Federal credits between $1,550 and $3,150 on a Toyota hybrid began declining last fall under a federal mandate. They will disappear entirely by Sept. 30. The "Wall Street Journal" offers some tips for those seeking tax advantages. First and foremost, buy, don't lease; otherwise the leasing company gets the credit. Also, the credit is only available to the original purchaser. Consider the Honda Civic GX, which burns natural gas (good luck finding it). It is eligible for a $4,000 deduction. And if you run a business, there's no limit on the number of hybrid vehicles you can purchase. All of them are eligible for a deduction.
Source: Wall Street Journal
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