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How Much Money Is The Hybrid Car Tax Credit Worth?
Here are the exact numbers the government has released so far:
Hybrid Car Tax Credit:
2005-2007 Ford Escape Hybrid Front WD $2,600
2005-2007 Ford Escape Hybrid 4 WD $1,950
2005 Honda Accord Hybrid $650.00
2006 Honda Accord Hybrid $1,300.00*
2005 Honda Civic Hybrid (SULEV) MT $1,700.00
2005 Honda Civic Hybrid (SULEV) CVT $1,700.00
2006 Honda Civic Hybrid CVT $2,100.00
2005-2006 Honda Insight CVT $1,450.00
2007 Lexus GS 450h $1,550
2006-2007 Lexus RX400h 2WD $2200
2006-2007 Lexus RX400h 4WD $2200
2006-2007 Mercury Mariner Hybrid 4 WD $1,950
2007 Saturn VUE Green Line SUV $650
2007 Toyota Camry Hybrid $2,600
2006-2007 Toyota Highlander 4WD Hybrid $2600
2006-2007 Toyota Highlander 2WD Hybrid $2600
2005-2007 Toyota Prius $3150
*2006 Honda Accord Hybrid without updated control calibration qualifies for a credit amount of $650.
** The 5-speed manual transmission Honda Insight is not eligible for the tax credit since it does not meet the emissions threshold set by the government to receive the hybrid car tax credit.
Remember, you won't get to take the tax credit until you file your 2006 taxes in 2007, so the IRS still has time to post the rest of the numbers for the hybrid car tax credit.
If you plan on buying a hybrid, especially a Toyota hybrid, you may want to consider buying your hybrid sooner rather than later. The hybrid car tax credit is slated to expire in 2009, but there is also a phase out period that could end it before 2009 for some manufacturers that have popular hybrids.
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