Alternative motor vehicle credit—hybrid vehicles—limitations—phase-out. © 2007 Thomson/RIA. All rights reserved 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.
After qualified hybrid sales by Toyota dealers reached 60,000 vehicle limit during calendar quarter ended 6/30/2006, and credit phase-out began on 10/1/2006, IRS noted that taxpayers may claim credit of 25% for purchases from 4/1/2007 through 9/30/2007, and zero beginning 10/1/2007. Credit had been reduced to 50% for qualified vehicles purchased between 10/1/2006 and 3/31/2007.
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