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Credit Pacific Service Union John Johnson just found another reason to love his Honda Insight. Besides great gas mileage and low emissions, the car may net him a $600 federal tax refund this year. The Insight was one of three hybrid vehicles recently approved for a new tax break from the Internal Revenue Service.

On April 1, 2007, the credit for a Prius will again be reduced, to $787.50. After September 30, 2007, purchasers of any Toyota hybrid vehicle will no longer be entitled to the credit. out of the credit applies to all hybrid models of Toyota. The rules for the credit require that the taxpayer purchase a new car and the car not be purchased for resale.

Credit First Service Union "It's great," said Johnson, an Ann Arbor, Mich., engineer. "With the deduction, the cost of these (hybrid) vehicles is getting into the range of an ordinary gas-powered car."

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Card Credit Mobile Service Indeed, the combination of new technology and new tax breaks has created a lucrative opportunity this year for car buyers who opt to purchase a low-emission hybrid vehicle.

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Card Credit Discover Service The IRS recently approved three cars for a special $2,000 tax deduction: the Toyota Prius, a hybrid version of Honda's popular Civic, and the Insight. The deduction can be applied against the car owner's income for the year in which the car was purchased, even if that was as long as three years ago. IRS officials won't say whether they are considering additional cars for this deduction.

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Credit Public Service Union The hybrid cars, which are powered by a combination of gasoline and electricity, are covered by a 1993 law offering tax deductions for "clean-fuel vehicles." The law has been largely unused because it wasn't clear which cars would qualify for the break.

It has been unclear whether the September 30 deadline would apply to the date that the sales contract is signed, the date the full purchase price is paid, or the date the car is placed in service. According to recent IRS guidance, the amount of the credit should be determined as of the date of purchase, not the date the car is placed in service. service date determines which year's tax return on which the credit will be claimed.

Card Credit Processing Service The clean-fuel vehicle deduction is a so-called "before-the-line" write-off, which means it can be claimed regardless of whether you itemize deductions, reducing by $2,000 the amount of income subject to taxation, said Jim Rivin, partner at Woodland Hills, Calif., accounting firm Rivin, Wenzel & Co. That can save someone in the 31 percent tax bracket $620.

Center Credit Service Union The one-time deduction is claimed in the year the car was purchased. And the Prius and Insight models released in 2001, 2002 and 2003 qualify, officials said. (The Civic hybrid was just released.) However, those who bought hybrid vehicles in a previous tax year must file an amended tax return.

Card Credit Service Wireless The deduction is temporary. It starts to phase out in the 2004 tax year. Moreover, said Jim Carlin, partner with Los Angeles tax law and accounting firm Holthouse Carlin & Van Trigt, taxpayers who resell their hybrid during the first three years of ownership must "recapture" all or a portion of the deduction, adding a portion of the deduction back in.

Credit Security Service Union Kathy Kristof
Los Angeles Times - 9/28/2002

Topic: Transportation

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