Well, for starters, it's been set up in a rather confusing manner, as our legislators have been know to do. My understanding is it's up to a $3K tax credit for the most efficient hybrids (e.g. the Prius); lesser amounts for less efficient models. In addition, it applies to only the first 60,000 (or is it 50,000?) of a given model sold in this year; I think beyond that number there is a tax credit but it is reduced according to some formula. Apparently the idea was to promote various manufacturers getting into the hybrid market, i.e. not just benefitting the market leaders, Toyota and Honda. So ... if you bought your extra fuel efficient car on Jan 1, 2006, you'd be assured of getting maximum benefit. If you wait til Dec 31, 2006 ... you might be out of luck! Apparently this week Pres. Bush mentioned "asking" Congress to extend the tax rebate offer, but it's far from a sure thing that that will happen. In other words, we should probably check with our favorite CPA/tax consultant if we want to be sure of what the tax consequences of one's purchase will be. I've been teetering on the edge of a Prius purchase, but am still driving my Subaru Outback (mediocre mpg but plenty of space for tools and stuff). Patrick Draine On 4/29/06, Fenton Murray <fmurray at cruzio.com> wrote: > > Terry or whomever, > I'm somewhat confused about the tax rebate, deduction, credit. These are > different things A tax credit of 3K is 3K in your pocket, a deduction of 3K > if your in the 25% tax bracket is $750 in your pocket. Any one know for sure > what you get with the Prius? > Fenton > -------------- next part -------------- An HTML attachment was scrubbed... URL: https://www.moypiano.com/ptg/pianotech.php/attachments/20060429/fe5873ee/attachment.html
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