Restaking the Tax Carnival tents
Don't be a tax fool

Toyota tax credit reminder

First off, I have no vested financial interest in Toyota's bottom line. Neither I nor any relative works for the company in any capacity.

Neither do I personally care. I don't own one; have always driven Chevys.

Finally, I question the effectiveness, not to mention the fairness, of the hybrid vehicle tax credit. But it's on the books and I'm a firm believer in taking advantage of tax laws that can save a few bucks. (And speaking of tax savings, in case you missed the 12 tax credits list posted yesterday, of which the hybrid write-off is one, here's the link.)

So I must point out that today, Saturday, March 31, is the last day to buy a Toyota hybrid before the credits on its vehicles are slashed again tomorrow, Sunday, April 1.

Toyota_logo If you buy one of the IRS-approved Toyota or Lexus models listed below today, you can claim the tax credit shown by each model's name on your 2007 tax return.

2007 Toyota Prius: $1,575
2007 Toyota Camry Hybrid: $1,300
2007 Toyota Highlander 4WD Hybrid: $1,300
2007 Toyota Highlander 2WD Hybrid: $1,300 
2007 Lexus RX400h 2WD: $1,100
2007 Lexus RX400h 4WD: $1,100
2007 Lexus GS 450h: $775
2006 Toyota Prius: $1,575
2006 Toyota Highlander 4WD Hybrid: $1,300
2006 Toyota Highlander 2WD Hybrid: $1,300
2006 Lexus RX400h 2WD: $1,100
2006 Lexus RX400h 4WD: $1,100
2005 Toyota Prius: $1,575

But if you wait until tomorrow, Sunday, April 1, the available credits drop to:

2007 Toyota Prius: $787.50
2007 Toyota Camry Hybrid: $650
2007 Toyota Highlander 4WD Hybrid: $650
2007 Toyota Highlander 2WD Hybrid: $650 
2007 Lexus RX400h 2WD: $550
2007 Lexus RX400h 4WD: $550
2007 Lexus GS 450h: $387.50
2006 Toyota Prius: $787.50
2006 Toyota Highlander 4WD Hybrid: $650
2006 Toyota Highlander 2WD Hybrid: $650
2006 Lexus RX400h 2WD: $550
2006 Lexus RX400h 4WD: $550
2005 Toyota Prius: $787.50

The Toyota credit amounts effective April Fools' Day are available on the automaker's hybrid vehicles purchased by Sept. 30, 2007.

On Oct. 1, 2007, you won't get any tax credit for buying a Toyota hybrid.

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Toyota FJ Cruiser Community Free Manuals & FJ Movies

Should be a 100% tax credit for hybrids right now!

Oliver

Webmaster
Toyota http://www.FJCruiserOwners.com

DB

Good article, any idea if these credits are phased out for people in a certain tax bracket or do they apply evenly regardless?

The comments to this entry are closed.