RedGearTech Blog » Green Tax Credit http://blog.redgeartech.com The Official RedGearTech Blog Wed, 16 May 2012 21:02:02 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Honda’s hybrid tax credits are speeding away http://blog.redgeartech.com/honda%e2%80%99s-hybrid-tax-credits-are-speeding-away/ http://blog.redgeartech.com/honda%e2%80%99s-hybrid-tax-credits-are-speeding-away/#comments Tue, 08 Jul 2008 17:36:08 +0000 Cris http://blog.taxworks.com/honda%e2%80%99s-hybrid-tax-credits-are-speeding-away/ As of July 1, the tax credit for purchasing a Honda hybrid was halved again. The credit is now $525. The credit is set up so when a manufacturer sells 60,000 hybrid vehicles, the credit begins to diminish until it is no longer available. Toyota hybrids are already ineligible for the tax credits; however, GM and Nissan have yet to hit the 60,000 mark. If you’re looking for a new hybrid Yukon, now may be the time to buy. The chart below shows the schedule for Honda tax credits.

Honda Hybrid Phaseout

Maybe it’s just me, but it seems that during a time of skyrocketing gas prices and emphasis on eco-friendly transportation is not a good time to cut tax credits on hybrids. In fact, it might be a good idea to extend these credits to those who use bicycles and mass transportation.

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