[GenTarkin]

Does that only qualify if you buy a NEW Insight or does it qualify simply as being an owner of an insight for the first year.
Also, is that a 2000$ check from the government or is that only if you owe the government 2000$ will they pay it off.....
Thanks

 

[Chris G]

Tax break

Actually it is a $1,500 dollar deduction on vehicles purchased this year. I believe it can only be taken by the original purchaser. The deduction was $2,000 last year, but it is currently being phased out ($1,000 next year, $500 the following year and nothing after that). The SUV tax break on the other hand was vastly increased recently :evil:

Chris in Washington, NH
Silverstone 2004 #37
74 LMPG

 

[bretthans]

As Chris stated, it's a deduction, not a credit. This means the $1500 is subtracted from your income, not from your tax. For example, if your marginal tax rate is 28% you get back $420, not $1500.

It only applies if you buy a new Insight.

 

[Tim Maddux]

You can take the tax break only once on any given Insight. So, the only way you can take it on a used Insight is if no other previous owner already has, which is possible, but quite unlikely.

 

[bretthans]

Here's a link to the IRS website discussing the clean-fuel vehicle deduction as it relates to the Prius, Insight, and Civic Hybrids.

http://www.irs.gov/newsroom/article/0,, ... 49,00.html