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Starting in 2006, individuals buying hybrid cars will get a tax credit alternatively of a tax deduction. The IRS has just started to kick out the exact amounts you can claim for your new hybrid.  [http://www.cars4sa.co.za/used-cars/Ford/Ikon cars4sa]  A variety of Ford and Mercury Hybrids Get Tax Credit Certification From IRS Below the Power Policy Act of 2005, the tax advantages of owning a hybrid automobile underwent substantial changes. Whereas you could previously claim a tax deduction, the new law converted the deduction into a tax credit. Tax credits are FAR far more beneficial than deductions, simply because they decrease the amount of tax you owe on a dollar for dollar basis. Tax Deductions, on the other hand, merely decrease your adjusted gross income prior to determining the quantity of tax you owe pursuant to the tax tables. In laymens terms, this conversion is a really very good point. Not every single hybrid car qualifies for a tax credit. The Internal Income Service need to very first evaluate it and then concern guidance on which automobiles qualify and the size of the credit you can claim for each. The maximum the IRS can designate per automobile is $three,400. Here are the numbers it not too long ago kicked out for a variety of Ford and Mercury hybrid models. 2006 Ford Escape Hybrid Front WD: $two,600 2006 Ford Escape Hybrid four WD: $1,950 2006 Mercury Mariner Hybrid 4 WD: $1,950 If you purchased your hybrid vehicle prior to 2006, you are restricted to claiming a tax deduction in the quantity previously designated by the IRS, generally $two,000. If you waited until 2006, you can claim the above amounts with a handful of hitches. 1st, the amount only applies to the first 60,000 automobiles sold for every model. If you buy a hybrid in the 60,0001 to 120,000 sales variety, you can claim only half of the tax credit. Sales 120,001 by means of 180,000 can claim on a quarter of the amount designated above. Specifically how you are supposed to know the sales figures is a bit murky, but Ford and Mercury will undoubtedly take steps to make it clear. Hybrid automobiles make sense from an environmental aspect. Throw in considerable savings on gas fees and a large tax credit, and they must fly off the lots.