Hybrid tax Credit for 2007 Model Year Vehicles

According to IRS you can get tax credit for following model cars:

  • Chevrolet Silverado 2WD Hybrid Pickup Truck — $250
  • Chevrolet Silverado 4WD Hybrid Pickup Truck — $650
  • Ford Escape Hybrid 2WD — $2,600
  • Ford Escape Hybrid 4WD — $1,950
  • GMC Sierra 2WD Hybrid Pickup Truck — $250
  • GMC Sierra 4WD Hybrid Pickup Truck — $650
  • Honda Accord Hybrid AT —  $1,300
  • Honda Accord Hybrid Navi AT — $1,300
  • Honda Civic Hybrid CVT — $2,100
  • Honda Civic Hybrid GX — $4,000
  • Lexus GS 450h — $775†
  • Lexus RX 400h 2WD and 4WD — $1,100
  • Mercury Mariner 4WD Hybrid — $1,950
  • Saturn Vue Green Line — $650
  • Toyota Camry Hybrid — $1,300
  • Toyota Prius — $1,575
  • Toyota Highlander Hybrid 2WD and 4WD — $1,300

But there is a catch when you buy your hybrid cars. Tax credit is not for unlimited number of vehicles manufacturers sale and amount of credit decrease each quarter of the year. Consumers seeking the credit may want to buy early since the full credit is only available for a limited time. Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th hybrid or advance lean burn technology. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.Source: irs.gov

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