Hybrid Tax Credit for Toyota and Lexus Vehicles
According to the IRS the hybrid tax credit for Toyota (and Lexus) vehicles is now in the phase out period. This credit applies to hybrid vehicles purchased in 2006 or later. The following 2007 model year vehicles qualify for the hybrid tax credit:
2007 Lexus GS 450h $1,550
2007 Lexus RX 400h 2WD and 4WD $2,2002007 Toyota Prius $3,150
2007 Toyota Camry Hybrid $ 2,600
2007 Toyota Highlander Hybrid 2WD and 4WD $2,600
If you wish to take advantage of the credit you will need to purchase soon. The phase out period was initiated on October 1st, 2006 for Toyota and Lexus vehicles. Purchases made before September 30th, 2006 were eligible for the full credit. Purchases between 10/1/06 through 3/31/07 are eligible for 50% of the full credit. Purchases between 4/1/07 through 9/30/07 are eligible to 25% of the full credit. And finally, purchases on or after 10/1/07 are not eligible for any credit.
If you are thinking about buying a Toyota hybrid then you had better do it soon if you want to take advantage of this special tax credit.
Please refer to the IRS or a Tax Professional for all tax advice.
Posted in Tax Credits |