I have a TCH on-order and am thinking of replacing my Highlander with a Hybrid next year.

Can you get the Federal tax credit on more than one Hybrid vehicle? I've been looking around, but have not found the answer to that question.

As a new member, thanks for a way-cool board!!

 

From my understanding of the tax credit law on hybrids, Toyota will get reduced and then no tax credits next year based on when you take delivery. And anything after Sept 1 of this year the credit will be cut in half. All based on the fact that Toyota will sell 60,000 hybrids by June 30, 2006.

Of course, if the car you buy next year is a Ford hybrid or Nissan hybrid, they may not have gotten 60,000 hybrids sold yet, so you could get a full credit. But in reality any Toyota hybrids will start getting reduced credits after Sept 1, 2006.

Here is a link explaining the law:
http://www.irs.gov/newsroom/article/...156048,00.html
http://www.irs.gov/newsroom/article/...156381,00.html

A longer description of how this works. I don't see anything prohibiting getting credits on 2 hybrids, as long as you buy them soon enough. And you CAN'T LEASE them. You don't get a credit for that. The leasing company does.
http://www.irs.gov/newsroom/article/...157632,00.html

 

No. You can only claim the tax credit once every 18 months.

 

I was actually thinking of a Hybrid Escape for the second car.

Programmer--- Where did you hear about the 18 month bit, I'd like to look it up.

Thanks!

 

The date for the reduction for the TCH is October 1, not September 1.

 

I may have answered my own question. The form has now been published. It looks like there is room for more than one car on the form.


http://www.irs.gov/pub/irs-pdf/f8910.pdf