The IRS recently announced that Honda has reached the 60,000 vehicle limit during the calendar quarter ending Sept. 30, 2007. Therefore, the credit for buying any Honda hybrid vehicle begins will begin to phase out beginning January 1, 2008. Vehicles purchased before that date, however, will still qualify for the full credit. For Honda hybrid vehicles bought on or January 1, 2008, the credit is 50 percent of the otherwise allowable credit amount.
The new credit amounts will be as follows:
- Honda Accord Hybrid AT, Model Year 2007 — $650
- Honda Accord Hybrid Navi AT, Model Year 2007 — $650
- Honda Civic Hybrid CVT, Model Year 2007 —$1,050
- Honda Civic Hybrid CVT, Model Year 2008 — $1,050