Nissan now hybrid credit eligible

The first Nissan is now on the Alternative Motor Vehicle Credit list.

The 2007 Altima hybrid will net purchasers a $2,350 credit on their 2007 returns next year. Yes, most of us haven’t filed or even started our 2006 taxes and we’re already getting info on next year’s returns. But the good thing about that is it gives us plenty of time to plan.

Speaking of planning, if you want a Toyota hybrid, to get the current tax credit amounts, you must buy one by March 31. Right now the largest credit is $1,575 for a Prius. On April 1, the credit amount drops again. 

The largest credit out there is on the Honda Civic GX. If you bought a 2005, 2006 or 2007 version of one of these babies by last Dec. 31, you can claim a $4,000 credit on your current return. The reason it’s so large is in part because the vehicles run on compressed natural gas. Honda’s full tax break is still in effect for current purchases (and your 2007 return) because the automaker hasn’t hit the 60,000 sales cut-off mark.

For the official word, here are the IRS announcements on the new Nissan, the credits right now for all other eligible hybrid and alt fuel vehicles and a list of its IRS press releases as the vehicles were certified for the credit.

You can view my previous blogs on the hybrid credits here (this story will show up first; scroll down for earlier ones) and a hybrid credit story on Bankrate.com here.