| These days, there is a rise in new | | | | 2007 Ford Escape Front WD Hybrid: $2,600 |
| fuel-efficient hybrid car products for | | | | 2007 GMC Sierra (2WD): $250.00 2007 GMC |
| sale. Due to this rise the government is | | | | Sierra (4WD): $650.00 2007 Honda Accord |
| compelled to apply taxes. Those who are | | | | Hybrid AT: $1,300 2007 Honda Accord |
| planning on buying a hybrid car should | | | | Hybrid Navi AT: $1,300 2007 Honda Civic |
| not be at a loss though. The Internal | | | | GX compressed natural gas vehicle: |
| Revenue Service has already legitimized | | | | $4,000 2007 Honda Civic Hybrid CVT: |
| a handful of hybrid car brands and | | | | $2,100 2007 Lexus GS 450h: $1,550 2007 |
| models for a tax credit. This may be a | | | | Lexus RX 400h 2WD and 4WD: $2,200 2007 |
| pretty good offer for those planning on | | | | Mercury Mariner 4 WD Hybrid: $1,950 2007 |
| buying a hybrid car, and it could be one | | | | Nissan Altima Hybrid: $2,350 2007 Saturn |
| of the best incentives initiated so far. | | | | Aura Green Line: $1,300 2007 Saturn Vue |
| What Tax Credit Is | | | | Green Line: $650 2007 Toyota Camry |
| If you purchased a hybrid car on or | | | | Hybrid: $2,600 2007 Toyota Highlander |
| after January 1, 2006, your purchase may | | | | Hybrid 2WD and 4WD: $2,600 2007 Toyota |
| be eligible for a tax credit that can | | | | Prius: $3,150 |
| amount to $400 to $3,400. The amounts | | | | New Cars Only |
| vary depending on how the fuel economy | | | | The government may offer a tax credit |
| goes. Conversely, the tax credit may | | | | for hybrid cars, but limitations still |
| only be temporary because it also relies | | | | apply. For instance, only hybrid cars |
| on whether new hybrid cars and other | | | | that are new are qualified for a tax |
| cars are in demand. This suggests that | | | | credit. When a buyer purchases a hybrid |
| tax credits could last just a short | | | | car, it must not be a used car. |
| period of time whenever manufacturers | | | | Furthermore, hybrid cars that have been |
| arrive at a certain mark in their car | | | | purchased by the buyer cannot be sold |
| sales. Apparently, hybrid car brands | | | | again. You must buy a hybrid car only |
| that aren't as popular will not be | | | | for personal or business use, and not |
| greatly affected if the number of sales | | | | for any other purpose. |
| does not increase too quickly. | | | | The thing about acquiring the tax credit |
| Models That Are Qualified | | | | for hybrid car goods is that your income |
| The IRS has produced a list of all | | | | tax liability will be lessened. |
| hybrid cars that have the possibility of | | | | Furthermore, any surplus cannot be |
| being qualified for a tax credit. This | | | | passed on to the succeeding year. What |
| list is comprised of automobiles that | | | | all this information means is that, the |
| are sold after January 1, 2006 as well | | | | government is practically encouraging |
| as those payable in 2008. Relevant tax | | | | the purchase of automobiles that are |
| credit totals are listed in the | | | | more energy-saving and environmentally |
| following document: | | | | friendly by giving buyers the benefit of |
| 2007 Chevrolet Silverado (2WD): $250.00 | | | | saving money on gas. Additionally, the |
| 2007 Chevrolet Silverado (4WD): $650.00 | | | | government is allowing buyers of hybrid |
| 2007 Ford Escape 4 WD Hybrid: $1,950 | | | | cars to save through tax breaks. |