2008 Honda Civic Hybrid Tax Credit ~ Hybrid Car Review
Hybrid Car Review: 2008 Honda Civic Hybrid Tax Credit

Monday, October 15, 2007

2008 Honda Civic Hybrid Tax Credit

The IRS set the 2008 Honda Civic Hybrid Tax Credit at $2,100 for those who qualify. That's the same as the 2007 Honda Civic Hybrid Tax Credit.

As part of the Alternative Motor Vehicle Credit, hybrid cars (and other alternative fuel vehicles) can qualify their owners for the hybrid tax credit. But not everyone can get the full (or even any) tax credit.

Original owners 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 vehicle. 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.

Toyota has surpassed that 60,000 mark and new owners can't get the credit. Honda has just passed the 60,000 limit, and so if you want to get the full credit, you will need to buy a Honda hybrid sometime in the next five months.

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3 comments:

Hugh McWhorter said...

In October, 2008 a 2009 Civic Hybrid was purchased. Does this purchase qualify for any of the alternative motor vehicle credit?

Mike said...

Yes, I believe so. I don't know your specific situation (some people qualify, others don't based on the AMT), but buying a Honda hybrid in October still made you eligible for 25% of the tax credit. As of January 1, 2009, the credit for Honda buyers is gone.

Hugh A. McWhorter said...

I am a practicing CPA and my software designates 2008 and 2007 Civic's as being eligible for the credit. No mention of 2009 models. Additionally, it appears to IRS has yet to release form 8910 for 2008.

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