When you buy a hybrid car or truck you’re eligible for a credit on your taxes, but starting in October, the tax credit for all vehicles made by Toyota and Lexus will be phased out. The GLRC’s
Dustin Dwyer explains:
Transcript
When you buy a hybrid car or truck you’re eligible for a credit on your taxes, but starting
in October, the tax credit for all vehicles made by Toyota and Lexus will be phased out.
The GLRC’s Dustin Dwyer explains:
If you buy a Toyota Prius in the next two months, you can get the highest hybrid tax
credit on the market, but if you buy after October 1st, you’ll only get half the current
credit, and the credit for all hybrids made by Toyota and Lexus will be phased out
completely within a year.
That’s because Toyota reached a total hybrid sales mark of 60 thousand vehicles in June,
and, according to rules that took effect in January, carmakers that have sold more than 60
thousand hybrids can no longer offer tax credits to their customers.
Bradley Berman is editor of hybridcars.com:
“This cap creates confusion in the marketplace. And that undermines the intent to send a
clear message that consumers should try out hybrids.”
Berman says Detroit carmakers pushed for the cap in an effort to catch up with Japanese
carmakers on hybrid sales.
For the GLRC, I’m Dustin Dwyer.