jim256

It's only Toyota/Lexus that has the credit reduced Sept 30, because they're the only ones over (none others close) the 60,000 car limit. With elections approaching, legislation to help only a "Japanese company" might not be the best platform for re-election given the Big 3's current problems. I would doubt anything is done to change the 60,000 limit anytime soon.

Spinnaker

While picking up a new '07 RXh, I was given by the Lexus dealer today, a September 21, 2006 communication from Toyota with a subject line "Hybrid Tax Credit Update". It says the following regarding the tax credit:
-------------------------------------------------
Quote:
The IRS will process updates to their news release to reflect the MY07 Prius, RX400h and Highlander hybrids. The credit amounts should be approved shortly. Below is the expected credit amounts but they are not final as of yet.

MY07 Expected IRS Credits to be Approved [Purchases completed prior to October 1, 2006]

Toyota Prius - $3,150
Toyota Highlander Hybrid 4WD - $2,600
Toyota Highlander Hybrid 2WD - $2,600
Lexus RX400h 4WD - $2,200
Lexus RX400h 2WD - $2,200
---------------------------------------

Make your own decisions accordingly. Good luck

DennisL

Naysayers Be D@#$%ed

Toyota says all is good with the 2007 RX400 tax credit (pre October 1).

Their press release reads:

"Toyota Motor Sales (TMS), U.S.A., Inc., today announced that the model year 2007 Toyota Prius, Highlander Hybrid and Lexus RX 400h vehicles have received Internal Revenue Service (IRS) approval and qualify for the same credit amounts as the model year 2006 versions of these vehicles. Both 2006 and 2007 Toyota and Lexus hybrids purchased on or after October 1, 2006 are subject to reduced federal hybrid tax credit amounts, as TMS is the first manufacturer to reach the 60,000 cumulative hybrid sales threshold."

Of course, YMMV based on AMT, etc.

Here's a link:

http://www.prnewswire.com/cgi-bin/st...4442606&EDATE=

DennisL

And now WebCPA has confirmed it from the IRS:

http://www.webcpa.com/article.cfm?articleid=22111

It reads in part:

The hybrid vehicles recently certified by the IRS and their full credit amounts are:

• 2007 Toyota Prius, $3,150;

• 2007 Toyota Highlander Hybrid 2WD and 4WD, $2,600; and

• 2007 Lexus RX 400h 2WD and 4WD $2,200.

jobber99

too bad the tax credit is now 1/2, still, not bad.
as an aside, any of you folks that went to taste of lexus get a $750 "Gift Certificate" for a new lexus purchase before 12/27? that almost makes up for the tax credit, as we're looking to buy in about 2 months.