May 8, 2007
The Internal Revenue Service is stirring the hybrid car market, handing out some dreary tax credit news for the Toyota Prius along some good news for General Motors and Nissan.
First the Prius. After reviewing Toyota's 2007 first quarter sales, the IRS has ruled that Prius buyers may continue to claim only a small tax credit. The total amount of the credit now available to a Prius buyer is only $787.50.
At the same time, the IRS announced that purchasers of qualified General Motors Corp. hybrid vehicles may claim a tax credit ranging from $250 to $1,300.
GMC Sierra hybrid trucks and Chevrolet Silverado hybrids carry a tax credit of $250 for two wheel drive models and $650 for four wheel drive models.
The Saturn Vue Green Line has a $650 credit and the Aura Hybrid carries a $1,300 credit.
Tax credits are also available for Nissan hybrids. The allowable credit amount for the 2007 Altima Hybrid which is Nissans only certified hybrid vehicle is $2,350.
Consumers seeking the credit may want to buy early because the full credit will only available for a limited time. Credits are still available for the following vehicles in 2007:
• Ford Escape Hybrid 2WD ($2,600)
• Ford Escape Hybrid 4WD ($1,950)
• Honda Accord Hybrid AT ( $1,300)
• Honda Accord Hybrid Navi AT ($1,300)
• Honda Civic GX ($4,000)
• Honda Civic Hybrid CVT ($2,100)
• Lexus GS 450h ( $775)
• Lexus RX 400h 2WD and 4WD ($1,100)
• Mercury Mariner 4WD Hybrid ($1,950)
• Toyota Camry Hybrid ($1,300)
• Toyota Highlander Hybrid 2WD and 4WD ($1,300)
