Full tax credit through December?
#11
Re: Full tax credit through December?
The Hybrid-car Tax Credit Challenge
Aug. 09, 2006: Bankrate</SPAN>
Summary: Toyota hybrid vehicle fans, circle Sept. 30 in red on your calendars.
That's the day you must drive one of these fuel-efficient autos off a Toyota lot or give up half of the new tax break created to reward energy-conscious motorists.
Thanks to the Energy Policy Act of 2005, drivers who trade their gasoline-only autos for cleaner-running hybrid vehicles now get a tax credit instead of a tax deduction. That's a welcome change, since a credit produces dollar-for-dollar tax savings.
But some of the law's other automotive tax components are not quite as appealing.
Aug. 09, 2006: Bankrate</SPAN>
Summary: Toyota hybrid vehicle fans, circle Sept. 30 in red on your calendars.
That's the day you must drive one of these fuel-efficient autos off a Toyota lot or give up half of the new tax break created to reward energy-conscious motorists.
Thanks to the Energy Policy Act of 2005, drivers who trade their gasoline-only autos for cleaner-running hybrid vehicles now get a tax credit instead of a tax deduction. That's a welcome change, since a credit produces dollar-for-dollar tax savings.
But some of the law's other automotive tax components are not quite as appealing.
#13
Re: Full tax credit through December?
When I bought my TCH, the sales contract listed the car as 2007 Camry. Nowhere on the sales agreement or other paperwork did it say "Hybrid." I told the finance manager that I needed the paperwork to state that I was purchasing a hybrid model, for the tax credit. He said the computer would not allow them to add that information. He called in the sales manager, who agreed. He said all he could do was handwrite the model on the purchase agreement (so he wrote in "HYBRED"). The sales manager also said that the VIN includes a code that indicates the car is a Camry Hybrid. I also wrote "Camry Hybrid" on my check. In any event, I have a Camry Hybrid in the garage, a Camry Hybrid owner's manual and insurance declarations covering a Camry Hybrid, so I am not too worried about establishing entitlement to the tax credit.
RoLev
RoLev
#14
Re: Full tax credit through December?
One thing I don't understand is if the 60k is reached, do you still get the tax credit or not? What if you get the car before sept 30th and they have already reached the 60k which is seems has already happend, do you get the credit?
#15
Re: Full tax credit through December?
Hi ccobb258. The full tax credit is allowed if you buy your car before the end of the quarter following the quarter in which the limit is reached. So for Toyota, they reached the limit in the 2nd quarter, so the tax credit is good through the 3rd quarter (9/30).
#16
Re: Full tax credit through December?
Originally Posted by RoLev
When I bought my TCH, the sales contract listed the car as 2007 Camry. Nowhere on the sales agreement or other paperwork did it say "Hybrid." I told the finance manager that I needed the paperwork to state that I was purchasing a hybrid model, for the tax credit. He said the computer would not allow them to add that information. He called in the sales manager, who agreed. He said all he could do was handwrite the model on the purchase agreement (so he wrote in "HYBRED"). The sales manager also said that the VIN includes a code that indicates the car is a Camry Hybrid. I also wrote "Camry Hybrid" on my check. In any event, I have a Camry Hybrid in the garage, a Camry Hybrid owner's manual and insurance declarations covering a Camry Hybrid, so I am not too worried about establishing entitlement to the tax credit.
RoLev
RoLev
Here's the Cert.. In it will be the VIN range which will match yours, keep a copy for your records
http://a230.g.akamai.net/7/230/2320/...ybrid_my07.pdf
This is from the Toyota web site.
#17
Re: Full tax credit through December?
Originally Posted by nomorebenz
Here's the Cert.. In it will be the VIN range which will match yours, keep a copy for your records
-Scott
#18
Re: Full tax credit through December?
Originally Posted by rscott
The VIN alone cannot be used to determine eligibility for the tax credit.
-Scott
-Scott
#19
Re: Full tax credit through December?
Originally Posted by rscott
The VIN numbers they are referring to are for the TCH itself only, not ones that qualify for the tax credit. The VIN alone cannot be used to determine eligibility for the tax credit.
-Scott
-Scott
#20
Re: Full tax credit through December?
It might also be a good idea to print out and keep a copy of the "IRS Certification Letter Camry Hybrid Model Year 2007" that can be found on Toyota's web site. The PDF file is here: http://a230.g.akamai.net/7/230/2320/...ybrid_my07.pdf
Oops, nomorebenz has already posted this same link ... never mind.
Oops, nomorebenz has already posted this same link ... never mind.
Last edited by dalerb; 08-10-2006 at 10:33 AM. Reason: Redundant