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US Tax Credit for Ford Hybrids Begins to Sunset

Posted on April 24, 2009
Filed Under Government, Tax Information | Leave a Comment

irsU.S. consumers may no longer claim the full federal tax credit when they purchase or lease a hybrid passenger car or light truck made by Ford Motor Co, the government said on Thursday.

Consumers were able to claim the full credit of up to $3,400 through April 1, according to the program approved by Congress and launched in January 2006.

The clock on the phase out started ticking once Ford sold 60,000 hybrids. Ford hit that threshold in late 2008, the Internal Revenue Service (IRS) said.

Consumers can claim a 50 percent hybrid credit (up to $1,700) before Sept. 30 and a 25 percent credit between next October and March 31, 2010. The credit expires April 1, 2010.

Ford hyrbids include the Escape and Mercury Mariner sport utilities and the heavily touted 2010 Fusion mid-size sedan.

Congress is considering legislation that would offer new tax credits for hybrids and other fuel efficient vehicles to spur slumping sales industrywide.

SOURCE: Reuters

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