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Nissan Hybrid Tax Credits Still Good

Federal tax breaks for hybrid car buyers in the United States have begun to decline since the fall. But according to the Internal Revenue Service, Nissan vehicles can still claim the Alternative Motor Vehicle Credit.

The IRS quarterly review found that the Japanese automaker sold 2,094 qualifying vehicles to dealerships during the quarter ending March 31, 2007. The amount of credit allowed for the 2007 Altima Hybrid, the only vehicle Nissan Certified Hybrid, is $2,350. Taxpayers are allowed to claim the full amount of the credit until the end of the first calendar quarter following the quarter in which the manufacturer records its sale of the 60,000th vehicle. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold.

Taxpayers claiming the tax credit might buy sooner because the full credit is only available for a limited time. They can also claim the full amount of eligible credit through the end of the first calendar quarter following the quarter in which the manufacturer records its sale of the 60,000th vehicle.

For the second and third calendar quarters following the quarter in which the 60,000th vehicle is sold, taxpayers can claim 50% of the credit. For the fourth and fifth calendar quarters, they can claim 25% of the credit. However, no credit is allowed after the fifth quarter.

The Nissan Altima Hybrid Electric equipped with Nissan cornering lights is the automaker’s first hybrid car. The hybrid is equipped with a 2.5L QR25DE engine, CVT and an electric motor or generator. Nissan has reached an agreement with Toyota Motor Corp. to use some of its hybrid technology to deliver the all-new Altima. Additionally, Japan’s third-largest automaker has claimed that subsequent hybrid models will be based on in-house hybrid technology.

Up to 40,000 Altima Hybrids are built each year at Nissan’s Smyrna plant. For the 2007 model year, sales of the hybrid model are limited to California, Connecticut, Maine, Massachusetts, New Jersey, New York, Rhode Island and Vermont. Other states will follow in the following years.

The IRS is stirring up the hybrid car market, handing out sad news about the Toyota Prius tax credit as well as good news for General Motors and Nissan. The moribund scale of tax credits caused by the production limit will cut credits for Toyota and Lexus hybrids in half by the end of September, and to a quarter of the current rate next April. Still, full tax credits are available for Toyota’s market-leading hybrids through the end of the current quarter. Additionally, sales are expected to increase as buyers rush to get the maximum tax relief.

After reviewing Toyota’s first quarter 2007 sales, the IRS has ruled that Prius buyers can continue to claim only a small tax credit. The total amount of credit now available to a Prius buyer is only $787.50.

The IRS also announced that qualified GM hybrid vehicle buyers can claim a tax credit ranging from $250 to $1,300. GMC Sierra hybrid trucks and Chevrolet Silverado hybrids receive a tax credit of $250 for two-wheel-drive models and $650 for four-wheel-drive models. The Saturn Vue Green Line has a credit of $650 and the Aura Hybrid carries a credit of $1,300.

For this year, tax credits will still be available for the Ford Escape Hybrid 2WD ($2,600), Ford Escape Hybrid 4WD ($1,950), Honda Accord Hybrid AT ($1,300), Honda Accord Hybrid Navi AT ($1,300), the Honda Civic GX ($4,000). ), Honda Civic Hybrid CVT ($2,100), Lexus GS 450h ($775), Lexus RX 400h 2WD and 4WD ($1,100), Mercury Mariner 4WD Hybrid ($1,950), Toyota Camry Hybrid ($1,300) and the Toyota Highlander Hybrid 2WD and 4WD ($1,300).

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