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Tax Credit For Ford Hybrids Begins Phase-Out

by Mike Godfrey, for LawAndTax-News.com, Washington

17 April 2009

The tax credit for hybrid passenger automobiles and light trucks manufactured by Ford Motor Company has begun to phase out for purchases made after March 31, 2009, the Internal Revenue Service (IRS) has announced.

According to the IRS, taxpayers may claim the full amount of the credit only on purchases made before April 1, 2009, because the total number of vehicles sold reached the 60,000 vehicle threshold in the last quarter of 2008.

The cumulative sales of qualified Ford hybrid vehicles sold from the period of January 1, 2006, to December 31, 2008 is 66,157.

For vehicles purchased for use or lease on or after April 1, 2009, and on or before September 30, 2009, the credit is 50% of the full amount.

For vehicles purchased for use or lease on or after October 1, 2009, and on or before March 31, 2010, the credit is 25% of the full amount.

Lastly, for vehicles purchased for use or lease on or after April 1, 2010, no credit is allowable.

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