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  1. #41

    Wait until 1 Jan to buy your 2006 Hybrid

    Do you happen to know if I can purchase the hyrid under my Company and still get the deduction? Also, must it be a purchase or could I just lease it?

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  3. #42

    Wait until 1 Jan to buy your 2006 Hybrid

    OK, my dealer is asking: do I need to take delivery in 06 or purchase in 06? i.e.

    take delivery or do the paperwork.?

    Any someone give me an answer to this.

  4. #43

    Wait until 1 Jan to buy your 2006 Hybrid

    Bonnie, From what I understand, when you complete the paperwork, you then take deleivery. There is no reason to do the paperwork until your ready to take delivery, so I would say wait and do the paperwork when you take deleivery in January

  5. #44

    Wait until 1 Jan to buy your 2006 Hybrid

    Hey Joe.. very useful. I'm surprised no one has responded to it. I will run the numbers and check on this. Thanks for your thoughtful info.

  6. #45

    Wait until 1 Jan to buy your 2006 Hybrid

    Martin: You must purchase, not lease, and, yes, it can go in the name of your business.

    Here are some eligibility details as detailed in a government website at www.fueleconomy.gov/feg/tax_hybrid.shtml

    You must purchase the vehicle new and for your own use, not for resale.
    You must drive it mostly in the United States.
    The vehicle must meet all federal and state emissions requirements.
    Government agencies, tax exempt organizations, and foreign entities are not eligible.

    Other requirements may also apply. If any of these conditions change within 3 years of purchase, you may have to return some of the money saved by the deduction.

    Unless the vehicle is purchased solely for business use, simply include the deduction on your 2004 1040 tax form in the "Tax, Credits, and Payments" section. Enter the amount of the deduction and the words "Clean Fuel" on the line next to line 35 and include the deduction in the total.

    If you purchased the vehicle solely for business use, just claim the deduction on the "Other expenses" line of either Schedule C or Schedule F.

  7. #46

    Wait until 1 Jan to buy your 2006 Hybrid

    Wish I could afford a new hybrid. I drive a '96 Pathfinder. I love the mid-smallish size, the great space in the back, the height, which allows me to see low riding cars soooo much better. My life has been saved by being able to see better. This is no small matter. HOWEVER, I would love to own a hybrid and help drive the oil owners into oblivion (Yes, it's a fantasy, but a worthwhile one, don't you think?). My growing up in Texas, with oil rigs visible every day of the week, made me keenly aware of the dirty business. I've watched the skies turn grey, the water become foul, and waste of old cars sitting in the fields waiting for time to compost them. All of which convinces me, we have to make a priority to build all kinds of machinery in a way that does not wear out. Washing machines are no longer repaired. Kitchen stoves are tossed out. Dryers are hauled away. No one seems to contemplate repairing or recycling these metal objects and their rubber parts in massive ways. We need so much thought about all the objects we build. Whether we develop the technology to widely use PHEVs or simply toy with them for a while, our planet will be affected, our people will be affected, our longterm results will be affected. It is SO critical that we build them well, that we make them affordable for all Americans, and that we then continue to recycle every bit and piece so that we do not pollute the earth any more than lack of knowledge absolutely dictates. I've lived in NJ now for 30 years and the sky is no clearer here. Hats off to the PHEV builders, engineers, and all those who have had the money to fund this. God bless! May you find a way to make this technology affordable, even for me.

  8. #47

    Wait until 1 Jan to buy your 2006 Hybrid


    Our Ford Dealer in Madison, WI was very amenable to tucking our Escape away for us until January 2, 2006. Maybe it helped to walk in, ask to sit down with him and speak with him face to face with documentation of the energy bill in hand or maybe he's just a nice guy and would have agreed to it over the phone. I've often found, however, that's it's easier to say no over the phone that to someone's face. He also agreed to not use it for test drives.

    I don't know if others found this to be true, but our sweet-natured salesman was ignorant of the energy bill and of hybrids in general. He was grateful to have the info to help with future sales.

  9. #48

    Wait until 1 Jan to buy your 2006 Hybrid

    A dealer I spoke to said the old tax deduction was specific to the model year of the car, not the purchase date, which is supported by this official looking link:

    It also varies depending on manufacturer - 2006 Hondas and some Toyotas are not eligible, 2006 Fords Mercuries, Lexus are and so on. Nothing is mentioned of the new tax credit, except: "Watch this page for updated tax credit information as it becomes available."

  10. #49

    Wait until 1 Jan to buy your 2006 Hybrid

    RE: The dealer which told you the OLD TAX DEDUCTION depends on the model year and not the calendar or tax year in which the vehicle is placed into sevice.


    The tax deduction is definitely based on the year in which the vehicle is placed into service. The model year is important only to the extent that each model must be certified that it meets the requirements for the deduction before the deduction can be claimed. The link below will get you a copy of both the Toyota and IRS certifications for the Prius. Since the 2006 model is not yet here, the certification letters are not yet available.


  11. #50

    Wait until 1 Jan to buy your 2006 Hybrid

    Those websites are correct. You can get a 2000 deduction for purchasing a hybrid vehicle. But why take a deduction when you can get a tax credit instead? A credit is worth more! The 2006 HCH will be a 2100 credit and a prius will be over 3000.

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