Will I get a Hybrid tax break?

Question

I just purchased a 2009 ford escape hybrid. I make approx $55,000 am single and not a home owner. Will I qualify for a tax break?

Answer 1

Those with incomes high enough to pay the Alternative Minimum Tax will not qualify.  At your income level I think you still do.

Your Escape Hybrid is eligible for a $3000 tax rebate if it's a 2WD model, $1950 if you got the 4WD model.  Remember to fill out the IRS 8190 form and attach it to your 1040 tax return when you file next April to claim the tax credit.

Congratulations on buying a very nice car!  After driving a hybrid equipped with the Power Split Device (which the Escape Hybrid has), regular cars feel downright primitive.  

After experiencing features like regenerative braking, on-the-fly engine shutoff when it's not needed, and reduced maintenance due to the simplicity of the PSD transmission, I'm never going back to a regular car!

Hope this helps, and enjoy your new ride!

Answer 2

In Canada, regardless of income, if you buy a Hybrid, you get a $2000 rebate for buying an environmentally friendly car!

But they are stopping that rebate in 2009 I've heard.

Answer 3

oh ya,,,do it now though.