Federal Hybrid Tax Credits Summary doc for Web 2009MY

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Federal Hybrid Vehicle Tax Credits The Internal Revenue Service (IRS) has acknowledged the certification by Nissan North America, Inc . (NNA) that the 2009 Nissan Altima Hybrid qualifies for federal tax credits in the amount of $2,350. The Energy Policy A ct of 2005 e stablished federal tax credits for qualified hybrids purchased after January 1, 2006 .

The credit was d esigned to encourage purchases of fuel - efficient hybrid - electric vehicles that help to reduce air pollution and use less gasoline . How to qu alify for the tax credit: 1) The Hybrid vehicle must be new . Used vehicles will not qualify.

2) The Hybrid vehicle must be purchased . a) The credit is only available to the original purchaser. If the vehicle is leased to a consumer, the leasing company may claim the credit , not the lessee.

3) The Hybrid vehicle must be placed in service on or after January 1, 2006 and purchased on or before December 31, 2010. 4) The tax credit is claimed by the purchaser on their federal income tax return. The purchaser must retain a ppropriate documentation showing the purchase of the vehicle and the date of the delivery of the vehicle.

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Benefit of the credit will be substantially reduced or eliminated if the purchaser is subject to the federal alternative minimum tax (AMT). Eligible Vehicles As of September 5 , 2008 the IRS acknowledged NNA 9s certification for the 2009 Nissan Altima Hybrid and the hybrid vehicle credit in the amount of $2,350. Please visit the website link cClick here f or the IRS Certification of 2009 Nissan Altima Hyb rid d for more information Hybrid Tax Credit Phase Out The hybrid vehicle credit begins to phase out in the second calendar quarter after the calendar quarter in which at least 60,000 of the manufacturer 9s qualifying passenger automobiles and light trucks h ave been sold. At that point, t he tax credit is reduced by one - half for the next six months; by another one - half for the next six months; and then phased out completely. Manufacturers must submit to the IRS a report of the number of qualified vehicles so ld to a retail dealer during the calendar quarter. The IRS will issue an acknowledgement letter to the vehicle manufacturer stating whether purchasers may continue to rely on the certification . The date of purchase determines the amount of the credit avai lable for a vehicle, i.e. whether a vehicle is eligible for the full credit or whether a portion of the credit is phased - out. The placed in - service date determines the taxable year in which the credit may be claimed. Credit amounts for other cars (F or c omparison only. Not all Hybrids are listed) The following hybrid tax c redit amounts have been certified by the IRS as of August 2008 : Model Year Make Model Credit Amount 2009 Nissan Altima Hybrid $2,350 2009 Toyota* Prius $0 2009 Toyota* Camry Hybrid $0 2009 Lexus* GS450h $0 2009 Lexus* LS 600h L Hybrid $0 2009 Saturn Aura Hybrid $1,300 200 9 Chevrolet Malibu Hybrid $1,300 Purchase Date 1 - 1 - 06 / 12 - 31 - 07 $2,100 1 - 1 - 08 / 6 - 30 - 08 $1,050 7 - 1 - 08 / 12 - 31 - 08 $525 2009 Honda** Civic Hybrid After 12 - 31 - 08 $0 * Toyota Motor Sales (including Lexus) has already met its 60,000 unit threshold. Effective 10 - 1 - 06, Toyota and Lexus vehicles qualify for reduced credit amounts. ** American Honda Motor Company has already met its 60,000 un it threshold. Effective 1 - 1 - 08, Honda hybrid vehicles qualify for reduced credit amounts. Additional Information For additional information about the hybrid tax credits please visit one of these 3 rd party sites: " Internal Revenue Service (IRS) ( Summary of the Credit for Qualified Hybrid Vehicles ) " Fuel Economy.gov ( Tax Incentives Information Center ) " U.S. Department of Energy ( Tax Breaks ) This summary does not constitute tax advice. All persons considering the use of this hybrid vehicle tax credit should consult with their own tax professional to determine the specific amou nt of benefit, if any, that they may be able to claim on their federal income tax returns. Your tax professional may also have information on possible state and local tax incentives that may be available to Hybrid vehicle owners. This information is based on the federal income tax law in effect in January 2007, and may be changed, without notice, by later changes to the tax law or further action by the IRS.

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