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Honda Hybrid Tax Credit Phase Out on Jan 1

 

Under the current tax law, the credit for buying a hybrid vehicle begins to phase out in the second calendar quarter after the quarter in which the manufacturer sells its 60,000th hybrid or lean burn technology vehicle. American Honda Motor Company, Inc, has submitted quarterly reports indicating that its cumulative sales of qualified vehicles to retail dealers reached the 60,000-vehicle limit during the calendar quarter ending Sept. 30, 2007.

 

The credit for all new qualified hybrid passenger automobiles or light trucks manufactured by Honda will begin to phase out on Jan. 1, 2008. Beginning Jan 1, 2009, taxpayers who buy a Honda hybrid cannot claim the related tax credit.

 

According to the Environemntal Protection Agency (www.fueleconomy.gov), the Honda Civic Hybrid rates as one of the most fuel efficient compact cars on the market. More than 10 auto makers offer hybrid models.

 

For more information about hybrid tax credits or other tax related matters, please contact one of our partners or accounting professionals in the Tax Department at any of our office locations by calling (877) SLGG-LLP


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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.