November 09 2007
The Internal Revenue Service acknowledged the certification by Toyota Motor Sales U.S.A., Inc., that several of its Model Year 2008 vehicles qualify for the hybrid vehicle tax credit. Only vehicles purchased prior to Oct. 1, 2007, qualify for a credit.
For purchases made April 1, 2007, through Sept. 30, 2007, the hybrid vehicle certifications recently acknowledged by the IRS and their credit amounts are:
2008 Toyota Prius Hybrid — $787.50 2008
Toyota Camry Hybrid — $650 2008
Toyota Highlander Hybrid 4WD — $650
2008 Lexus LS 600h L Hybrid — $450
2008
Lexus RX 400h 2WD and 4WD — $550
No credit is allowed for purchase of these
vehicles after September 30, 2007.
The credit amounts reflect a decrease in the credit beginning on Oct. 1, 2006, as a result of the manufacturer’s having sold 60,000 qualified hybrid motor vehicles
Buyers of Toyota Motor Corp. hybrid gasoline-electric cars who are looking for a break on their income taxes are out of luck.
Article Tools Printer friendly E-mail to a friend Taxes - Boston.com and the Boston Globe offers a personal tax guide RSS feed Available RSS feeds Most e-mailed Reprints & Licensing Share on Digg Share on Facebook Save this article powered by Del.icio.us More: Business section | Latest business news | Globe front page | Boston.com Sign up for: Globe Headlines e-mail | Breaking News Alerts Only Toyota and Lexus hybrids purchased before Oct. 1 are eligible for a tax credit intended to encourage sales of the fuel-efficient cars, the Internal Revenue Service said yesterday, because the company has hit a legal cap on the credit.
Hybrids can switch between internal combustion engines and electric motors with batteries that recharge during driving. They deliver better mileage than conventional vehicles.
The tax credit starts phasing out after a car maker sells 60,000 fuel-efficient vehicles. Toyota and its Lexus luxury division hit that limit last summer. After that, the tax credits were halved.
Tax credits of up to $3,000 are still available for hybrids made by Ford Motor Co., General Motors Corp., Honda Motor Co., and Nissan Motor
Tuesday, August 07 2007
WASHINGTON — After reviewing the second quarter 2007 sales of Toyota Motor Sales USA Inc., the Internal Revenue Service announced that purchasers of qualifying Toyota and Lexus vehicles may continue to claim the Alternative Motor Vehicle Credit. Given the number of vehicles sold, the phase out period for Toyota vehicles began on Oct. 1, 2006.
Toyota sold 70,641 qualifying vehicles to retail dealers in the quarter ending June 30, 2007. This brings the cumulative sales of qualified Toyota hybrid vehicles sold from the period of Jan. 1, 2006, through June 30, 2007, to 344,083.
Taxpayers may claim the full amount of the credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th qualified vehicle. The sale of Toyota’s 60,000th qualified vehicle occurred in the quarter ending June 30, 2006. Therefore, for qualifying vehicles purchased between Oct. 1, 2006, and March 31, 2007, consumers may claim 50% of the credit amount. Consumers who purchase qualifying vehicles between April 1, 2007, and Sept. 30, 2007, may only claim 25% of the credit amount.
No credit is allowed after September 30, 2007
The applicable credit amounts are as follows:
|
Qualifying Vehicle |
Full Credit When Purchased By 9/30/06 |
Reduced Credit When Purchased From 10/1/06 Through 3/31/07 |
Reduced Credit When Purchased From 4/1/07 Through 9/30/07 |
No Credit When Purchased After 9/31/07 |
|
05, 06 and 07 Toyota Prius |
$3,150 |
$1,575 |
$787.50 |
$0 |
|
06 and 07 Toyota Highlander 2WD and 4WD |
$2,600 |
$1,300 |
$650 |
$0 |
|
07 Toyota Camry Hybrid |
$2,600 |
$1,300 |
$650 |
$0 |
|
06 and 07 Lexus RX 400h |
$2,200 |
$1,100 |
$550 |
$0 |
|
07 Lexus GS450h |
$1,550 |
$775 |
$387.50 |
$0 |
Blog Every Car I Drive: Plug-in hybrid race gets early kick
In a sign that it's moving closer to announcing a production date for a high-mileage plug-in hybrid, Toyota said this morning that it soon will deliver prototype versions to two California universities for research.
The prototypes, based on the current generation of the gas-electric Prius hybrid but with bigger battery packs, will go to UC-Berkeley's Institute of Transportation and UC-Irvine's Advanced Power and Energy Program.
"I think it's significant because this is the first automaker plug-in hybrid" to be studied, said Susan Shaheen, a Berkeley researcher. "It's not a conversion."
Buyers of Toyota Motor Corp. hybrid gasoline-electric cars who are looking for a break on their income taxes are now out of luck.
The Internal Revenue Service said Thursday that only Toyota and Lexus hybrids purchased before Oct. 1 are eligible for a tax credit intended to encourage sales of the fuel-efficient cars, because the company has hit a legal cap on the credit.
Hybrids have the ability to switch between internal combustion engines and electric motors to power themselves, with batteries that recharge during driving. They deliver better gasoline mileage than conventional vehicles.
The federal tax credit for new hybrid vehicles phases out starting when after a car maker has sold 60,000 hybrid or other fuel-efficient vehicles. Toyota and its Lexus luxury division hit that limit last summer. After that, the tax credits were halved.
Tax credits of up to $3,000 are still available for hybrids made by Ford Motor Co., General Motors Corp., Honda Motor Co. and Nissan Motor Co.
Customers who bought one of five Toyota and Lexus hybrid models between April 1 and Sept. 30 are eligible for tax credits ranging from $450 for the $104,000 Lexus LS 600h L to $787.50 for the Prius, which sells for $20,950.
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