Buying a Prius or other hybrid? Here is some Tax info for you.

Ok, well the blog under this one was just funny. I found that while trying to find more info on what I am about to write.

Today, I subbed for a member of a different BNI chapter. The speaker was Sara Geer who is an accountant with Clendenin Bird & Company here in Modesto. She was going over tax changes for 2007 into 2008. One of the things I found interesting was the tax breaks that hybrid owners receive. I knew that you got a tax break and that they are different for each car, but did you know that once the manufacture of the car sells 60,000 of the specific model it is no longer able to produce a tax break for it’s owner? Before 9/30/06, a buyer of a Prius would receive a $3,150 tax break. Between 10/01/07 and 3/31/07 a $1,575 tax break, 4/01/07 – 9/30/07 a $787.50 break, but after 10/01/07 the car no longer qualifies for a tax break. Other vehicles that were cut off after October 1st of this year are the Toyota Highlander, Camry Hybrid, Lexus RX400h, Lexus GS 450h. The cars I just listed had different tax breaks then the Prius, the numbers I listed are just for the Prius.

I had no idea that there was limits like this. My roommate drives a Prius, he has had it for a few years now so I am sure he has already received his tax break. The Prius from what I can tell is a pretty nice car. I have rode in his car once and it was nice.

Just wanted to pass that tax information on to all of my friends and readers. There is a lot of other interesting tax adjustments this year, so if you are in business for yourself and want to know about these changes I would suggest giving Sara Geer a call. I’m sure you can reach her through the link I placed to her company listed above.