The new stimulus package that was recently signed in to law allows car buyers to take advantage of tax breaks and credits on hybrid vehicles.
The current stimulus package allows would be cars buyers to deduct state and local sales tax paid on any vehicle that was purchased new after February 17th. There are a few restrictions to qualify for this deducation. Any family must make less than $250,000 in annual income and any individual must makes less than $125,000 annually. Further, the vehicle purchased must be less than $49,500. This incentive may entice buyers, but buyers of hybrids have an even better deal.
Hybrid vehicles get additional tax credits. Hybrid vehicles are eligible for a tax credit of up to $4,000. However, there are several guidelines that limit this tax credit. Once a manufacturer exceeds 60,000 sales of an eligible vehicle, the tax credit no longer implies. The only hybrid vehicles that are excluded from the tax credit are certain hybrids from Toyota, Lexus, and Honda. A break down of some of the rebates are listed below.
If you are interested in buying a new hybrid vehicle, you can combine the tax credit with the above deduction that is included in the new stimulus package and now you can truly find a great deal on a hybrid vehicle. Now's the time to buy a hybrid.
2009 Chevrolet Malibu Hybrid: Credit $1,550
2009 Nissan Altim Hybrid: Credit $2,350
2009 Cadillac Escalade Hybrid: Credit $2,200
2009 Ford Escape Hybrid: Credit $3,000
Many additional hybrid vehicles qualify for the tax credit, if combined with deductions for state and local taxes, would be buyers could save up to $6,000 right now on select hybrid vehicles.
Source: Press Release Cars.com