Hybrid Vehicle Tax Credit used 100% for business?

[veritas]

Click on The TaxBook Icon

on your desktop. Click on credits. Then scroll down to vehicle credits. You will find the answer.



Or do it the slow way and open your book.

[ChEAr$]

the credit

I have read elsewhere on this site that the credit for a leased vehicle goes to the dealer. That would also seem to fit with what you have found. I still wish we could hear from someone like NYEA or Bees.

goes not to the dealer, but to the lessor, meaning the leasing company.

[erchess]

I think you are correct.

I have read elsewhere on this site that the credit for a leased vehicle goes to the dealer. That would also seem to fit with what you have found. I still wish we could hear from someone like NYEA or Bees.

[AZ-Tax]

The IRS website says....

http://www.irs.gov/newsroom/article/...157557,00.html

3. The vehicle must be acquired for use or lease by the taxpayer claiming the credit.
a. The credit is only available to the original purchaser of a qualifying hybrid vehicle.
If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit

Form 8910 Alt Vehicle Wksht does not ask if the vehicle was leased but only the day it was "purchased", date placed in service and what % business use.

So I am reading this as the credit is dissallowed if the taxpayer leased the toyota prius. Does that sound correct?

[AZ-Tax]

Can a business who leased the Toyota Prius 100% for business (leased prior to (9/07), be entitled to a the hybird tax credit?