Tax News

CCH (cch.taxgroup.com) reports:

The Internal Revenue Service has certified the 2008 model year Nissan Altima as meeting the requirements of the Alternative Motor Vehicle Credit for qualified hybrid motor vehicles. The credit amount for the vehicle is $2,350. As of the quarter ending September 30, 2007, Nissan has sold 2,627 hybrid vehicles, bringing the total to 7,849 vehicles sold.
Original purchasers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records the sale of its 60,000th vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.
IR-2007-188, 2007FED ¶46,712
Other References:
Code Sec. 30B
CCH Reference - 2007FED ¶4059E.0265
CCH Reference - 2007FED ¶4059E.10
Tax Research Consultant
CCH Reference - TRC INDIV: 57,708
CCH Reference - TRC INDIV: 57,708.20