Tax Credit Issues
Thread Starter
Lead Lap
Joined: Jun 2006
Posts: 4,534
Likes: 0
From: MD
Tax Credit Issues
My parents got their 400h last February so they are elgible for the tax credit this year. However, my mom just informed that there was a tax imposed back in the 60s that basically taxed people who were high income back then, but due to inflation, today is the upper middle class that get with it. Anyway, this tax negate the hybrid tax credit, which is absolutely ridiculous. I was wondering if anyone else had problems with this. Any thoughts, comments, suggestions.
Thanks.
Thanks.
Lexus Test Driver
Joined: May 2007
Posts: 803
Likes: 3
From: NC
The tax is called the AMT(alternate minimum tax). It was designed back then to make sure that the rich paid their fair share of taxes. Since it was not indexed to inflation it now hits alot of middle class people. It has eliminated the tax credit for many people I'm sure.
Intermediate
Joined: May 2006
Posts: 331
Likes: 23
From: PA
I believe the FEDERAL tax credit "went away" for Toyotas at the end of 9/07 or so. They are still available for certain low-volume hybrid vehicles/manufacturers like Nissan on the Altima.
However, you may be eligible for STATE credits/rebates. I got a $500 check from the state of PA for my '08 400h LEASE in November. Completely painless - just filled out a form downloaded from the state site and sent it in with a copy of the lease.
However, you may be eligible for STATE credits/rebates. I got a $500 check from the state of PA for my '08 400h LEASE in November. Completely painless - just filled out a form downloaded from the state site and sent it in with a copy of the lease.
Last edited by BobBass; Mar 3, 2008 at 09:42 AM. Reason: Incorrect year
Thread Starter
Lead Lap
Joined: Jun 2006
Posts: 4,534
Likes: 0
From: MD
Oh there is more problems. So the PA tax credit, is not a credit, but a rebate. And that rebate is only available for 6 months after you bought the car, which isn't what we planned. A friend of mine is our local legislator and she is going to see if she can push my parent's rebate through anyway, but I can't help but wonder why Pennsylvania wouldn't send you the neccessary information about the rebate when you register the vehicle.
Intermediate
Joined: May 2006
Posts: 331
Likes: 23
From: PA
My state senator, Andy Dinniman, is trying to raise the hybrid rebate to $750. Of course, I doubt if it would be retroactive
Regarding the state informing you of the rebates, you should lay some of the blame on your dealer. Nothing was mentioned to me about rebates directly - I asked the finance guy during delivery and all he said was check with your accountant for eligibility. NICE ANSWER!
I followed that up with a question about the STATE rebate/credit and he did give me a dog-eared form that was in his desk - the last one he had. Let's face it - if you're buying a LEXUS, a measly $500 state rebate is inconsequential, right? Kinda lke the old saying, "If you have to ask how much gas it uses, YOU CAN'T AFFORD IT."
Regarding the state informing you of the rebates, you should lay some of the blame on your dealer. Nothing was mentioned to me about rebates directly - I asked the finance guy during delivery and all he said was check with your accountant for eligibility. NICE ANSWER!
I followed that up with a question about the STATE rebate/credit and he did give me a dog-eared form that was in his desk - the last one he had. Let's face it - if you're buying a LEXUS, a measly $500 state rebate is inconsequential, right? Kinda lke the old saying, "If you have to ask how much gas it uses, YOU CAN'T AFFORD IT."
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Driver School Candidate
Joined: Dec 2006
Posts: 34
Likes: 1
From: AR
The tax benefit is still out there. I don't pay AMT (just barely) and I got the credit when I bought back in 2006. It is amortized over the course of the year, I think quarterly. Since I bought in February, I received the full credit. Don't buy a hybrid in December. I am not sure if you get to roll it over for the next year though. That's what accountnts are for 
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