Tax credit still applies to Ford hybrids |
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Wed, 31 Jan 2007 23:37
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WASHINGTON (AFX) - )-- The Internal Revenue Service said Wednesday that hybrid cars made by Ford Motor Co. are still eligible for a tax credit intended to encourage buying the fuel-efficient cars.The federal tax credit for new hybrid vehicles begins to phase out after a car maker has sold 60,000 hybrid or other fuel-efficient vehicles. Ford and its Mercury luxury division have sold more than 22,000 hybrid sport utility vehicles since the credit started last year, with more than 5,600 sold in the fourth quarter, the IRS said.That means the automaker has not yet reached the legal limit for the tax credit, the IRS said.The 2005 federal energy bill provided up to $3,600 in tax credits to U.S. consumers who buy hybrids. Toyota Motor Corp., which makes hybrids under the Toyota and Lexus brands, last summer hit the tax credit limit and is the only automaker to do so far. Toyota has urged Congress to extend the tax credit.U.S.-traded shares of Toyota fell 93 cents to close at $131.78 on the New York Stock Exchange, where Ford shares fell 7 cents to close at $8.13.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Ford reports a 19 percent second quarter loss 