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Tax credits / incentives for hybrids?

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  • I bought my 07 Hybrid last year and was just curious what I can expect as far as a tax credit. I live in Ca, divorced, no dependents....income around $60 thousand. Thanks
  • 1stpik1stpik Posts: 495
    You'll get the full $2,100, but don't brag about it. Otherwise, people will know that you earn less than $100,000, which makes you a slacker!

    Especially in California.

    .
  • gagricegagrice San DiegoPosts: 29,035
    It depends what hybrid you bought. What date you bought it and if you will be stuck with the AMT. Those that get stuck with Alternate Minimum Tax cannot claim the tax credit. Good luck.
  • cephraimcephraim Posts: 31
    I know the Altima still has the $2350 tax credit incentive.

    Anyone know if there are any gross income limitations on this?
    (i.e.: Can you make "too much" to get it?)
  • PF_FlyerPF_Flyer Pennsylvania Furnace, PAPosts: 5,896
    Here's an answer that was given on CNNMoney.com
    http://money.cnn.com/2008/03/07/pf/taxes/2007_hybrid_tax_credit_confusion/index.- htm

    Qualifying for the credit - and how much of it you can take - depends on how close you come to having to pay the Alternative Minimum Tax.

    It's a problem that could affect many hybrid car buyers who have six-figure incomes and take a lot of deductions, said Wisconsin tax preparer David Mellem.

    As the name implies, the AMT sets a minimum amount of tax you must pay even if you have deductions that would seem to allow you to pay less.

    The AMT disallows a lot of common deductions that are allowed under the regular code. If the AMT amount is higher, you must pay the AMT.

    The rule - and the rub - when it comes to determining how much of a hybrid tax credit you get is this: it isn't allowed under the AMT.

    Even if you don't have to pay the AMT, it could still take a bite out of your tax credit. If the difference between your taxes and the AMT amount happens to be less than the hybrid tax credit, you can only take part of the credit. (Otherwise, it would make your taxes less than the AMT.)

    Here's how it works: Bob, Jack and Jane each purchased a Ford Escape hybrid SUV in late 2007, and each was counting on a $3,000 tax credit.

    At tax time, Bob finds that his tax bill is greater under the AMT than it is under the regular code, so he must pay the AMT. Bob's Escape can't help him escape his big tax bill. He gets no hybrid tax credit.

    Jack's regular taxes, on the other hand, are $3,500 more than what he would have to pay under AMT. So he doesn't have to pay AMT and he gets the full $3,000 tax credit.

    Jane doesn't have to pay the AMT, either. But her taxes are just $1,200 more than she would have had to pay under AMT. So instead of the $3,000 credit she was expecting, she gets a credit of just $1,800.

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  • tomscot2tomscot2 Posts: 33
    The AMT kicked in for us this year and as a result our tax credit went by the wayside.
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