Time is quickly running out for those who have been contemplating to buy a hybrid and hoping to get the tax credit. On Dec. 31, 2010, Energy Policy Act of 2005 is set to end. According to a report by KicingTires, there are no plans to establish a new incentive plan for next year.
The ending of this law affects the hybrid market and some diesel cars. And the compressed-natural-gas-powered 2011 Honda Civic GX will also lose the $4,000 tax incentive.
It should be noted too that the tax credits for electric vehicles such as the Chevrolet Volt and Nissan Leaf will remain since they are not covered by the said law.
As we bid goodbye to 2010, hybrids that have been getting tax breaks from $900 up to $3,400 will also end. The models that are expected to suffer the most are the newly launched ones such as the 2011 Hyundai Sonata Hybrid and the 2011 Porsche Cayenne S Hybrid.
But actually, several carmakers have already stopped offering tax credits since regulations state that they’re only applicable for the first 60,000 hybrid models made by each company.
The automakers whose tax credits have ended include Honda, Toyota, Volkswagen, Audi, Lexus, Ford, Mercury and Lincoln. [via kickingtires]