.../news_id=11246
Active Enthusiast
Joined: May 2007
Posts: 223
From: Texas
Re: I believe the Honda credit is cut in half for this quarter.
TOYOTA HYBRID TAX CREDIT EXPIRES
The Internal Revenue Service has discontinued the federal tax credits for Toyota hybrid vehicles—including the flagship Prius—as of Oct. 1, 2007. Toyota Motor Corporation hit a legal cap in the number of vehicles sold that can offer the credit. Only hybrids purchased before the Oct. 1 deadline are now eligible for the incentive.
According to IRS rules, tax credits for new hybrid vehicles phase out when an automaker sells 60,000 hybrids. Toyota hit the magic number last summer, which initiated the beginning of the process.
Honda recently reached the mark of 60,000 hybrids sold, and will now start their phase-out next year.
GM, Ford, and Nissan are not expected to reach cap before 2009 when the incentive laws will be reconsidered or entirely discontinued.
The Internal Revenue Service has discontinued the federal tax credits for Toyota hybrid vehicles—including the flagship Prius—as of Oct. 1, 2007. Toyota Motor Corporation hit a legal cap in the number of vehicles sold that can offer the credit. Only hybrids purchased before the Oct. 1 deadline are now eligible for the incentive.
According to IRS rules, tax credits for new hybrid vehicles phase out when an automaker sells 60,000 hybrids. Toyota hit the magic number last summer, which initiated the beginning of the process.
Honda recently reached the mark of 60,000 hybrids sold, and will now start their phase-out next year.
GM, Ford, and Nissan are not expected to reach cap before 2009 when the incentive laws will be reconsidered or entirely discontinued.
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Joined: Dec 2007
Posts: 19
Re: I believe the Honda credit is cut in half for this quarter.
Here is a link from the "Horse's" mouth per se:
http://www.irs.gov/newsroom/article/...175828,00.html
http://www.irs.gov/newsroom/article/...175828,00.html
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