2006-07-26 02:56:26 · 7 answers · asked by Paul B 1 in Cars & Transportation ➔ Other - Cars & Transportation
Have heard about money break for buying hybrid, however know this> the cost of a hybrid to replace battery which will happen is very expensive, furthermore this type of car only gets good gas mileage around town. At hi-way speeds you only get average mileage
2006-07-26 03:04:07 · answer #1 · answered by cobots 4 · 0⤊ 0⤋
Well, it depends on a few things.
What country are you in? What state/province?
Did you purchase new or used? Only new vehicles count. I don't think leases count, but check with a tax advisor.
When did you purchase your hybrid?
What hybrid did you purchase?
Did you have any taxable income in the year that you purchased your hybrid? Are you subject to AMT?
In the UK, there is the Powershift grant.
In Canada, only Ontario and British Columbia are offering hybrid incentives - a rebate on the sales tax.
In the US, the US federal government offers an income tax incentive. If purchased up through Dec. 31, 2005, you could take the $2000 Clean Fueled Vehicle deduction off of your US Federal income taxes for that year. If you purchased on or after Jan. 1, 2006, depending on the vehicle you purchased and how many hybrids that manufacturer has sold already you could take a US federal income tax credit. (I'll note that Toyota/Lexus/Scion has hit the magical 60,000 number in 2006Q2, so their credits will start reducing on Oct. 1, 2006.)
Different states in the US may offer additional incentives, such as reduced sales tax (ME), an income tax deduction (MA up to Dec. 31, 2005), an income tax credit (CO, WV), or even just a grant to buy one (PA). There are other states with incentives, those are just the ones I can think of at the moment...
2006-07-27 18:38:52 · answer #2 · answered by mrvadeboncoeur 7 · 0⤊ 0⤋
It all depends on the Car. A Prius would give you a 3k in tax credit. You got to remember its only for 1 year and not an annuity
2006-07-26 10:01:36 · answer #3 · answered by Engineer Adam 2 · 0⤊ 0⤋
There is a tax credit, on your federal income tax, IF you itemize, for the hybrid car purchase, but I don't know how much it is.
2006-07-26 09:59:47 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
I haven't done it, but if you are going to do it, you better do it soon, saw on one of those news programs that they are going to lessen the amount at the end of the year I think.
2006-07-26 10:00:02 · answer #5 · answered by aloneinga 5 · 0⤊ 0⤋
Yes, if it qualifies.
You can get both State & Federal tax breaks if your state has that feature (NJ does).
2006-07-26 10:04:54 · answer #6 · answered by JeffyB 7 · 0⤊ 0⤋
It depends which car, and how many were sold during that year. It's complicated.
2006-07-26 09:59:39 · answer #7 · answered by miketorse 5 · 0⤊ 0⤋