[nukkad] [Fwd: TT-2008-56: Tax Credit for Hybrid Vehicles]

[Amir'AliMackwani <>]

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-------- Original Message --------
Subject:        TT-2008-56: Tax Credit for Hybrid Vehicles
Date:   Wed, 19 Mar 2008 10:29:27 -0500 (CDT)
From:   Internal Revenue Service (IRS) 


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      Issue Number:    TT-2008-56


      Inside This Issue

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*Tax Credit for Hybrid Vehicles* 

If you bought a hybrid vehicle in 2007, you may be entitled to a tax 
credit on your 2007 return.  The credit is worth as much as $3,000  for 
the most fuel-efficient models. The precise amount depends on the make 
and model of the vehicle and when the vehicle was purchased.

The tax credit for hybrid vehicles, called the Alternative Motor Vehicle 
Credit, applies to vehicles purchased or placed in service on or after 
January 1, 2006.

Hybrid vehicles have drive trains powered by both an internal combustion 
engine and a rechargeable battery.  Many currently available hybrid 
vehicles may qualify for the credit.  Taxpayers may claim the credit on 
their 2007 tax returns only if they placed a qualified hybrid vehicle in 
service in 2007.  As of March 2007, more than 40 different models of 
hybrids were/are eligible for the credit.

The credit is available only to the original purchaser of a new 
qualifying vehicle.  If the qualifying vehicle is leased the credit is 
available only to the leasing company.

If 60,000 hybrid or advance lean burn technology vehicles of a 
particular manufacturer are sold, the tax credit is reduced and 
eventually eliminated. The full credit can be claimed up to the end of 
the third month after the quarter in which the manufacturer sells its 
60,000th hybrid vehicle.

The credit for qualified Toyota and Lexus vehicles was eliminated for 
purchases on or after Oct. 1, 2007. The full credit for qualified Honda 
vehicles was available for all purchases in 2007, but has been reduced 
for purchases on or after Jan. 1, 2008.

To find out whether your car qualifies for the hybrid tax credit and the 
maximum amount of that credit, you can go to the IRS.gov website and 
search for “qualified hybrid vehicles.”

Remember that for the genuine IRS Web site be sure to use .gov.  Don't 
be confused by internet sites that end in .com, .net, .org or other 
designations instead of .gov. The address of the official IRS 
governmental Web site is www.irs.gov <http://www.irs.gov>.

*Links:*

    * Hybrid Cars and Alternative Motor Vehicles
      <http://www.irs.gov/newsroom/article/0,,id=157632,00.html>
    * Summary of the Credit for Qualified Hybrid Vehicles
      <http://www.irs.gov/newsroom/article/0,,id=157557,00.html>
    * Form 8910, Alternative Motor Vehicle Credit (PDF
      <http://www.irs.gov/pub/irs-pdf/f8910.pdf>)
       

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