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Hybrid Tax Credits DecliningFeds Cut Credits for Most Popular Models |
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May 8, 2007
First the Prius. After reviewing Toyota's 2007 first quarter sales, the IRS has ruled that Prius buyers may continue to claim only a small tax credit. The total amount of the credit now available to a Prius buyer is only $787.50. At the same time, the IRS announced that purchasers of qualified General Motors Corp. hybrid vehicles may claim a tax credit ranging from $250 to $1,300. GMC Sierra hybrid trucks and Chevrolet Silverado hybrids carry a tax credit of $250 for two wheel drive models and $650 for four wheel drive models. The Saturn Vue Green Line has a $650 credit and the Aura Hybrid carries a $1,300 credit. Tax credits are also available for Nissan hybrids. The allowable credit amount for the 2007 Altima Hybrid which is Nissan’s only certified hybrid vehicle is $2,350. Consumers seeking the credit may want to buy early because the full credit will only available for a limited time. Credits are still available for the following vehicles in 2007:
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