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Hybrid tax credit bait and switch

sfgate.com — If you are among the 150,000-plus proud purchasers of a hybrid gas-electric car during 2006, please sit down. I have bad news. Many of you will not receive the full tax credit that you expected.

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  • diggless, on 10/12/2007, -0/+1I recently (October 2006) purchased a hybrid vehicle based on the governments promise of a $2100 dollar tax credit per the energy bill (The Energy Policy Act of 2005) and IRS web site information, which can be found here: http://www.irs.gov/newsroom/article/0,,id=157632,00.html

    I researched the credit before purchasing and saw nothing indicating I would be ineligible. Now I find out I probably wont be able to claim anything.

    I wish i could say I cant believe the government would create a tax credit to get middle income people to invest in technology and then apply the credit only to the wealthy.
    UGH.... any lawyers looking to work for nothing other than whats right?
  • d4n13, on 10/12/2007, -0/+0Yep... this will likely bite... only turboTax 2007 will tell (bought in January). Maybe they will repeal AMT in 2007, or Fairtax.org fixes all this, but that isn't very likely either.
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