Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has announced the credit phase out schedule for advanced lean burn technology motor vehicles and hybrid passenger automobiles and light trucks manufactured by the Ford Motor Company that are purchased for use or lease in the United States beginning on April 1, 2009. Taxpayers may claim the full amount of the credit only on purchases made prior to that date because the total number of vehicles sold reached the 60,000 vehicle threshold in the last quarter of 2008.

  For vehicles purchased for use or lease on or after April 1, 2009, and on or before Sept. 30, 2009, the credit is 50 percent of the allowable amount under Code Sec. 30B. For vehicles purchased for use or lease on or after Oct. 1, 2009, and on or before March 31, 2010, the credit is 25 percent of the allowable amount. For vehicles purchased for use or lease on or after April 1, 2010, no credit is allowable.

IR-2009-42,
2009FED ¶46,340

Notice 2009-37, 2009FED ¶46,341

Other References:

 
Code Sec. 30B

  CCH Reference - 2009FED ¶4059E.025

  CCH Reference - 2009FED ¶4059E.10

  CCH Reference - 2009FED ¶4059E.20

  Tax Research Consultant

  CCH Reference - TRC INDIV: 57,706