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old tax credit and new tax credit

Created January 30, 2006, at 4:58 pm by Anonymous

We have a civic hybrid and took advantage of the one time credit when we bought the car in 2003. If we purchase a new hybrid can we take advantage of the new tax credit?
John in KC

Anonymous

6 years ago

I believe the only restriction is that you can claim the credit only once a year. So, yes. And to clarify, last time it was a deduction I believe. This time it is a credit.

Anonymous

6 years ago

Asian Brad is correct. Prior to this year, the buyer of a hybrid car received a tax deduction. This year you will receive a tax credit. If you owe $10,000 to the IRS deduct $2,100 for a Honda Civic Hybrid.

And if you live in New York State, the governor has recommended a $2,000 credit on state taxes plus lower turnpike fees.

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azt12
Junior Member

42 weeks ago

Did you know that Jay Leno’s drives a restored 1909 Baker Electric Coupe that runs on the original batteries designed by Thomas Edison?

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Noe Samuhel
Junior Member

39 weeks ago

I don't believe that the one time credit will also apply to the new car as well, because that was valid then, when you bought the first hybrid car. I think that you should interest yourself on how to donate a car, mainly because I think it's a bit old and I don't believe that hybrid cars can last that long.

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Cheyanne Edith
Junior Member

38 weeks ago

Hi. Do you know if this hew tax credit is going to be valid this year, too? I'm also thinking about buying a new hybrid car and I've heard from a friend from the used cars Des Moines company that there was this one time credit sometime in 2003. If is isn't valid anymore, I at least hope there is something similar on the market.

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