8th Generation Honda Civic Forum - View Single Post

giantquesadilla · 11-23-2007, 01:41 AM

This was from the other day, I hope it helps.
The Internal Revenue Service has discontinued the federal tax credits for Toyota hybrid vehicles—including the flagship Prius—as of Oct. 1, 2007. Toyota Motor Corporation hit a legal cap in the number of vehicles sold that can offer the credit. Only hybrids purchased before the Oct. 1 deadline are now eligible for the incentive.

According to IRS rules, tax credits for new hybrid vehicles phase out when an automaker sells 60,000 hybrids. Toyota hit the magic number last summer, which initiated the beginning of the process.

Honda recently reached the mark of 60,000 hybrids sold, and will now start their phase-out next year.

GM, Ford, and Nissan are not expected to reach cap before 2009 when the incentive laws will be reconsidered or entirely discontinued.

11-23-2007, 01:41 AM	#7 (permalink)
giantquesadilla Senior Member Join Date: Nov 2007 Location: SoCal Posts: 284 Colby iTrader: 0 / 0%	This was from the other day, I hope it helps. The Internal Revenue Service has discontinued the federal tax credits for Toyota hybrid vehicles—including the flagship Prius—as of Oct. 1, 2007. Toyota Motor Corporation hit a legal cap in the number of vehicles sold that can offer the credit. Only hybrids purchased before the Oct. 1 deadline are now eligible for the incentive. According to IRS rules, tax credits for new hybrid vehicles phase out when an automaker sells 60,000 hybrids. Toyota hit the magic number last summer, which initiated the beginning of the process. Honda recently reached the mark of 60,000 hybrids sold, and will now start their phase-out next year. GM, Ford, and Nissan are not expected to reach cap before 2009 when the incentive laws will be reconsidered or entirely discontinued.