IRS Okays 2007 Nissan Altima Hybrid for Tax Credit

The Internal Revenue Service (IRS) has announced that the 2007 Nissan Altima Hybrid has qualified for a $2,350 tax credit as a qualified hybrid motor vehicle.

IRS advises taxpayers that the full $2,350 credit is only available for a limited time.

“Taxpayers may claim the full amount of the allowable 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.”

The IRS is a regulatory agency operating under the Treasury Department, a part of the President’s Cabinet.

Also See:
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What is the Tax Gap and Why Does it Cost You Money?
Who Pays the Most Income Tax?