This is a very conscious effort to promote the use of such eco-friendly vehicles. You see, car buyers are entitled to these tax credits if they buy either a fuel cell vehicle, an advance lean burn technology equipped vehicle, or a hybrid or alternative fuel vehicle. Currently though, hybrids are the only available vehicle to the public and the only fuel-cell vehicle in the United States. The Honda Civic GX just leased to companies and may take a lot more years before made available to the general public.
Recently, came out with the fourteen vehicles which can be bought to be eligible for tax credits. The policy states that when a certain manufacturer sells 60,000 units of tax credit eligible cars, the tax credit scheme will start to be phased out. This means that prospective car buyers need to talk to proper people whether the car they will be buying is still eligible for tax credits or how many percent of the original tax credit will be made available for them.
So far, the only car manufacturer that has reached the 60,000 mark is Toyota and this is by virtue of the fast selling status of their very popular creation - the Toyota Prius. Honda is expected to follow suit and other car makers as well.
Every four months, after a car manufacturer reaches the 60,000 mark, the tax credit will be cut down by half until such time that the government will no longer provide tax credits for green vehicles. These tax credits will serve as Monroe shocks which will support car buyers when paying off the tax for their purchased vehicle.
As mentioned earlier, only hybrid vehicles and one fuel-cell vehicle are currently being mass produced. Among the fourteen vehicles is the 2006 to 2007 Chevrolet Silverado Hybrid models with a tax credit of $250 for the two wheel drive version and $650 for the 4WD. For Ford, the Escape Hybrid for the model year 2005 until 2008 is eligible for tax credit. The GMC Sierra Hybrid for the model year 2006 and 2007 are also eligible.
For Honda, the Accord Hybrid for the 2005-07 model years is entitled for tax credits. The Civic Hybrid from model year 2005 until 2007 is also eligible. The 2007 Civic GX, the only fuel cell vehicle, is, of course, entitled to the benefit. The Honda Insight, as well, is also included in this benefit and only those for the model years 2005 to 2006 are included.
Other vehicles entitled to the tax credit are the 2007 Lexus GS 450h and the RX 400h from 2006 model year until 2007. The Mercury Mariner Hybrid from model years 2006 until 2008 is also eligible for the tax credit. The 2007 Nissan Altima Hybrid also comes with the tax credit.
For Toyota, the Camry Hybrid for the 2007 year model is entitled for the tax credit as well as the 2006-07 Highlander Hybrid. The hybrid that started it all, the Toyota Prius, is also eligible for the tax credit. While there are two Lexus and three Toyota models eligible for tax credits, prospecting car buyers need to check with their chosen dealerships how much of the tax credit is available for them since Toyota has already reached the 60,000 mark and to this day, there is no word yet whether the 60,000 quota will be raised.
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