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Stimulus Plan Tax Credits For Buying A Hybrid?

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Mar 31, 2009 1:34 pm US/Pacific

Stimulus Plan Tax Credits For Buying A Hybrid?

(CBS13)

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Question: I'm considering buying a new Prius. Are there any tax credits or rebates in the stimulus bill?

- Steve B.

Answer: There is a Qualifying Alternative Fuel Vehicle tax credit that was in effect prior to the recent stimulus package. I have not seen any additional tax credits specifically for fuel efficient cars. This tax credit applies to new cars and trucks that are certified for the credit by the IRS. Each car qualifies for a different amount. I would suggest going to the IRS website, so you can review the different makes and models that qualify, and the amounts they qualify for. The tax credit is also subject to income limitations.
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Money Matters is provided by:
David Schauer, CFA, MSFA, CFP®
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Hanson McClain