IRS Grants Deduction for Ford's Hybrid
Created December 14, 2004, at 9:24 pm by Anonymous
reprinted from LA Times, 12-14-04
IRS Grants Deduction for Hybrid From Ford
LA Times, 12-14-04 (from Bloomberg News)
Ford Motor Co.'s gasoline-electric Escape sport utility vehicle became the first hybrid built by a U.S. automaker to qualify for a $2,000 U.S. tax deduction that encourages sales of low-pollution cars and trucks.
Buyers of new 2005 Escapes can claim the income tax deduction for the year in which the vehicle is first used, the Internal Revenue Service said Monday. Toyota Motor Corp.'s Prius hybrid car and Honda Motor Co.'s gasoline-electric Civic and Insight cars have qualified since 2002.
The IRS in 2002 expanded the deduction to hybrids from electric vehicles. Governments have been pushing automakers to boost fuel-efficiency and reduce pollution emissions with technologies such as hybrids and hydrogen fuel cells.
Related Forum Topics
Most Popular Pages
7 years ago
Terrific news! Thanks for the reprint, Steve.
7 years ago
Yay!
7 years ago
I've been waiting for this news... spread the word. I asked my CPA friend, who owns three cars, if he filed any hybrid rebates for clients last year. Nope was the answer. He did agree that he would spread the word in '05.
7 years ago
Excellent news! Now if we can work on getting the mile per gallon into the mid to upper 30's this would be an excellent car!
7 years ago
Ford has my attention and I plan on buying one in the near future. How about heated seats for the wife?
7 years ago
I've been trying to locate any tax deduction information in the state of New York. My last research, which I cannot find again (regrets greatly), told me that state tax deduction in the state of New York has expired as of last year: 2004 is the last year you can claim for tax credit or deduction by buying hybrid cars. any information or prediciton on this aspect, anybody? Please point me to the right website. The one in this web, New York Energy Department does not have such information any more.
Thank you~
I have my eyes on Ford Escape Hybrid. Does anybody have any tip on which dealer I have to go in the New York City area?
Thank you again~
7 years ago
I can report that I've received the certificate for my Oregon $1500 tax credit as of last week.
7 years ago
Now if the deduction for the '05 Civic Hybrid would be completed I would certainly be happy as well. There's no reason to believe it wont be but the fact that so many other cars are getting the "go ahead" on the deduction and the HCH seems to remain mute somewhat bothers me.
Any ideas?
7 years ago
I recall reading somewhere on the 'net that when you factor in the fuel savings *and* the IRS deduction you recoup the $3000 "hybrid premium" in a little over 2 years.
Anyone else recall seeing that?
7 years ago
Well some of it's going to depend on what tax bracket you're in, and if it will affect your state taxes as well. Here in AZ, they calculate your state income tax based on a percentage of what your Federal adjusted gross income is. If you lived in a state that calculated it some other way or that has low or no income tax, you'd be missing out on some advantages there too.
6 years ago
For New York state information, go to the New York State tax website: www.tax.state.ny.us
When you do your taxes, you will need to fill out form IT-253 for Alternative Fuels Credit. If the vehicle was purchased in 2004 you'll get a $2000 credit. IT-253 should be filed along with your regular tax forms.
Also, and separate from your tax forms, go to the tax site and download form AU-11. That's used for sales tax refunds.
Fill that in with all the pertinent information, attach a copy of your dealer's invoice, and send it to the state. A portion of your sales tax paid will be refunded to you.
6 years ago
I want to purchase a Toyota Prius some time in 2005. I live in Oregon. Every website I have seen has different information on what kind of tax incentives apply for that vehicle in 2005, in the state of Oregon. Any know for sure? Help!
Post a new comment