Want a hybrid? Better buy it before September 30!
You may have heard about the federal tax credit that gives you up to $3,400 off your taxes if you buy a hybrid, but have you heard about the tax credit's "trigger point"? After a particular car maker has sold 60,000 hybrids, the amount of the tax credit for all of its hybrids starts getting phased out.
Typical, right? The Bush administration wants us to conserve oil, but not too much oil - especially at the expense of the American automobile and oil corporations (the "auto-oil complex").
Since Toyota has hit the 60,000 trigger point for hybrid car sales, the tax credit for its Prius and Lexus hybrids will start phasing down after September 30, 2006. As of October 1, the credit will be reduced to 50% of the original credit until March 31, 2007, then to 25% until September 30, 2007, and then down to zero on October 1, 2007.
The government is talking about extending or modifying this phaseout period, but nothing is official yet. So if you want a Toyota hybrid but can't afford one until after September 30, give your Congressperson a call and tell him/her you want that phaseout period extended - or better yet, eliminated altogether.
(Thanks to Exigent for the scoop.)