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Old 06-02-2006, 12:11 AM   #1 (permalink)
mrv
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Default Seven Honda Vehicles Certified for New Energy Tax Credit

http://www.irs.gov/newsroom/article/0,, ... 63,00.html

Seven Honda Vehicles Certified for New Energy Tax Credit

IR-2006-86, June 1, 2006

WASHINGTON The Internal Revenue Service has acknowledged the certification by American Honda Motor Company, Inc. that several of its vehicles meet the requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle. The tax credit for hybrid vehicles applies to vehicles purchased on or after Jan. 1, 2006, and could be as much as $3,400 for those who purchase the most fuel-efficient vehicles.

The hybrid vehicle certifications recently acknowledged by the IRS and their credit amounts are:

Honda Civic Hybrid CVT Model Year 2006 $2,100.00
Honda Civic Hybrid (SULEV) MT Model Year 2005 $1,700.00
Honda Civic Hybrid (SULEV) CVT Model Year 2005 $1,700.00
Honda Insight CVT Model Year 2005 $1,450.00
Honda Insight CVT Model Year 2006 $1,450.00
Honda Accord Hybrid AT Model Year 2006 $1,300.00*
Honda Accord Hybrid AT Model Year 2005 $650.00

*2006 Honda Accord Hybrid AT without updated control calibration qualifies for a credit amount of $650.

Starting in 2006, the tax credit replaces the tax deduction of $2,000, which was previously allowed for taxpayers who purchased a new hybrid vehicle before
December 31, 2005. The tax credit requires a different certification. Many currently available hybrid vehicles may qualify for this new tax credit.

Consumers seeking the credit may want to buy early since the full credit is only available for a limited time. 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 sale 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.

Related Items:

Hybrid Cars and Alternative Motor Vehicles http://www.irs.gov/newsroom/article/0,, ... 32,00.html
Summary of the Credit for Qualified Hybrid Vehicles
http://www.irs.gov/newsroom/article/0,, ... 57,00.html
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Old 06-02-2006, 08:40 AM   #2 (permalink)
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Default Re: Seven Honda Vehicles Certified for New Energy Tax Credit

Quote:
Originally Posted by mrv
For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.
Hmmm,

I thought 1/4 maxed out at 4/4 so where's the 5th quarter. And in a calendar year, 5 quarters

Yup That's whats on the original IRS web page.

Or am I missing something obvious



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Old 06-02-2006, 09:51 AM   #3 (permalink)
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Default

the quarters can wrap around years, so you're counting the quarters following the quarter when a manufacturer hits 60,000 sales since Jan. 1, 2006. a calendar quarter is a 3 month period.

Toyota/Lexus/Scion has a pretty chart explaining the credit amounts for its vehicles:
http://www.toyota.com/prius/tax.html
Toyota/Lexus/Scion will be hitting 60,000 hybrids this Q2 2006. (I haven't added up the May totals yet, but most likely they just hit it.) full credit extends to the quarter after the quarter that they hit the magic number, so end of Q3/Sept. 30, 2006. Then 1/2 credit for the next two quarters, so end of Q1 2007, then 1/4 credit for the next two quarters, so end of Q3 2007, then sales of Toyota/Lexus/Scion hybrids as of Oct. 1, 2007 have no more credit.
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Old 06-12-2006, 09:39 AM   #4 (permalink)
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Default Re: Seven Honda Vehicles Certified for New Energy Tax Credit

What they said:

Quote:
Originally Posted by mrv
The tax credit for hybrid vehicles applies to vehicles purchased on or after Jan. 1, 2006, and could be as much as $3,400 for those who purchase the most fuel-efficient vehicles.
What they meant:

The tax credit for hybrid vehicles applies to vehicles purchased on or after Jan. 1, 2006, and could be as much as $3,400 for those who purchase some sort-of fuel-efficient vehicles, but will be $0 for those who purchase the most fuel-efficient vehicle, the Insight MT, and will be a puny $1450 for those who purchase the second most fuel-efficient vehicle, the Insight CVT.

I'm not a government-basher typically, but this burns me up.
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Old 06-12-2006, 03:03 PM   #5 (permalink)
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Me too, at least initially.

The deeper problem is that this credit as applied does not encourage people to buy smaller and really fuel-efficient cars. Large credits for bigger vehicles like the Highlander, Escape, and Lexus are counter-productive: these vehicles both burn more gas and (probably) produce more pollutants per mile than either Insight version does.

[Is the SULEV designation determined by ppm or total mass of pollutants?]

People in the US (myself included!) have tended to think in terms of a single vehicle which serves all purposes and therefore is large enough to do the maximum they might need. When I was replacing my 1994 Accord Wagon (27-28mpg) in 2003 it never occurred to me to just keep it for when I needed a larger vehicle and get an Insight for cold weather/rainy commuting (I commute by bike in reasonable weather). I got almost nothing for the Accord and ended up with a Subaru that gets poorer mileage (23mpg). I wish I had thought outside the box.
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Old 06-12-2006, 04:50 PM   #6 (permalink)
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Default Re: Seven Honda Vehicles Certified for New Energy Tax Credit

Yeah, I'm more than a little annoyed that I specifically purchased my Insight MT because it is the most fuel efficient vehicle available, and the reason I wanted the most fuel efficient vehicle available is for the environment and for saving gas.

Thanks for my $0 tax credit!
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Old 06-13-2006, 05:27 PM   #7 (permalink)
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Makes you wonder if there really is a pollution issue or oil shortage, doesn't it?
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Old 06-14-2006, 09:07 AM   #8 (permalink)
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No, it doesn't.
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