Tax News

CCH (cch.taxgroup.com) reports:

The IRS announced that purchasers of qualified Ford and GMC hybrid vehicles may continue to claim the alternative motor vehicle tax credit.
The qualified Ford models and corresponding credit amounts are:
--Ford Escape 2WD Hybrid Model Year 2008, $3,000;
--Ford Escape 2WD Model Years 2005, 2006 and 2007, $2,600;
--Ford Escape 4WD Hybrid Model Year 2008, $2,200;
--Ford Escape 4WD Model Years 2005, 2006 and 2007, $1,950;
--Mercury Mariner 4WD Hybrid Model year 2008, $2,200;
--Mercury Mariner 4WD Model Years 2006 and 2007, $1,950; and
--Mercury Mariner 2WD Hybrid Model Year 2008, $3,000.
The qualified GMC models and corresponding credit amounts are:
--Chevrolet Silverado Hybrid 2WD, model years 2006 and 2007: $250;
--Chevrolet Silverado Hybrid 4WD, model years 2006 and 2007: $650;
--GMC Sierra Hybrid 2WD, model years 2006 and 2007: $250;
--GMC Sierra Hybrid 4WD, model years 2006 and 2007: $650;
--Saturn Vue Green Line, model year 2007: $650; and
--Saturn Aura Hybrid, model year 2007; $1,300.
GMC sold 123 qualifying vehicles to retail dealers in the quarter ending September 30, 2007, bringing its cumulative number of qualified GMC hybrid vehicles sold as of that date to 9,577. Ford sold 5,196 qualifying vehicles to retail dealers in the quarter ending September 30, 2007, bringing its cumulative number of qualified Ford hybrid vehicles sold as of that date to 38,743.
IR-2007-174, 2007FED ¶46,688
IR-2007-175, 2007FED ¶46,689
Other References:
Code Sec. 30B
CCH Reference - 2007FED ¶4059E.026
CCH Reference - 2007FED ¶4059E.10
Tax Research Consultant
CCH Reference - TRC INDIV: 57,708