Purchasers of GM Hybrids Still Qualify for Tax Credit
IR-2006-122, August 9, 2006
WASHINGTON — The Internal Revenue Service announced that purchasers of General Motors Corp. qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold.
GMC sold 1,388 qualifying vehicles to retail dealers in the quarter ending June 30, 2006. The credit amount and make and model of qualified vehicles sold are:
• GMC Silverado Hybrid 2WD, Model Years 2006 and 2007 — $250
• GMC 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 GreenLine, Model Year 2007 — $650
Purchasers of GMC’s qualified vehicles may continue to rely on the certifications concerning the vehicles’ qualification for the credit. Consumers seeking the credit may want to buy early because the full credit is only available for a limited time.
Taxpayers may claim the full amount of the credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 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.