2005 Mazda Tribute

2005 Mazda Tribute

The U.S. Internal Revenue Service announced in a press release that it added the 2008 Honda Civic Hybrid CVT to the qualified list of hybrid cars for which taxpayers can receive a tax credit. According to the IRS, the 2008 Honda Civic Hybrid CVT meets all the requirements of the Alternative Motor Vehicle Credit for hybrid motor vehicles to qualify for tax credits.

The IRS advises that if consumers want the full tax credit, they may want to buy early since the full tax credit is available only for a limited time period. In order for taxpayers to receive the tax credit for hybrid motor vehicles, the vehicle manufacturer must meet certain unit sales requirements under the Energy Policy Act of 2005. Original owners may claim the full amount of the tax credit in certain calendar quarters after the vehicle manufacturer has sold 60,000 units of the vehicle. Honda has sold 58,872 of the 2008 Honda Civic Hybrid CVT as of June 2007. The full credit amount for the 2008 Honda Civic Hybrid CVT is $2,100.

Tax credits for hybrid vehicles only apply to vehicles purchased or placed in service after January 1, 2006. The tax credit is given to original owners of new, qualifying vehicles. If a qualifying vehicle is leased to an individual, the company who leased the qualifying hybrid vehicle is allowed to take the tax credit. Tax benefits were available for earlier model years 2001 - 2005 when the IRS certified its first hybrid gas-electric vehicles for a clean-burning fuel deduction.

Current 2008 Hybrid Vehicles Certified for Tax Credit

2008 Chevrolet Malibu hybrid tax credit is $1,300
2008 Ford Escape 2WD Hybrid tax credit is $3,000
2008 Ford Escape 4WD Hybrid tax credit is $2,200
2008 Honda Civic Hybrid CVT tax credit is $2,100
2008 Mazda Tribute 2WD Hybrid tax credit is $3,000
2008 Mazda Tribute 4WD Hybrid tax credit is $2,200
2008 Mercury Mariner 2WD Hybrid tax credit is $3,000
2008 Mercury Mariner 4WD Hybrid tax credit is $2,200
2008 Saturn Aura hybrid tax credit is $1,300

Tax credits are also available on certified hybrid models of vehicles for years 2001, 2002, 2003, 2004, 2005, 2006, and 2007. There are 19 certified hybrid 2007 models for which tax credits are available, including certain models of Toyota, Lexus, Chevrolet, Ford, GMC, Mercury, Nissan, Honda, and Saturn. For more information about tax credits for these certified hybrid models, click here.

Sources:

Honda Vehicle Certified As Qualified Hybrid Vehicle
http://www.irs.gov/newsroom/article/0,,id=174788,00.html

Hybrid Cars and Alternative Motor Vehicles
http://www.irs.gov/newsroom/article/0,,id=157632,00.html