Consumer reports cautions car-buyers that popular hybrid vehicles may soon be ineligible to claim the Alternative Motor Vehicle tax credit. The credit is lost when a manufacturer sells more than 60,000 qualifying vehicles, a number Toyota has already passed. Even worse, if you qualify for the Alternative Minimum Tax, you can't claim the credit at all.

When Congress enacted the subsidy in 2005, hybrids flew off the lots for the first time in history. Owners of the Toyota Prius (NYSE: TM) were eligible for a tax credit of $3,150, a 4WD Ford Escape (NYSE: F) could receive $1,950 while a 2WD Chevy Silverado (NYSE: GM) only earned a $250 credit.

The credit has already started to vanish for Toyota and Lexus Hybrid owners who purchased their vehicle after September, 2006: The Prius' tax break went from $3,150 in 2005 and was cut in half, to $1,575, if the vehicle was purchased after the new 2006 date. Between April and the end of September 2007, the subsidy will be cut again, to a paltry $788. After that, the Prius rebate will vanish altogether.

For a list of the tax credit on your hybrid vehicle, the IRS provides a nice chart.

While the overall sales of hybrids were down last year, one should question what kind of impact this will have for future sales in the hybrid market.

In the end, if you're looking into buying a hybrid because you think the tax-credit makes a difference, you could be disappointed. If you're looking to save money on gas or be environmentally conscious, the hybrids are still a nice way to go.

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