Based on review of the number of hybrid vehicles sold to retail dealers during the quarter ending 9/30/07, the IRS announced that buyers of qualified Ford and General Motors hybrid vehicles can continue to claim the full amount of the Section 30B alternative motor vehicle credit. [ Editor's Note: Buyers of qualified vehicles can claim the full credit up to the end of the first quarter after the quarter that the manufacturer sells its 60,000th vehicle.] According to News Release IR-2007-174, the qualified vehicles and credit amounts for Ford are as follows: Ford Escape 2WD Hybrid for 2008: $3,000; Ford Escape 2WD for 2005, 2006, and 2007: $2,600; Ford Escape 4WD Hybrid for 2008: $2,200; Ford Escape 4WD for 2005, 2006, and 2007: $1,950; Mercury Mariner 4WD Hybrid for 2008: $2,200; Mercury Mariner 4WD for 2006 and 2007: $1,950; and Mercury Mariner 2WD Hybrid for 2008: $3,000. These articles are intended to provide resources for the tax and accounting needs of small businesses and individuals. The information contained in this Website is intended to provide general information on matters of interest in the areas of tax and accounting and should not be acted upon in your specific situation without further details and/or professional assistance. Users are encouraged to contact us regarding specific situations.
According to News Release IR-2007-175, the qualified vehicles and credit amounts for GM are as follows: Chevrolet Silverado Hybrid 2WD for 2006 and 2007: $250; Chevrolet Silverado Hybrid 4WD for 2006 and 2007: $650; GMC Sierra Hybrid 2WD for 2006 and 2007: $250; GMC Sierra Hybrid 4WD for 2006 and 2007: $650; Saturn Vue Green Line for 2007: $650; and Saturn Aura Hybrid for 2007: $1,300.
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