Unless you’re making $750K a year, no Hybrid tax credit for you
This post was published 2 years 9 months 24 days ago and its content may not be valid anymore.What a disappointment for Hybrid gasoline electric car owners who happily assumed that they would be receiving a tax credit for their automobile purchases. According to a recent published story, the Hybrid tax credit may only be applicable to individuals who make $750,000 per year.
To recap, in 2005, Congress passed an energy bill with numerous incentives to encourage conservation. One of these provisions provided a tax credit, beginning January 2006, for purchasers of approved hybrid gas-electric automobiles. This tax credit can be substantial — up to $3,150 for the Toyota Prius, perhaps the best known hybrid.
Unfortunately, unless you earn more than $750,000 a year, you can’t be sure you will qualify for the full published credit for your vehicle. This “gotcha” applies even if you bought the car well before October, when the tax credit for Toyota vehicles began to be reduced, per the 2005 law, because more than 60,000 Toyota hybrids had been sold.
There’s a whole bunch of legal loopholes worth investigating. I think the main point here is that the tax credit that many Hybrid owners were looking forward to is nearly non-existant unless certain criteria are met.
Well at least all of the celebrities will get tax credit.
yay lets give money back to the rich!
our government can be stupid at times.
at times? i would have to say all the time when it comes to taxes -,-
i guess they don’t want rich people flying to work.
another example of how “the rich get richer”
News flash: the rich make the laws. The rich decide who does and does not have to pay taxes. The rich know rule number 1 — “Cover your own ass.” This is just an example of this rule applied to tax law.
Ironically if you make $750,000.00+ a year you don’t drive a prius.. you drive a hummer.. or maybe a 12 MPG Lambo… who knows… anyway… fools the common man, keeps the government from losing money, and helps the rich…
god bless America…. and the douche bags that run it :D
They are playing numbers, there are a lot more people who make less than $750K per year, and to maximize revenue, they would tax more people less. If they let the people who actually have incentive to have a hybrid reduce taxes, they would lose money. Its almost a law just for show except that I know that if you’re making 750$K a year, they would just buy a hybrid to save taxes and ultimately fund hybrid research.
Its still stupid though.
I just did my taxes. I bought a Prius last year before June. I was expecting a $3150 tax credit. I got $0.
Why? Because I have children. If you already get the child tax credit, that pretty much eliminates your alternative fuel tax credit.
That is a bummer.