Honda Announces Tax Credits for Hybrids
06-05-2006, 03:59 PM
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Honda Announces Tax Credits for Hybrids
Honda Announces Tax Credits for Hybrids
Torrance, CA - June 5, 2006 -- Customers who purchase a new 2006 Honda hybrid vehicle on or after January 1, 2006, may be eligible for federal tax credits ranging from $1,300 to $2,100 when they file their 2006 tax returns, American Honda Motor Co., Inc., announced today. The announcement is the result of a ruling by the Internal Revenue Service (IRS), which calculated the tax credits based on the Energy Policy Act of 2005, passed by Congress last year. Honda's 2006 Civic Hybrid, Accord Hybrid and Insight with automatic transmission are eligible for the tax credits.
Torrance, CA - June 5, 2006 -- Customers who purchase a new 2006 Honda hybrid vehicle on or after January 1, 2006, may be eligible for federal tax credits ranging from $1,300 to $2,100 when they file their 2006 tax returns, American Honda Motor Co., Inc., announced today. The announcement is the result of a ruling by the Internal Revenue Service (IRS), which calculated the tax credits based on the Energy Policy Act of 2005, passed by Congress last year. Honda's 2006 Civic Hybrid, Accord Hybrid and Insight with automatic transmission are eligible for the tax credits.
The federal tax credits are as follows:
ModelFederal Tax Credit2006 Civic Hybrid$ 2,1002006 Accord Hybrid$ 1,300*2006 Insight - automatic transmission$ 1,450
*2006 Honda Accord Hybrids without updated control calibration qualify for a credit amount of $650.
Various limitations to the credit may apply, depending on the specific circumstances of the customer, and Honda is encouraging customers to contact the IRS or a tax advisor to determine if and how the tax credit will apply to their vehicle acquisition. Customers are also encouraged to contact the IRS at www.irs.gov for information on hybrid tax credit amounts applicable to Honda's 2005 model year hybrids purchased during 2006.
"These federal tax incentives reward consumers who make environmentally responsible purchasing decisions," said John Mendel, senior vice president of American Honda. "Honda continues to be a leader in producing vehicles that set the standard for fuel economy and low emissions."
Honda first introduced U.S. consumers to hybrid technology with the Insight in December 1999. It launched its second hybrid vehicle, the Civic Hybrid, in March 2002, followed by the first-ever V6-powered hybrid, the Accord Hybrid, in December 2004.
Torrance, CA - June 5, 2006 -- Customers who purchase a new 2006 Honda hybrid vehicle on or after January 1, 2006, may be eligible for federal tax credits ranging from $1,300 to $2,100 when they file their 2006 tax returns, American Honda Motor Co., Inc., announced today. The announcement is the result of a ruling by the Internal Revenue Service (IRS), which calculated the tax credits based on the Energy Policy Act of 2005, passed by Congress last year. Honda's 2006 Civic Hybrid, Accord Hybrid and Insight with automatic transmission are eligible for the tax credits.
Torrance, CA - June 5, 2006 -- Customers who purchase a new 2006 Honda hybrid vehicle on or after January 1, 2006, may be eligible for federal tax credits ranging from $1,300 to $2,100 when they file their 2006 tax returns, American Honda Motor Co., Inc., announced today. The announcement is the result of a ruling by the Internal Revenue Service (IRS), which calculated the tax credits based on the Energy Policy Act of 2005, passed by Congress last year. Honda's 2006 Civic Hybrid, Accord Hybrid and Insight with automatic transmission are eligible for the tax credits.
The federal tax credits are as follows:
ModelFederal Tax Credit2006 Civic Hybrid$ 2,1002006 Accord Hybrid$ 1,300*2006 Insight - automatic transmission$ 1,450
*2006 Honda Accord Hybrids without updated control calibration qualify for a credit amount of $650.
Various limitations to the credit may apply, depending on the specific circumstances of the customer, and Honda is encouraging customers to contact the IRS or a tax advisor to determine if and how the tax credit will apply to their vehicle acquisition. Customers are also encouraged to contact the IRS at www.irs.gov for information on hybrid tax credit amounts applicable to Honda's 2005 model year hybrids purchased during 2006.
"These federal tax incentives reward consumers who make environmentally responsible purchasing decisions," said John Mendel, senior vice president of American Honda. "Honda continues to be a leader in producing vehicles that set the standard for fuel economy and low emissions."
Honda first introduced U.S. consumers to hybrid technology with the Insight in December 1999. It launched its second hybrid vehicle, the Civic Hybrid, in March 2002, followed by the first-ever V6-powered hybrid, the Accord Hybrid, in December 2004.
06-05-2006, 04:11 PM
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why arent the manual insights included? they are the most fuel effcient production cars avalible... is it because they have to be above a certain MSRP to qualify?
06-05-2006, 09:41 PM
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Originally Posted by sherwood
why arent the manual insights included? they are the most fuel effcient production cars avalible... is it because they have to be above a certain MSRP to qualify?
it is because the tax credit is not automatic. also there is a limit on the number of credit available
Originally Posted by irs
WASHINGTON — Today the IRS and Treasury have provided guidance on a process that manufacturers can use to certify the amount of credit the purchaser of a hybrid or lean burn vehicle can claim. Taxpayers who are purchasing these vehicles will be able to rely on the manufacturer’s certification when they claim the credit on their tax return.
The tax credit for hybrid vehicles, which was enacted by the Energy Policy Act of 2005, may be as much as $3,400 for those who purchase the most fuel-efficient vehicles. Hybrid vehicles have drive trains powered by both an internal combustion engine and a rechargeable battery. Many currently available hybrid vehicles will qualify for the tax credit. The guidance also provides a similar certification process for advanced lean burn technology vehicles.
Since taxpayers may claim the full amount of the allowable credit only up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th hybrid and advanced lean-burn technology motor vehicle, consumers seeking the credit may want to buy early in the year.
The Energy Policy Act also provides tax credits for motor vehicles that are not covered by today’s guidance. The other vehicles eligible for credits are fuel cell vehicles, alternative fuel vehicles, and hybrid heavy trucks. The IRS will issue guidance providing certification procedures for these vehicles in the near future.
The tax credit for hybrid vehicles, which was enacted by the Energy Policy Act of 2005, may be as much as $3,400 for those who purchase the most fuel-efficient vehicles. Hybrid vehicles have drive trains powered by both an internal combustion engine and a rechargeable battery. Many currently available hybrid vehicles will qualify for the tax credit. The guidance also provides a similar certification process for advanced lean burn technology vehicles.
Since taxpayers may claim the full amount of the allowable credit only up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th hybrid and advanced lean-burn technology motor vehicle, consumers seeking the credit may want to buy early in the year.
The Energy Policy Act also provides tax credits for motor vehicles that are not covered by today’s guidance. The other vehicles eligible for credits are fuel cell vehicles, alternative fuel vehicles, and hybrid heavy trucks. The IRS will issue guidance providing certification procedures for these vehicles in the near future.
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