Tax Credits for Hybrid and Advanced Technology Vehicles
The Energy Policy Act of 2005 creates tax credits for the purchase of hybrid electric and other advanced technology vehicles. The chart below summarizes credits for which certified vehicles are eligible. This information is based on the most recent data we have from the IRS.
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 sales 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.
This information is not provided as tax advice and should not be relied upon as such. Consult your tax advisor or the IRS Web site for tax advice pertaining to the tax credit.
For additional information related to tax credits for hybrid electric and advanced technology vehicles, see http://www.aceee.org/transportation/hybtaxcred.htm, and http://www.electricdrive.org/.
| Estimates of Light-Duty Vehicle Tax Credits Updated November 2007 |
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|---|---|---|---|---|---|
| Make | Model | Model Year | Orginal Credit | Current Credit* | |
| Chevrolet/GMC | Malibu Hybrid | 2008 | $1,300 | ||
| Chevrolet/GMC | Silverado/Sierra (2wd) | 2006/2007 | $250 | ||
| Chevrolet/GMC | Silverado/Sierra (4wd) | 2006/2007 | $650 | ||
| Ford | Escape Hybrid (2wd) | 2005/2006/2007 | $2,600 | ||
| Ford | Escape Hybrid (4wd) | 2005/2006/2007 | $1,950 | ||
| Ford | Escape Hybrid (2wd) | 2008 | $3,000 | ||
| Ford | Escape Hybrid (4wd) | 2008 | $2,200 | ||
| Honda | Accord Hybrid | 2006 | $1,300d | N/A | |
| Honda | Accord Hybrid AT | 2007 | $1,300 | $650 1/01/08 to 6/30/08 |
|
| Honda | Accord Hybrid Navi AT | 2007 | $1,300 | $650 1/01/08 to 6/30/08 |
|
| Honda | Civic GX CNG | 2006/2008 | $4,000 | ||
| Honda | Civic Hybrid | 2006 | $2,100 | N/A | |
| Honda | Civic Hybrid CVT | 2007/2008 | $2,100 | $1,050 1/01/08 to 6/30/08 |
|
| Honda | Insight | 2006 | $1,450 | N/A | |
| Lexus | GS 450h | 2007 | $1,550 | $0 | |
| Lexus | RX 400h (2wd) | 2006 | $2,220 | $0 | |
| Lexus | RX 400h (4wd) | 2006 | $2,220 | $0 | |
| Mazda | Tribute (2wd) | 2008 | $3,000 | ||
| Mazda | Tribute (4wd) | 2008 | $2,200 | ||
| Mercury | Mariner Hybrid (4wd) | 2006/2007 | $1,950 | ||
| Mercury | Mariner Hybrid (2wd) | 2008 | $3,000 | ||
| Mercury | Mariner Hybrid (4wd) | 2008 | $2,200 | ||
| Nissan | Altima | 2007/2008 | $2,350 | $2,350 | |
| Saturn | Aura | 2007 | $1,300 | ||
| Saturn | VUE Green Line | 2007 | $650 | ||
| Toyota | Camry Hybrid | 2007 | $2,600 | $0 | |
| Toyota | Highlander Hybrid (2wd) | 2006 | $2,600 | $0 | |
| Toyota | Highlander Hybrid (4wd) | 2006 | $2,600 | $0 | |
| Toyota | Prius | 2006 | $3,150 | $0 | |
*According to current IRS announcements
dEarly production 2006 Accord Hybrids without Honda's "updated control calibration" are eligible for a $650 credit. Late production models, as well as early production models with Honda's free control calibration update, are eligible for a $1,300 credit. See Honda and the Internal Revenue Service for more information.