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TOYOTA, LEXIS FUEL CREDITS PHASING OUT
September 21, 2006
The Toyota and Lexus hybrids are just saving too much energy, so the tax credit for them is beginning to go away.
The IRS announced the phase-out rules yesterday. The phase out chart (courtesy of the TaxProf):
The credit remains fully available for Mercury, Ford and other brands. But remember: the hybrid credit doesn't work for Alternative Minumum Tax, so don't count on pocketing the credit unless you know you aren't an AMT taxpayer.
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