I bought my TCH on August 22nd, and I am clueless as to how I go about getting my tax rebate. Can someone fill me in?

Thanks,

Jesse

 

When you file your federal income taxes next April (2007) there will be a form to fill out for the Hybrid purchase. The "rebate" you mention is actually a tax credit, and will be subtracted from your tax obligation at that time.

 

Do a search for "tax credit" and you will find multiple threads about how to claim your tax credit, including what IRS forms to fill out.

 

Dear Jesse,

When you file your return for 2006, you will fill out and attach Form 8910, which allows the calculation of the credit. The credit - after being calculated on the Form - will be entered on line 55 of your Form 1040 return.

Here is a link to the current Form 8910:

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

 

Does anyone know if there is any state tax credit for NC if someone purchases a 2007 TCH before 9/30/06 ... besides the federal tax credit???

 

A quick internet search indicates probably not. There were bills pending in both houses of the NC legislature in 2005, but I see no evidence that they were passed, and there are no links to current sites with info on a NC state tax credit or deduction (as one would expect).

I also searched the NC Department of Revenue site for "hybrid" and "alternative fuel"...nothing.

Don't take this as gospel, but it doesn't look good.

 

http://www.hybridcars.com/incentives.html

I had bookmarked this one a while back, but it has been changed since then. I see no listing for NC. They used to show stuff that was pending in other states (like Michigan). Michigan had some pending legislation, but it has been stalled in a finance committee for a year and a half.

 

Here's another site. It looks like there is nothing for NC yet.

http://go.ucsusa.org/hybridcenter/incentives.cfm

 

Thanks to all your responses I received, but I still can not believe after all the heavy state taxes in NC the state does not honor the hybrid vehicle. Just by owning the beauty 2007 TCH I have to pay every year vehicle property state tax close to $400 ...

 

Yeah, that really sucks. But, come to think of it, all states have their ways of extracting tax dollars from the ol' wallet. NJ has horrendous property taxes (each successive administration promises "reform" but it never seems to go down), a state income tax and 7% sales tax. In addition, I get no state tax benefit from purchasing a hybrid.

Like it or not, the cost of state government (well-run or not) falls squarely on our backs.