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  1. #1
    Junior Member
    Join Date
    May 2007
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    Question about the tax credit

    Is the tax credit a one-time thing? Or can you claim it each year until it meets the expiration conditions?


    If it's the latter, is the amount you can claim "locked in" for the life that the credit is offered (until 2010), or does the amount you can claim diminish according the schedule on the IRS site?


    Thanks,

    Jon

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  3. #2
    Junior Member
    Join Date
    Mar 2007
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    I'm not a tax guy, but...

    my understanding is that you're eligible for the tax credit in the same year as you made the purchase. So, yes, a one time thing. If you have a tax advisor who just did your taxes, tell them that you're considering the altima purchase, and that you're wondering if you're eligible for the full tax credit (different - and better - than a deduction, by the way) or not. Some people who are impacted by the Alternate Minimum Tax have a reduced benefit.

    So...
    - Assuming you are fully eligible
    and
    - you get a Nissan hybrid before they sell 60,000
    and
    - that happens before the tax credit legislation expires

    you are eligible for the full tax credit (money back in your pocket at tax time) for the tax year in which you made the purchase.

    After the 60,000 Nissan hybrid is sold, the credit diminishes heavily. The Toyota ones are all but gone.

  4. #3
    Junior Member
    Join Date
    Nov 2006
    Posts
    0
    Nicholus: your understanding is absolutely correct

    note: i wouldn't worry about Nissan hitting the 60,000 mark anytime soon. for FYE 2006, nissan reported 2,094 cars. though i think the deadline on this bill is 2010

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