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| Feb 2006 Tax Press Releases |
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Honda Hybrids Still Qualify For Tax CreditNov 15, 2006 Washington (IRS) - The Internal Revenue Service announced that purchasers of qualified American Honda Motor Company, Inc., vehicles may continue to claim the Alternative Motor Vehicle Credit.
Honda sold 9,912 qualifying vehicles to retail dealers during the quarter ending Sept. 30, 2006. The credit amount and make and model of qualified vehicles sold are:
Honda Accord Hybrid, Model Year 2006*: $1,300
Honda Accord Hybrid Navi Model Year 2006*: $1,300
Honda Civic Hybrid Model Year 2006: $2,100
Honda Insight Model Year 2006: $1,450
* 2006 Honda Accord Hybrid and Navi without updated calibration qualify for a credit of $650.
This brings the total number of qualifying Honda hybrid sales as of the end Sept. 30, 2006, to 28,408. Purchasers of Honda’s qualified vehicles may continue to rely on the previously issued IRS certifications concerning the vehicles’ qualification for the credit.
Consumers seeking the credit may want to buy early because the full credit is only available for a limited time. Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.
Related item:
Hybrid Cars and Alternative Motor Vehicles
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